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Wednesday, July 13, 2016

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5 Effective Ways to Run Your Business on Small Marketing Budget

Oyetoke Tobi - Wednesday, July 13, 2016

During harsh economic conditions, one viable thing to do as a business owner it to cut down your marketing budget. Marketing is an integral part of a business that shouldn’t be completely ignored even during unfriendly economic conditions. The good thing is that there are several ways you can get put out words about your business no matter how small your budget is. If your marketing budget is limited at the moment, here are five ways to still effectively market your business brand

1. The social media should be your best friend 

Social media is an effective marketing platform that requires only little financial investment. Facebook and Twitter are typical examples. Other social media you can consider are; Instagram, Google+, Pinterest etc. However, you have to craft top notch quality is social media marketing is to work for you.

2. There are free PRs, look for them

The easiest way to build free PR is to put in some efforts into building relationships. Look for online forums where journalists and media people meet. Resist the impulse of asking for opportunity right from start. Spend time building up relationships. Once you have done this, you can then request for interview opportunities. But you will have to do your homework properly by making necessary research.

3. Network as much as you can

Building your professional network is an effective way of spreading words about your business, without having to spend much. Let’s say your offer computer repair gig, offering free repair services to an advertising agency in return for free ads, is the way to go. If you are low on funds, then creativity will be your best ally. 

4. Be active in whatever activity that goes on in your community 

If you don’t have the money to spend on TV or print ads, then you have to take advantage of the opportunity offered by local stores. A good way of doing this is by setting up a stand during a festival and then using a logo that easily captivates the attention. You can as well give away some freebies at church or schools just to let people know what you are doing. 

5. Shared bus stop ads

Putting up your ads on billboards can cost you considerable amount of money. If you are low on budget, then the best thing to do is to put up your ads on benches of bus stops or stations. To further cut down on cost, find someone in your locality that runs the same business as you and then team up with him or her. Doing this can decrease your marketing budget by as much as 50%.

After doing all that has been said here and it turns out that you are still constrained financially, you might have to consider other areas of your business. For instance, you can get your office supplies at discounted prices (or free at times) by signing up to loyalty programs usually offered by retailers. 




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