Cost Effective Online Marketing Strategies for New Entrepreneurs

December 28, 2018

Let’s face it, its 2018 and we are all aware of the importance of online marketing. Phrases like social media are familiar to the majority of entrepreneurs out there. But, whilst you may be familiar with these concepts. Knowing which strategy to use and where to spend your limited budget is the first hurdle. Start-ups face many challenges, but none as common as the struggle to remain cash positive. So where do you spend your money?

Referrals

Perhaps a strategy as old as time, ‘referrals’ is still the best, cheapest and highest converting online marketing strategy out there. Studies have shown that a person is four times more likely to buy something that has been referred to them by a friend.  Despite what you may have read on some tech publications. We as humans still trust each other more than we trust an anonymous advertising agency.

Now you may be thinking that getting a referral is easier said then done. There are in fact many ways to entice your customers into giving you the stamp of approval and passing it along. One such method is the ‘contest’ method. By creating a give-away, discount or some sort of reward you will be able to entice your customers into referring your product or service to their friends and family.

Content Strategy

Im sure by now you have heard the phrase “Content is King”. One of the best ways to reach new customers and engage with your existing clientele is by creating quality content. Once created the content should be shared on your social media platforms. Whilst knowing what content is good for which platform and when to post this can be challenging for the average entrepreneur. There are so many resources available on the internet today which will help you to become an online marketing and content creating guru.

Buisness 2 Community, for example, is a great source for Twitter tips and tricks. Forbes also recently posted and article on “How To Use Facebook Marketing To Rapidly Scale Your Business”.

Whilst there are tons of ways to get your brand out there for free. There are also some advantages to paid marketing. Firstly, the advantage of using something like Google ads or Facebook advertising is that you can pay only as much as you can afford. Both allow you to set your budget according to what you can afford per day. Both indicate what sort of impact or reach that would get your advert.

Paid Advertising

Paid advertising is a lot more tricky then just uploading posts and hoping to get followers and likes. Now there is real money involved. Websites like Annuity Look Magazine have great resources on How to Create a Killer Financial Facebook Ad Campaign. These articles can be accessed free of charge and can really help you to create the best possible campaign for the budget that you have available. Now its time for you to get planning and get sales!