How to attract new business on a budget
Businesses face many challenges, and a tight marketing budget is often cited as one of the most difficult to overcome. After all, how are you meant to keep up with those competitors who seemingly have a never-ending pot of funds?
It might be tough and require a little ingenuity, but there is a range of marketing tactics that are not only affordable but provide fast results if you’re looking to attract new customers. Some are even free. Let’s take a look at the top six ways you can bring on new business when you’re on a budget.
1. Freebies and promotional merchandise
From promotional pens and notebooks to branded cups and coasters, merchandise can be a great way to get your name out there and keep it at the front of your customers’ minds. This makes it a simple way to attract new customers. Why? Because we all like a freebie.
Consider where your target audience spends their time and ask the establishment if you can leave some goods. Cafes, libraries, gyms, and shops are a fantastic first step. Look at companies such as IGO Promo that have a wide range of products for different occasions, so you’re sure to find something to suit your budget.
2. Social media marketing
Over half of businesses that have an online presence have said it has helped to boost their brand. Traffic has increased for 80% of businesses that have a social media presence. Creating an account is free too and, with billions of users every day, posts could reach a huge number of potential customers in just one click.
A Google Business profile also means that your business could show up on map searches when potential customers are searching for services in the local area.
61% of customers make a purchase decision after reading a blog alone. However, that’s not the only reason that blogging is so effective. It allows you to showcase your expertise on a topic, drives traffic to your website, increases brand awareness, and boosts SEO. Plus, it’s completely free.
Blog content doesn’t have to be complex either. Keep it short, answer common questions from consumers and include keywords that your business wants to rank for.
4. Competitions and giveaways
This marketing strategy may require money to be spent on the prize, but any potential leads are likely to be worth it. Usually, entrants will be asked to like, follow, or tag someone on a certain post to get a business’ name out there.
Depending on the prize at hand, it can be a quick and extremely effective way to boost engagement.
5. Community events
Hosting or attending local events are a great way to advertise your brand name, and offering, as well as showing your expertise or knowledge on a certain topic.
Make some noise on social media, print out marketing materials, or even set up a stall in the local town. Potential customers could be anywhere.
6. Customer referral programs
Existing customers could be offered a free product or other reward for referring friends, family, and new customers. Recent data shows that word of mouth can be more effective than paid adverts and results in five times more sales.
This strategy also drives $6 trillion in global spending every year and is a result of 13% of total sales around the world.
Whichever tactic you choose, one thing’s for sure – you need to provide your audience with real value that they can’t get anywhere else. Only then will they choose you over your competitor.