Forum Thread: (How to Do) Low Cost Marketing

(How to Do) Low Cost Marketing

Marketing in business can be expensive, but to ignore it can be disastrous.

There is a fine line between throwing money away on your marketing and getting the most from the money you spend but in some cases, there is simply next to no budget for marketing. So, how can you market something with low cost to marketing?

Getting a correctly designed message seen by the correct people, in the correct place, at the correct time can rack up quite a bill. According to a figure recorded in 2013, the average SME spends £23,810 on their respective marketing campaigns, whilst only achieving less than 40% of their planned marketing activity.

Heaps of research, planning and money goes into successful marketing campaigns, with huge corporations like Proctor & Gamble spending a whopping $4.90 billion promoting their products, annually. For SMEs though, there are much easier, quicker and, most importantly, cheaper ways of marketing your product/service. Here are 3 No-Cost Marketing techniques that you can implement to start developing your business, for exactly zero pounds.

Networking

If you haven't embraced the world of networking yet, then now is the best time to start. Networking events provide opportunities to connect with valuable business personalities in your area, which may even lead to the formation of partnerships between your businesses, but it's up to you to get out there and meet these people. Take a look at who's attending the event beforehand and pick a few people you'd like to connect with, then make it your priority to make sure you speak to them! If all goes well, you could be faced with a professional meeting in no time.

However, it's important to remember that Networking is NOT always a place for work. If you really connect with another attendee, but a professional partnership isn't feasible, don't worry about it!

Keep all of the contacts you acquire, even if they're not complementary to your business – it's better to have them and not need them than need them and not have them.

That doesn't mean I must get 'X' amount of work from this networking event, that never works but set yourself a plan/target before you go

This could be:

I must talk to 5 new people today
I must talk to these 3 people today (ask for a delegate list before going)
I must make a connection with this type of businesses
Networking is NOT always a place for work
Build relationships
It is all about building relationships
PR

If you've got a story you want to shout about but you're not sure how to draw attention to it, you're in luck! Recently, local papers have been publishing far more customer generated content, which means that stories relating to local SMEs are getting far more attention than they used to.

However, a newspaper won't select your story for publishing if you've only done half of the work.

So make sure your story is complete, check your spelling/grammar and accompany the article with good quality photos. Finally, follow-up your submissions with an email to make sure your article doesn't get lost in the shuffle.

Other Things to Talk About:

– Market, Message, Media

– Customer Service

– Words cost nothing, mean everything

Got a story and want to shout about it? You're in luck!

Recently, local papers have been publishing far more customer generated content

This means that stories relating to local SMEs are getting far more attention than they used to

But it's not that easy…

A newspaper won't select your story for publishing if you've only done half of the work

Make sure your story is complete, check your spelling/grammar and accompany the article with good quality photos

Follow-up your submissions with an email to make sure your article doesn't get lost

Social media

At L4N UK, we know how essential the powers of Social Media can be to a business. Displaying a positive brand image online can attract new customers, keep them regularly updated on what's going on with your business and even prompt them to recommend you to others. In a recent study, 86% of the 1000 participants surveyed stated that they plan to purchase regularly from an

SME that they follow on Twitter, at some point in the future.

You can also think of Social Media as a kind of 'online networking', with which you can find and engage your potential customers by posting complementary content to your brand's Twitter/

Facebook/Instagram stream. We recommend using the 80/20 rule, which involves only advertising your business 20% of the time. Imagine you're having a conversation with a person and the only thing they want to talk about is themselves – doesn't sound like a very fun conversation, does it? By posting interesting content separate from your business 80% of the time, you can keep your customers' attention locked in for when you want to slip in the occasional post about your product.

Twitter

Twitter recently surveyed 1000 active users who are currently following SMEs:

73% of those surveyed said they feel more positive about an SME once they have followed their Twitter accounts/read their tweets.

¾ of your potential customers will look for reassurance about the credibility of your brand by searching for it on Twitter.

Does your brand's online presence offer that reassurance?

Perhaps even more shocking…

86% stated that they plan to purchase regularly from an SME that they follow on Twitter.

But that's not all… half of this 86% even went as far as to say that they plan to purchase multiple items from an SME they follow

Facebook

Slightly helps Google rankings
Builds relationships
Identifies target market
Build loyal following
Use images
80/20 rule 80% information 20% selling
3 to 4 times a day

Another resource we've noted that has similar ideas on low-cost marketing are held at www.passport2success.org where you can sign up for free and get a wealth of information on how to cut costs in the business.

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