The popular business adage “You need to spend money to make money” is being challenged of late with the leaps and bounds of progress in technology. Businesses, especially small and medium enterprises, are finding new ways to challenge existing conventions in marketing and promotions. Dozens of cheap, even free methods are available today to promote your business, which can save you a lot of money.
Here, we discuss some of these strategies that can help you build an effective promotional strategy without spending too much.
Before starting a promotional campaign, it’s important to ensure you have a viable product for your targeted consumers. Promotions without a viable product can backfire, seriously affecting both your financials and your brand’s reputation in the process. Once you’re confident about your product, use any of the following methods to promote your business.
1. Incentivize your customers
Who better to promote your product than your present customers? These customers have used your product; if they are happy with it, they are, possibly, the best and cheapest brand ambassadors you can ever have. Many customers willingly promote the brand to people close to them; for others, you can always incentivize.
Incentivizing existing customers with offers or small discounts for bringing in new customers can be a cheap way to increase your customer acquisition. It is a strategy that requires no replenishment, as the same incentives can be offered to every new customer, thereby forming a virtuous chain.
2. Look into affiliate programs
A well-known strategy that big and small enterprises alike adopt, affiliate programs have become straightforward and cost-effective to execute with the advent of the internet. Using this method, you can partner with businesses and individuals to sell your product; if they do, they get a small share of the profits. Partner companies and individuals often remain highly motivated not only to sell your products but also to maximize your profits if they can.
The cost incurred through this mode is low. Since you only have to pay the affiliate when you earn profits, the chance of failing with this program is relatively low. Choose to partner with a single big business or influential individual, or line up an army of companies or individuals – or both. It all depends on what percentage of profit you want to share.
3. Use influencer marketing
Influencer marketing has hit the world of marketing by storm. Businesses reach out to bloggers, YouTubers, Instagrammers, etc., to promote their products. These influencers, who generally have a huge fan following online, help promote the brand. It’s equivalent to getting a popular brand ambassador, but for a fraction of the cost. Notable influencers regularly post content on their websites and social media accounts, with high engagement rates.
Influencer marketing can target a specific target segment while building a brand’s reputation amongst a wider audience. Influencers generally use or mention the brand in the frame of the regular content they post, giving product advertising an organic touch. Influencer marketing can work at a local or global level, depending on what the product demands.
4. Leverage social media
Social media wields enormous influence today. Even new businesses can generate free publicity by engaging with their targeted customer base on social media. Savvy brands use the power of viral marketing to create social media content that not only gets shared heavily but also keeps target customers engaged for as long as possible.
Social media has been instrumental in bridging the gap between content creators and the audience. That’s why brands have now started creating content optimized for maximum engagement.
5. Be seen
Brand visibility cannot be overstated. Brand decision-makers often participate in social interactions and gatherings, hold webinars, participate in news debates, etc. to further increase their visibility in the market. By doing so, the brand advertises itself when the decision-maker is associated with it.
Increased brand visibility this way can be a method to promote a product that does not require any capital and feels very organic. People want their brands to be in touch with social issues, especially with currently relevant topics. Therefore, just making your presence felt is an effective way to promote your brand.
6. Sell in person
This is a strategy commonly used by startups. Going to local meetup groups with members of the target audience and speaking about how your product can solve their problems is an excellent way to start.
Many brands also choose to go to industry events and officially register their participation. This method not only helps the brand find a voice of its own; it also helps sell the product to potential customers and clients. Participating in events like these also boosts word-of-mouth marketing.
Wrapping it up
New businesses are challenging entrenched market conventions by tapping into technological advances to win free publicity and promote their brand without spending a fortune. This way, they can keep their financials in check while also getting a leap-start with the challenging process of setting up a business.
Setting up a business is not easy. That’s why Lendingkart provides easy loans to every Indian, no matter where you reside. Now, you can worry about your business strategy; leave the cash flow problems to us. Apply for a business loan with Lendingkart today.
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