Knowing where to spend your limited marketing budget as a small firm with limited revenue. According to Alba SEO Services’ research, 38% of small companies spend less than £1000 on marketing each year, with another 38% spending between £1000 and £5000.
While having a great marketing strategy does not need spending tens of thousands of pounds, it does necessitate knowing where to put your money to get the most bang for your dollars.
When working with a restricted budget and cash flow, it’s critical to make sure the money you spend on marketing is getting you the most bang for your buck. So, let’s say you only have £5000 to spend on marketing your company. What can you do to get the most bang for your buck?
Do your homework.
Before you spend any money, you must first determine who your clients are and what they are looking for and familiarise yourself with your competitors. Conducting a comprehensive market study of these factors should be your first step, as it will help you concentrate your efforts and provide further information when it comes time to build up your campaigns – and it will cost you nothing except time.
First, determine who your product or service’s target market is. Look at what they’re talking about and what search phrases they’re using. This will provide a strong framework for your marketing strategy and guarantee it is optimized for the people you want to reach.
Second, familiarise yourself with your competitors. Understand what they’re up to and how they’re going about it. It doesn’t matter how unique you think your product or service is; knowing who your prospective competitors are and what they’re up to is still beneficial. Services like Google Trends and Google Alerts are helpful in this regard.
PPC for product companies
While research is beneficial to any kind of business, for product-based enterprises, the $5,000 investment is better used on PPC [Pay Per Click] advertising. According to SmallBizGenius, PPC advertising yields on average $2 for every $1 invested, resulting in a 200 percent return on investment, allowing you to employ this as a repeatable and consistent marketing technique while operating on a tight budget.
While Facebook advertising is useful for raising brand recognition, they do not always translate into purchases. As a small company, your first aim will be to generate as many sales as possible from your campaigns. Thus Google Ads is the way to go. According to TechJury, Google will control 92 percent of the worldwide search market share in 2021, with 65 percent of users clicking on PPC advertising.
On a tight budget, PPC provides various advantages, such as the level of control you have over each of your ads. You have complete control over the length of each of your advertising campaigns and the time of day or night they run, enabling you to target your audience based on their most probable online times. It’s best to spread your Google Ads expenditure out across at least three months since this will give you more time to observe the benefits.
This technique is especially cost-effective from a financial standpoint since it requires no initial investment. Because you only pay when someone clicks on your ad, your marketing spend is focused on those already interested in your offer, making it simpler to persuade them to convert.
Finally, Google Ads campaigns allow you to view real-time results on how your campaign functions and make any adjustments. You’ll be able to understand how to modify your campaign so that it appeals to your target demographic and which parts are contributing to its success so that you can replicate it in the future.
Client acquisition with B2B email marketing
B2B email marketing is the best solution for a service-based organization with a budget of £5,000. According to the Content Marketing Institute’s 2020 study, 85 percent of B2B marketers utilize email marketing for lead generation, which is unsurprising considering its effectiveness in reaching out to other companies, sharing product news, and establishing long-term partnerships.
Email marketing has been around for a long time because it enables you to target your market and certain portions of that market directly while being cost-effective. According to the DMA Email Benchmarking Report, email marketing had a return on investment of roughly £42 for every £1 invested in 2018.
Email marketing gives you a lot of leeway regarding how you convey your message to the correct individuals. Strong subject lines, content, and calls to action are all critical considerations, and the good news is that there are a variety of email marketing tools and firms that can help you collect data, design, and automate campaigns if you don’t have the time or resources to do so.
Low-cost email programs may help you get the most out of every pound you spend on email marketing by automating the process of developing multiple processes, target segmentation, and campaign pre-scheduling.
Working with a limited budget does not imply that you should cut corners on your marketing efforts; the reverse is true. When cash flow is tight, it’s critical to invest in marketing methods that will provide a high return on investment while also bringing in more quality leads to your company to make sure every dollar spent is profitable.