5 Marketing Strategies You Can Execute For $500 Or Less
It doesn't always take a big budget to make a big impact on your business. In fact, many entrepreneurs agree you can move the needle in your business for $500 or less! We asked successful small business owners how to make the biggest splash possible with $500. Here's what we found out.
1. Re-engage with existing clients
Existing clients, even if they've gone dormant, provide an easy market to target. “Re-engage customers or clients who stopped doing business with you by making them a compelling offer to come back," says Charles Gauntlet, Founder and CEO of Predictable Profits. "Reach out by phone, email or direct mail. When we did this, we doubled our month-to-month sales from the previous month."
2. Re-target social users
For low-cost mass marketing, Insite Advice Founder Alex Wolk loves social re-targeting capabilities. “Facebook and Instagram retargeting ads are by far the cheapest way to get your message to a large audience," he says. “Even if it doesn't convert, you're still getting good visibility in front of a very targeted group of consumers."
Re-targeting essentially brings users who have previously engaged with you back to your site. Marketing consultant Jean Ginzburg says she regularly sees entrepreneurs convert leads into customers for $1/customer. “You can set up audiences within Facebook to re-target website visitors, users on your email list or users who have engaged with your video on Facebook," she says.
3. Leverage B2B content marketing
Sometimes all it takes is an informative, well-written story to convert new clients. Jennifer Benz, founder and CEO of Benz Communications says, “Write, or hire somebody to write, great content for your site and promote it with LinkedIn. If you want to go a step further, interview 10 industry leaders for your blog and ask them to share their interview on their own social sites."
4. Go guerilla
Marketing on a budget forces you to think outside the box, and that can actually be an advantage. “I'm a big fan of guerrilla marketing," says Strategy Consultant Devesh Dwivedi, "because your creativity is the only limit." He suggests creating promotional items like stickers, free balloons at local events or a community breakfast/class to bring potential customers together. “Be sure to keep everything cheerful," he says. “There's a lot you can execute very inexpensively."
5. Attend a local trade show
Not all trade shows are big-ticket events. In fact, some local events charge little or nothing for first-time exhibitors who add value to the event. Adam Mendler, CEO of The Veloz Group, says, “At trade shows, we get the chance to put our products and our concept — fully customized premium private label cigars — on display and the opportunity to connect with numerous prospective and impactful customers."
Each of these low-cost ideas can provide high-yield results for your small business. Another option? Look into refreshing your marketing materials. Outsourcing design and printing updated business cards and other collateral, like postcards, retail signs or posters are well within this budget. No matter what option you choose, the key is to think BIG...even when you're spending small.