Big impact, small budget
Getting the most value out of every dollar spent is important for all businesses, but especially for small businesses.
Justifying the costs of marketing can be difficult because you can’t predict the impact it will have, but it’s nonetheless vital to the growth of your business. Small businesses need to focus on achieving a big impact with a small budget – it’s easier than you think!
Small businesses need to focus on achieving a big impact with a small budget – it’s easier than you think!
Two steps for success
- Come up with a strategy and stick to it
Developing a marketing strategy is the only way to create successful campaigns that will boost your business.
A good strategy relies on research. You need to understand the market that you’re operating in and your business’s position in this market. This positioning should take into account both competitors and your target customers.
It’s also vital that you understand what your brand is. Once you understand your brand in context with the market you can build a strategy.
Once you have this strategy, the key is to stick with it. Remaining focused on your strategy will make every dollar spent count. All of your decisions will be in line with where you want to take your business and will have your brand and customer in mind.
- Find cost-effective ways to engage with your customers
Customers today are aware that they’re constantly being bombarded with marketing – this means that to cut through the clutter you need engage with them. The good news is that small businesses can have an advantage in this over big businesses – they’re generally closer to their customers and therefore able to inspire loyalty.
For small businesses, engaging with customers doesn’t need to be expensive.
Let’s use a small hairdresser as an example. For hairdressers especially, customer loyalty is key but it can be difficult to attract new customers because there’s a risk of customers trying a new hairdresser. Their target customers will most likely be local because they’ll want convenience. What will be more effective: an expensive advertisement in a national consumer magazine or a partnership formed with a local beautician to offer a package for girls going to their school formal? It’s obvious which option will be more successful for engaging with customers.
For small businesses, marketing collateral doesn’t need to cost a lot. For our hairdresser, they could simply design and print cards detailing the offer for the beautician to give to their clients. The hairdresser and beautician might also print up a joint flyer to give to local dress shops to gain more customers.
Creating marketing collateral yourself is something that all small businesses in the growth phase should consider. It can save a lot of money but you can still achieve a professional finish.
The most important factor in creating effective marketing is authenticity, which will naturally flow if you stick to your strategy and seek to engage with your customers. If you’re an authentic business, then customers will naturally identify with you and you’ll be able to create a big impact without a big spend.
See more big ideas for small business here.
Geoffrey Ong, Product Manager, Avery Products
