Large businesses can usually afford to make marketing mistakes, having the brand and budget to deal with errors. Smaller businesses, however, need to make every dollar count, maximizing results from their limited resources. If you are working with a limited budget, costly marketing exercises might be too risky to attempt. However, it is possible to run a successful online marketing campaign using strategies that are affordable, reliable, and effective. So how can a small business develop a marketing strategy with a limited budget and succeed at online marketing?
Reaching out to relevant figures within your niche can produce unanticipated benefits. While you might have less leverage than an established blogger, influencer, or business, it is still possible to build a relationship. A common example is to guest blog for a site that receives targeted traffic in your niche. The site owners gain quality content, and you can direct visitors to your own site. Creating content for other sites can be time-consuming, but you can slowly build a following and pitch yourself as an influencer through your relationship with established figures.
Social media has become a major marketing opportunity for businesses of all sizes. Almost every niche will have potential customers; you just need to find and engage them. Facebook offers the chance to create or join groups, post regular content, and engage with followers. Hashtags on Twitter make it easier to track down prominent influencers, niche fans, and topical conversations. Pinterest has many similar features, but it focuses on images over words. Regardless of your niche, there will be one or more social sites that are perfect for audience building.
Ranking in the search engines can be a difficult, but it still offers a chance to businesses with a smaller marketing budget. Large competitors might have extensive SEO budgets, but they are often not interested in the same keywords a smaller business wants to target. Additionally, you can often achieve top rankings by focusing on a combination of on-page optimization, guest blogging on authority sites, and relationship building with influencers. Over time, you can gain backlinks from bloggers and social media platforms that leads to a good search position.
Affiliate marketing can be an effective addition to your marketing efforts. This allows other affiliate marketers the chance to promote your products and services. By sacrificing a portion of your earnings from a sale, you can gain access to a larger pool of customers. Affiliates may have email lists and different marketing ideas, so they can find leads you may not have even considered. You need to ensure you can still earn a profit after affiliate commissions are considered. Using Affiliate Marketing even moderate income could be beneficial as you gain a list of paying customers.
Starting with a limited budget does not mean you have to continue this way. As you start to earn regular income, investing in alternative strategies becomes a possibility. Paid advertising might be out of reach initially, but it can become part of a long-term plan when you are not operating with limited funds. Trying to build an online business without a decent budget will certainly not be easy. However, if you are committed to some of these affordable strategies, over time you should witness your business grow and your marketing strategies expand and your ability to succeed at online marketing.