If you’re struggling to get the word out about your company and its products or services, it’s time for a shoestring marketing budget. A shoestring is just enough money that you can start with something basic—like social media ads—and then build from there as your business grows.
Sales are required for a firm to thrive, and marketing is required to produce sales. Most companies put aside a significant amount of money for advertising for this reason, but wouldn’t it be great if you could create sales by having your current customers perform your marketing for you? You may save money on marketing initiatives by having individuals who already love your goods advertise them for you if you have a solid reputation and a devoted customer base.
Make use of social media to raise awareness.
The most effective digital marketing efforts are those that go viral on social media platforms like Facebook and Twitter. Multinational corporations have recognized the potential of social media and are using it aggressively with marketing efforts that are a fraction of the cost of traditional advertising and provide significantly superior results. The main thing is to appeal to the customer’s strong emotions. Naturally, the larger your following, the more effective your campaign will be.
Increasing the number of followers
In 2011, Samsung launched a nicely designed social media campaign utilizing a simple contest to grow its Facebook followers. “Like It, Reveal It, Win It” was the slogan. They offered a weekly product giveaway that Facebook users could enter by like the Samsung Facebook page and then sharing the contest with their friends to unveil pieces of the product picture. The quicker the product photographs were unveiled, the more friends who entered the contest. The merchandise was given to the first individual who revealed the photograph. The campaign’s effectiveness may be observed in the fact that Samsung’s follower count climbed by 12,000 in the first week of the competition.
McDonald’s happy meals may be their most profitable product, but when McDonald’s in Singapore decided to introduce a special breakfast menu, the firm launched a massive marketing effort to promote it. First and foremost, they emphasized the importance of breakfast as the most essential meal of the day. Then they promised to encourage people to eat breakfast on a regular basis by giving out free breakfast meals at certain shops. Clear Channel, a local television station, teamed up with McDonald’s to present dynamic advertising displays featuring local businesses providing free morning meals. The advertising offered a significant incentive for people to go to a nearby business to grab their free dinner by showing the precise amount of meals available. Customers often purchased additional breakfast meals for family members due to the restricted supply. The increase in sales was enormous.
The exclusive deal
Getting a great deal may generate a lot of talk among your current and future customers. This is why Nike has an ad called “The Chance” that runs every year. It permits young people from all around the globe to compete for a year at the Nike Academy, where they will play soccer against Premier League reserve teams and other affiliated clubs. The effort, which began in 2010, saw more than 17,000 Facebook pages created with a total reach of 5.5 million people. The Nike channel had over 3.4 million views thanks to 28,000 player uploads and 2,000 user-created films. Nike as a brand acquired tremendous exposure.
The idea is to be interactive.
Customers want to be active participants, and if your company can give them with a platform, they will gladly interact with it. Consider the “Coca Cola Happiness Machine,” a basic concept that created a great deal of attention for the firm at a little expense. The Happiness Machines were Coca-Cola vending machines that distributed items such as pizza, flowers, and sandwiches in a variety of settings. Some were changed to provide freebies for all consumers. Others required a particular action to be completed in order to get a reward—for example, one machine in Singapore required you to embrace the machine in order to receive a free drink. To receive a free cola in Belgium, you had to do a joyful jig. Videos were made of the activities and responses, which were then uploaded on YouTube. For the price of a few cocktails, the firm received millions of views and free PR.
It works for little enterprises as well as the giants.
Multinational companies’ marketing strategies have all featured innovative, out-of-the-box concepts that garnered them a lot of attention at a low cost and resulted in increased sales. Small companies might benefit from digital marketing strategies as well. A local pizza shop, for example, allowed customers to upload images of themselves eating pizza on the pizza establishment’s Facebook page, with the photo receiving the most votes winning the contest. The reward was a couple’s “all you can eat pizza meal.” The customers not only made creative images to promote the pizza brand, but they also encouraged their friends to like them (some of whom were not even in the same city). The eatery received a lot of publicity.
Social media elements to leverage for company marketing
To create a basic viral digital marketing campaign, you’ll need concentration, attention, and observation. Big firms may have a large research staff instructing them what to do, but tiny businesses can sell themselves online just as successfully.
Here are some examples of how small business owners may utilize social media to advertise their company, frequently by enlisting the help of current customers:
- Market research may help you figure out who your customers are and what they want. Then, while designing your digital marketing strategy, leverage this knowledge to tap into emotional triggers.
- Participate in local issues that are important to your consumers. It might be a rivalry basketball game between rival universities, a yearly sales festival, or a charity event. Find a way to link your company to the event on social media, such as developing your own hash tag for the event on Twitter. As a result of the event’s reflected publicity, your company will get visibility.
- On Twitter and Facebook, look for customers with social clout. If you give them free something, they’ll tweet about it or post it on Facebook. This provides you with excellent web visibility at a low cost.
- Make videos—they’re a potent social impact medium. Make a lot of these and upload them to your YouTube account. Even better, hold a contest in which your consumers create their own films and tag your company.
- Ensure that your business page is included on all social media networks to increase your company’s online presence. How can you expect to become viral if you can’t be seen? Consider many methods for remaining in the public eye. Marketing and advertising build a lasting impression in the mind of the consumer, causing them to remember your brand immediately when they need to purchase a product. A company owner may ensure that the brand is never far from the thoughts of the client by enlisting the help of their customers in digital marketing.
Have you used any of these innovative marketing techniques in your company? Were they able to succeed? Why do you think that is? Please tell us about your experience in the comments section below.
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Frequently Asked Questions
How do you market a shoestring budget?
A: Its not easy. You have to be creative, and youll need a great team. If youre starting out on a shoestring budget, it can take anywhere from six months to two years before your business is profitable.
How do you maximize a marketing budget?
A: This is a difficult question because it depends on your companys goals and even the marketing technique you are using. However, there are ways to maximize your budget through these methods: 1) looking for low-hanging fruit – identify an easy way of increasing revenue immediately; 2) focusing attention instead of spreading out – retain focus on one specific area that will be able to have significant impact in the long term; 3) prioritize investments based on return rather than cost-effectiveness or popular demand
What are the three ways to cover the market?
A: There are three ways to cover the market, which are cannibalization, diversification and scale.