Another Entrepreneurship Project of the  Whitman School of Management at Syracuse University

Effective Marketing on a Budget

Marketing a brand new business or recently launched startup can
get costly. Youmarketing-on-a-tight-budget want potential customers/clients to learn about who you are and what you do/make, but don’t have a lot of capital to invest into extensive promotional materials and a full-blown, multi-platform marketing campaign. Don’t panic—there are many low-cost, effective marketing techniques (other than social media) that can help start ups and entrepreneurs on a budget.

Entrepreneur.com contributor and founder of crowdSPRING, Ross Kimbarovsky, suggests three distinct methods to help boost marketing (without breaking the bank).

Test your marketing ideas

Rather than concentrating the bulk of your marketing dollars into one or two large campaigns/sectors, break your budget into smaller pieces and test out some of the initial campaign ideas on small groups. Select an array of images/graphics and do short, 1-2 week runs on social media to test the waters.

Assess which platforms were most effective and what image/tagline generated the most social buzz. Evaluate the conversion rates of click-through ad placement (if that’s the route you experiment with). Once you know what the audience prefers and how they collect information, you can strategically design campaigns and strategies to showcase your products and services.

Leverage feedback

After testing various marketing ideas, figure out who actually bought something from your company and reach out to them—ask for their feedback (how did they hear about you, did your message reach them, etc.). Find out what they liked, what they didn’t, and why they ultimately decided to make a purchase.

Offering small incentives (such as gift cards) could help you generate more responses.

Be prepared for change

The final stage in the lean marketing process is ‘agile development.’ After testing various marketing techniques and compiling feedback from customers and clients, use that information to improve the way you marketing to clients. Select the most popular images/taglines/platforms/points of sale and focus on those moving forward.

If something didn’t work, don’t worry. Marketing techniques aren’t always effective. But if you can learn by trial and error (and collect feedback from actual customers) you’ll have a leg-up on the most effective marketing strategies for your venture.

Has your venture utilized any of the above techniques? If yes, what worked (and what didn’t)? What are your recommendations to a start up seeking low-cost, effective marketing techniques?

To read about how to create and produce effective marketing for an entrepreneurial venture or a cash-strapped start up, please visit the following:

http://www.entrepreneur.com/article/226889

Thanks for reading, and until next time… stay WISE!

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