Marketing on a Budget

It is no secret that marketing can be costly, and businesses are constantly looking for cheap and effective marketing strategies.  Marketing is not something to skimp on if you want it to be effective, but there are many ways to save money while marketing so you have more to spend in different areas or on specific marketing strategies.  It all comes down to how well you do your research.  The better you know your consumers, your location and the market is the easier it will be for you to know which marketing tactics will work best and which ones are not worth your time.  Do not waste money on marketing techniques that will not bring in business just because you are in a hurry.  Take your time when it comes to marketing and make every technique you use bring in business.

Know your customers

First and foremost, know who you are marketing to.  Before spending any money on marketing, spend some time getting to know the customer types who will most likely purchase your products.  Determine why they will want to buy your products and how you can specifically target those consumers.  Make sure your products are well defined, because if consumers do not understand what your products are or how they work, they will likely move on.  Cater to the costumers first and let them spread the word about you because they love your company and your products.  Never underestimate the power of word of mouth from consumers.

Research and data

Do not be afraid to conduct consumer surveys to find out what motivates them to buy certain products.  Small Town Marketing suggests that your surveys include questions about where the consumers work, which magazines they read, how old they are, and where they like to shop.  In order to motivate consumers to fill out the survey, offer a discount or a prize to those who complete it.  This information is valuable and well worth giving some products away for free.

Affordable marketing techniques

There are several marketing techniques that are free or nearly free that many companies overlook in fear that they are not as effective.  Marketing is definitely an area that is well worth the investment, but companies should take advantage of the free or cheap marketing tactics as well.  Send postcards, have a social media presence, and partner up with other companies to get your name out there.  Research the community your company is located in to know which marketing techniques are most effective there.

Source: Small Town Marketing

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