Leaders of startups and small business should be very aware of every dime they invest – being cheap is one thing, but being smart about your budget is something completely different. There will be times when you need to be generous and give something back when you’ve succeeded, but until that time comes you need to be very careful with your funds.
However, that doesn’t mean your advertising efforts should stagnate because that will have an opposite effect and your overall income will start to decrease. You should consider advertising investments as one of your priorities, and you should know there’s a way to conduct effective marketing methods without wasting a lot of money.
Activity on Social Platforms
Advertising on social platforms may become expensive in time because the rates on them have a curious tendency to grow the more you use them. The solution here is to come up with a decent strategy that won’t torture your budget month after month and invest in advertising with a concrete plan.
As far as Facebook advertising goes, my suggestion is to invest in gathering likes on your page. When you reach a satisfying number, you should transfer your focus to being active and entertaining to your audience and that price isn’t material but measured in creativity.
Another way to gather attention is via mail. You should keep contacts from your mail list updated about the most recent novelties about your business and allow them to have a say in what you do. Enabling this kind of involvement will be wildly appreciated by your customers and you’ll be pleasantly surprised by the response you will get.
Gifts & Coupons
As long as we’re on the subject – you should include various gifts and coupons that have a limited time frame into your newsletter. Being a cheaper method than actually printing and having a physical version of them (and a lot more environment-friendly, as a matter of fact), mail coupons for discounts and free things will be a very efficient advertising method because of two reasons.
First, people love free stuff and that’s a known fact. And second, you won’t have to invest any significant amount of money to this project – your employees will just have to continue doing their job.
Target Your Audience
Spending your advertising funds without a concrete target is practically wasting it. You should come to terms with the fact that there are people who don’t need your products and services and focus on those who might. Facebook is a great platform when it comes to this matter because it enables you to precisely determine your target audience and direct your funds and efforts to them.
If advertising isn’t really your area of expertise and you’re just trying to apply the marketing knowledge you gather reading online, you should perhaps consult a professional who can show you small business marketing tricks and save you from wasting your time and money in the future. This is a cleverer path than trying to learn from your own mistakes because they can leave a permanent mark on your business reputation.
Planning is everything when it comes to funds management and advertising. Do your research, take your time and double check everything you plan on doing – it’s a slow but certain way to grow and expand your business.