New companies, such as start-ups, don’t often have a large budget allotted for marketing. That’s because most of their finances go straight to production, research, and other business elements that are more profitable.
Yes, marketing is advantageous when done correctly. For the uninitiated, however, it is a big ask because marketing ploys are a hit-or-miss affair. In the beginning, new businesses focus more on what could be a slam dunk.
Unfortunately, overlooking marketing might harm your business. Waiting for your business to have enough budget might set your business back. After all, the key to getting ahead is getting started. Fortunately, there is good news. You don’t need a huge budget when launching a social media marketing plan for your business. So, go ahead and put that money where you think it will be most beneficial and learn how to market your product on different platforms with a shoestring budget.
How to Conduct Social Media Marketing Without a Budget Plan
Something as lucrative as social media marketing could still be more attainable than other forms of advertising. Though, let me level with you — it can get expensive. But the flexibility in budget allows you to launch a marketing plan without substantial funding.
There are three crucial factors necessary in all types of marketing. These are:
To be perfectly honest, most business newcomers do not have the resources to come up with all three. This idea applies to social media marketing. You can invest your time in generating quality content while on a budget.
Instead of hiring content creators or purchasing advertisements for brand new ideas, you and your own team can spend time getting your hands dirty coming up with content and sending out e-newsletters, e-magazines, or podcasts to provide your following with something of value. Hopefully, your efforts can help you garner a bigger fanbase. All these will require time and minimal financial cost.
Content Ideas on a Budget
If you think coming up with social media content needs an expert to achieve that wow factor, you are wrong. These days, people are attracted to fresh posts. Everyone is into real and honest brands now. So, why not let your staff members take over your social media platform? They can post anything from unveiling what’s new in the workplace to ranting about relatable real-life problems. So long as they are not talking about anything client-related, they can let loose and put their feet up.
Use Instagram and take advantage of its photo-sharing features and stories. Instagram stories are perfect for introducing promos or new products. On the other hand, Youtube is great for sharing tips and tricks or behind the scenes of your special events. Twitter is a great way to connect with your customers and respond to concerns or just brighten up your day with short jokes or motivational quotes. Lastly, do not ignore less popular social media networks for businesses. LinkedIn may be for professionals, but it is an excellent place to dish out your company’s story.
Partnering with an Influencer on a Budget
The term influencers refer to new celebrities. These people are experts in their own right. Some of them are known authorities in their field, while others have built their reputation from the ground up. Teaming up with influencers has worked well for so many businesses. In fact, this strategy has put companies like Glossier and Daniel Wellington on the map.
You could host a podcast interview with a domain expert or collaborate with local celebrities to spread brand awareness. By association, people will begin to recognize your authority little by little. Some of them charge a fee, but others are open to partnerships in exchange for free products.
Public Relations on a Budget
Public relations is possibly the trickiest part of any business. It is hard to acquire positive exposure by yourself, so it is not uncommon for companies to enlist a PR firm to handle the task for them.
That being said, it is not impossible to hit the ground running and gain your business positive traction on your own if you can’t afford a PR firm just yet.
Here are some cost-effective ways to pull it off:
Find writers, bloggers, and reporters that are already fond of your brand or at least agree with your message. You are entering a fiercely competitive world. Most of them won’t give you the time of day if they already don’t like your vibe. Instead, reach out to those who are open to listen to you. Because if you risk connecting to someone who already has a preconceived notion of how you or your business is, you might not like the resulting write-ups.
Be casual and natural when meeting up with someone who can help your mistake. It is a rookie mistake to try sweeping a reporter or blogger off their feet in the hopes of receiving something in return. You don’t need to do that if you have something valuable to offer. It is actually a huge turnoff. Instead, establish rapport and connect with them at the outset.
Speaking of offering valuable content, ensure that your story is nothing but excellent. No need for long-form content, short articles can be very compelling if they have the right elements. Everyone appreciates a hero’s story. Examples are transformational stories from your clients and the real story behind your company’s existence, including the hardships at the beginning. Dig deep and produce a story that will either warm everyone’s hearts or tickle everyone’s fancy.
Marketing on a minimal budget is challenging. Naturally, what you lack in budget, you have to make up for with effort and time. You only have you and your co-workers to rely on, so there will be hours spent on brainstorming, planning, and execution. It is true. Money is necessary to speed up the process and lessen the workload. However, you can’t wait until everything is settled before you begin to market your brand. You have to use your resources, be creative, and embark on the process as early as possible!