When budgets are tight it’s hard to see how to spend those valuable marketing dirhams wisely. But effective marketing is possible; you just have to be smart in your planning.
Discover your USP
If you don’t know what differentiates your product or service from the next guy, then how do you expect your customers to?
You have to have a Unique Selling Point. Something that makes you different, a way of doing business that makes you stand out from your competitors. Identify your USP – then use it in your marketing. Push it to the front of people’s minds; get people to understand why your company’s way of doing business is worth buying into.
Research the market
A small marketing budget means spending time researching the best place to spend you money. A scattergun approach will yield poor results and you’ll have no concrete method of measuring those results.
Even the international corporations use marketing analytics to better understand their marketplace. Knowing how to market a product effectively is worth the time spent researching.
For example, if you are selling a new type of dumbbell that is slightly more expensive than average weight equipment, you need to know which location is going to be more receptive to the higher price. Get out and have a look around, go online and check the prices there. You’ll quickly build up a profile of which streets, cities and online areas are best for your premium product.
Understand your customer
If you don’t have a clue what your customer wants, how can you sell them your product. Or rather, do you firmly believe that your product or service is so ground-breaking that people will instantly see the benefit of it?
If you can’t think like your customer, get out there and ask them. Not all, just some, the ones you want to buy from you would be a good start.
Tell a great story
In marketing it’s all about the story. Tell a great story and people are more likely to buy your product. Even cheap products need a little bit of a story, even if it’s about why cheap is good. A premium product needs a really good story: where the ingredients have been sourced, how long it takes to mature, how much more effective it is for smoothing wrinkles, etc.
Get the story right and you’re half way there.
Invest in good design
People react consciously and unconsciously to the design of a product, website, point of sale merchandising. You may not be able to afford a good designer on your payroll, but it’s worth investing in a good freelance to get your new product or service off the ground.
Choose your staff carefully
When you are marketing on a tight budget you need to hire well. Think about what attributes you really need to make your marketing team smarter and more adaptive. Do you need someone who is great at analytics, SEO, copywriting, strategy, or all four?