If you want to attract new customers to your business and make it grow, it’s essential to have an effective marketing strategy. However, and especially for small businesses with tight budgets, there’s a risk of wasting money and time in a strategy that doesn’t pay off.
Fortunately, doing online marketing effectively does not require a large money investment. With a little knowledge and proper planning, it’s possible to get your product or service in front of a specific audience.
Here are some pretty practical tips to save costs in digital marketing:
1. Stick To One Designer
Instead of moving from designer to designer every time you require new ads, you can save money by carefully choosing a designer who understands your products and services, and stick to them for all your advertising needs.
By doing this, you will not only save time by not having to explain your product or service from scratch to a new designer, but also you will save money by preventing each new designer from replicating your logo and brand identity. Besides, there are designers who offer discounts if you agree to work with them on a long-term basis.
2. Research Your Target Audience
Another effective way to reduce your advertising spending is to thoroughly investigate the demographics of your target audience and their habits. Take some time to decode how your ideal client is like; consider factors such as age, gender or income level, you can find the best way to reach your ideal client.
Focusing your advertising efforts on a very small but highly targeted audience is a more effective and affordable method than opting for an unfocused and dispersed approach.
3. Be Picky About Platforms
If you already have your target audience in mind, it’s important to be picky with the social media platforms in which you will invest your money. Each platform requires different content strategies, so you must choose properly in which one you’ll make your advertising investment.
If your brand or business requires a visual approach, choose image-based platforms, such as Instagram, Pinterest or Snapchat. On the other hand, if your ads will have a more informative approach, Facebook or Twitter may be more appropriate alternatives.
4. Set a Budget
Be sure to set a budget before starting an advertising campaign. Within that budget, you must consider the pricing options that you will use. For example: if you want to invest in Google’s display network, you must choose between a cost per click (CPC) model, cost per thousand impressions (CPM) or cost per acquisition (CPA).
The profitability of one model or another varies depending on your goals. The CPC model is more effective if you only want to attract traffic to your website, CPM is beneficial for brand awareness campaigns, and CPA is the best option if your goal is to achieve direct products and services sales.
5. Take Advantage of Cheap Opportunities
The usefulness of free or inexpensive opportunities for public relations or collaborations shouldn’t be underestimated. Through them, you can increase visibility and brand awareness without affecting your budget.
Promoting upcoming commercial events on TV and news, sending review products to popular social media influencers in your niche, or partnering with a manufacturer to engage in cooperative advertising, are just some ways to give your brand or product a boost without requiring a huge money investment.
6. Encourage Word of Mouth
According to studies, more than 90% of online shoppers read customer reviews before purchasing a product or service, and almost 85% trust both verified reviews and recommendations from friends or acquaintances.
Based on this, a great way to maximize your budget is to encourage your customers to give their opinions and word-of-mouth advertising. Some tools that can be used for this purpose may be: offering a discount code on a future purchase in exchange for a review, or creating a referral program that rewards people who attract new customers.
There’s no doubt that online advertising is a key element of any marketing strategy, but it will only be effective with the right approach. Applying the techniques described above, even a small company with a tight budget can take full advantage of the marketing potential that online platforms can offer.