How to Market a Small Business on a Budget
Increasing the visibility of your company is key, especially when you're first starting out. But when money is tight, marketing is usually the first to get cut. For businesses operating on a shoestring budget, experts offer some creative and affordable solutions to market and promote a new startup.
What is one tip for marketing a new business on a tight budget?
1. Host educational contests
Incorporating an educational component into contests or giveaways can align closely with a business’s mission or products. For instance, a business offering eco-friendly products might challenge participants to share their best home recycling tips.
Hosting these contests on social media and pairing them with informative content and attractive prizes engages participants meaningfully, encouraging discussion around relevant topics. In addition to drawing attention to the business, this strategy helps build a community of informed consumers who are likely to support the brand's values. —Brandy Hastings, SmartSites
2. Leverage free online tools
Businesses on a tight budget can significantly boost their visibility by leveraging free online tools. Canva, for example, is a fantastic resource for creating professional-looking graphics and social media posts without needing a design background. You can easily create eye-catching visuals that reflect your brand's personality and attract your target audience.
Also, tools like Google Analytics are invaluable for understanding your website traffic and audience behavior. When you’re able to see which pages get the most views, where your visitors are coming from, and what content resonates with them, you can tailor your marketing strategies more effectively.
Using these free tools not only saves money, but also empowers you with the insights and resources needed to grow your business strategically and sustainably. —Danielle Hu, The Wanderlover
3. Establish collaborative partnerships
If you want to promote your new business on a budget, focus on establishing partnerships and creating collaborative content. I do this by identifying other brands or organizations in my area that share a similar target audience but aren't direct competitors.
Other small businesses are often looking for an affordable way to promote their brand, too. Once we connect, we work together on guest posts, product bundles, social media giveaways, and much more. If you're not partnering with other brands and content creators in your industry, you're missing out on a pretty big opportunity to expand your reach and build rapport with other people in your industry. —John Turner, SeedProd
4. Utilize positive customer reviews
I actively use positive customer reviews and testimonials to enhance the credibility of my business by prominently featuring them on my website. I have a dedicated testimonials page and also strategically place select reviews on high-traffic pages, such as the home page and product pages.
This method showcases real customer satisfaction and helps potential customers feel more confident in their decisions. By integrating these testimonials, I visibly demonstrate the trust and satisfaction previous customers have with our services, encouraging new customers to convert. —Axel Lavergne, reviewflowz
5. Implement affiliate marketing
You can promote a new business on a tight budget through affiliate marketing. All it requires is for you to launch an affiliate program. When you onboard affiliates, they promote the solutions you offer for you. They do all the heavy lifting to help you attract a relevant audience.
All you have to do is offer a small amount in exchange for their services which is paid only when you've scored a conversion. It's an absolute win for you. You don't have to spend your budget on marketing or promotional activities. You just pay a fraction of your profits as commissions to your affiliates. —Thomas Griffin, OptinMonster
6. Send business updates to local media
I utilize DIY public relations to keep in touch with local media, ensuring our business regularly captures public interest. Each month, I send updates about our latest services, community involvement, or customer testimonials. Keeping a steady flow of information helps keep our business a topic of conversation and interest among the media.
These ongoing efforts have led to multiple features, keeping the community engaged and encouraging customers to become enthusiastic supporters. This regular exposure helps us maintain a robust and active customer base that naturally promotes our business through their networks. —Kyran Schmidt, Outverse
7. Leverage user-generated content
One of the most effective ways to promote a new business on a tight budget is to leverage user-generated content. People are less likely to trust new brands or companies they're not familiar with. They seek recommendations from others and rely on their experiences. Leveraging user-generated content makes it easier for you to get more eyeballs and encourage your audience to try your products or services.
Since the content you're sharing is created by your customers, there's no cost associated with the process. All you need to do is identify relevant platforms to showcase the positive experiences of people who have already purchased from you. —Jared Atchison, WPForms
8. Develop branded content
Don't underestimate the power of content marketing. If you haven't, start a blog or YouTube channel related to your business and products. You can use this opportunity to share your expertise and help the community, which will position you as a thought leader and build trust.
Helpful, informative content will naturally attract potential customers. While time-intensive, it doesn't cost a lot to start creating eye-catching, branded content for your site. —Chris Christoff, MonsterInsights
Connect with an Old National Small Business Banker for more insights to help your business grow.
This article was written by AllBusiness from Forbes and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.
