How do I market my business on a tight budget?

Marketing would be easy if you had an unlimited budget and unlimited resources, right? For many businesses, especially startups and those that are solopreneur-led, there is likely no budget. Or perhaps, you are one of the lucky ones and have a few nickels rubbing together in your pocket. One of the biggest challenges when it comes to marketing for business owners is finding the time and money to do it, and do it well. 

There are lots of low cost marketing ideas for small businesses that can get you started with a tight budget, but there are some foundational elements to consider before throwing what precious little you do have into your efforts.

How do you set a marketing budget for a small business?

Before you begin any marketing activities, it’s important to first determine how much money you can actually spend to promote your business. And when it comes to budget, who better to glean advice and direction than a CFO? Geneve Huxley is a Fractional CFO (and Crafted Voice client!) who solves financial mysteries and brings clarity to business owners and stakeholders. Here’s her advice for you:

“The first thing to remember about setting a marketing budget, is that you are playing the long game.  You need to get your name/product in front of people many times before they make a decision to reach out to you.  So whatever amount you decide on means that when you set your budget, you need to be able to stick with it for at least a year, and preferably several years.  It’s much better to spend a steady amount month over month (like dripping water) than spend a ton of money on one blitz for 30 days. So pick a budget number you have a high likelihood of sticking with for several years.  

 

As far as setting a marketing budget for a small business, there’s no one right answer. The amount you spend on sales & marketing varies by industry, size of organization, and how new you/your product/service are to the market. Even the percentage of sales & marketing expenses out of all expenses can vary widely, from 10% – 30%.  If you are new to the market, the higher percentage you will have to spend to become a recognized name/product.  If you are an established brand name, you can scale that back to 10%-20%.  That percentage is for ALL sales and marketing – including payroll for salespeople, marketing consultants, and advertising itself.” 

How do I market my business on a tight budget?

Once you have your marketing budget set, it might seem even tighter than you originally thought. Setting a low cost marketing strategy that can be executed within your budget is the key to success. 

When your budget is tight, you can do the marketing yourself by investing time and energy into learning and executing the work directly. For a DIY approach, Crafted Voice Communications offers many resources to help you create high quality marketing materials. Reach out to our team for more information. 

If you have a small budget, it’s best to consider partnering with a communication and marketing professional who can set your business up for success through their focused expertise and talents. At Crafted Voice, we offer “work with you” services to guide you through your marketing efforts without the large price tag of hiring a full blown marketing agency. For example, we set up a solid foundation and strategy to guide your marketing and messaging, while our clients actually do the work to create content and post to social media, send newsletters, and target ads. 

This is a great solution to achieve high quality marketing without breaking the bank. 

Can you do marketing without spending money?

If you have no room in the budget for marketing, there are still things you can do to get the word out about your business. 

Here are a few digital marketing ideas for small business with no budget:

• Create a social media profile and use it for organic reach. Choose the social media platform based on where your target audience hangs out.
• DIY your website and optimize it for SEO for free organic traffic.The Free Website Guys have an application process to apply to get a free website!
• Build an email list. Sign up for a free email platform subscription or write LinkedIn Newsletters and invite all of your connections to subscribe. Substack is a free email platform that also offers ways to monetize your content.
• Do some research to see if you qualify for free Google Ad Grants, which provides free advertising money each month to non-profits. 

What is the cheapest advertising?

If you are looking for marketing ideas for products, you can get cheap advertising by putting your logo on everything that you produce. Hats, tshirts, cups, pens, notebooks, toys – every time someone sees your product, you are getting free advertising!

Word of mouth is also another form of “advertising” that is free. Ask your friends, family, colleagues, past and present customers, and anyone else you know to share your business with others. Word of mouth referrals strengthen your brand’s reputation and peer recommendations often carry more weight than any other form of marketing.