Marketing on a shoestring budget

You don’t need a huge budget to run a successful marketing campaign. In my experience, you just need a little creativity and an understanding of how to get the most out of your marketing investment.

 

I recently became involved with a not-for-profit organisation that is developing a marketing strategy to raise awareness of its brand among the general public and with some key influencers. This organisation does some fantastic work in the community and is helping to address an issue that is taboo in society. It has complex marketing messages and the current awareness of its brand and services is very low to non-existent in the broader community.

 

Like many community organisations and small businesses, it has a very limited marketing budget and no in-house expertise. It briefed an advertising agency and asked for a proposal on how its small marketing budget could deliver the most value. The agency provided a proposal recommending an outdoor billboard and an advertisement in the back window of a bus. Is this the right strategy for this organisation?

 

In this scenario, there are a number of other marketing tools that I would consider before investing my entire budget in a short-term, narrow advertising campaign. I’m not saying that advertising doesn’t have its place, it certainly does play an important part in the marketing mix, but when you’re on a shoestring budget it’s important to consider the most cost-effective ways of achieving your marketing goals.

 

Here are some ideas to make your marketing budget go further:

 

 

Public relations is one of the most cost-effective techniques in marketing. Consider writing your own opinion pieces or developing media releases to help your organisation get media coverage. Remember your angle needs to be newsworthy – for example a new product launch, a piece of research with interesting results or an expert opinion on a current issue that is getting media attention. Be selective about the media outlet or journalist you are targeting and make direct contact with them to provide more information and to answer any questions about the story. Also, think about targeting local and regional newspapers, smaller mazagines, newsletters and websites as targets for your story.

 

Many organisations reap the benefits of partnerships or alliances with other organisations that have mutual goals. For example business and community partnerships can help both organisations to achieve marketing and business objectives through increased brand awareness and positive profile. These types of partnerships can be based on funding, or more importantly, a sharing of expertise between the organisations. When developing partnerships or alliances, the organisations must have non-competing products or services, shared values and a commitment to common goals. Look for opportunities to promote your partnership through the media, awards or speaking opportunities.

 

 

The cost of retaining an existing customer can be significantly less than the cost of attracting a new one – by as much as a factor of five according to some studies. This simple fact has led many companies to change their marketing focus of attracting new customers, to improving their relationships and growing the business of existing ones. Simple things like remembering a customer’s birthday, providing a little extra customer service and listening to your customer’s needs can make a big difference. Also, stay in touch with inactive clients – they may need your services again in the future. Another benefit of focusing on your current client base is that happy clients will refer their family, friends and colleagues to your business.

 

 

Networking offers a cost effective way of meeting new clients. Today networking is more than hosting, attending or speaking at events and forums, it’s also about making use of online networking sites like Facebook, LinkedIn and MySpace. These online networks are becoming an important way to engage with customers and employees, and offer individuals and organisations the opportunity to build their reputation online. But let’s not forget that traditional networking still offers many benefits. Some tips for success: choose your events wisely, prepare an ‘elevator pitch’ on what it is that you do, make sure you mix with a variety of people (don’t just talk to the first person you meet) and follow-up with your new contacts after the event.

 

Marketing doesn’t have to cost a fortune. Select your tools wisely and don’t try to run a mass advertising campaign on a shoestring budget.