Moving Past Break-even to Cost-Effective Marketing Strategies
For many startups and small businesses, getting past the stasis of breaking even is a delicate balancing act. Here are four cost-effective tactics to explore as you build awareness for your products and services:
1. Test affordable and targeted advertising solutions.
For some growing brands, buying space on an out-of-home billboard in a heavily trafficked area is well and good, but it can be very expensive and even harder to tie to accountable metrics. Instead seek out media channels that provide a more accountable and metrics-driven platform such as online marketing and cost-per-acquisition (CPA) models — where you only pay when a lead takes a qualified action.
2. Explore the power of promotional print.
Scaled-down print ads, such as flyers and brochures, can still be very effective if leveraged correctly. They’re reasonably-priced, and depending on your industry and use — they can increase awareness of local events and promotions. Here are two examples:
Flyers. People expect flyers to give them an instant idea of what a company is communicating. Keep your messages concise.
Brochures. If your company’s product requires a longer sales cycle, brochures may be helpful assets to share deeper product and service information. Brevity is also essential and design is paramount. Once you grab someone’s attention – your goal is to keep it.
3. Company branded merchandise.
Maximize awareness in-store, at events and in your local community using company branded merchandise. Print your logo on promotional items that can be gifted to employees, potential clients and used as a component of a giveaway campaign.
4. Take full advantage of social media.
Quite possibly, the most powerful online marketing tool available to the masses is social media. Social networks including Facebook, Twitter, YouTube and more have the potential to connect your company to millions of people – instantly. Moreover, as you grow your social media following, customers and fans become unofficial brand ambassadors — an extension of your marketing team.
5. Build trust through relevant conversations.
Develop a unique voice across various online media channels (i.e. trade magazines, industry blogs, social media networks, company blogs, etc.). Connecting regularly with consumers builds trust, which in turn can spur increased brand loyalty. When others recognize your brand voice and share your content, reward these gestures of gratitude.
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Photo Credit: 7 For All Mankind
Carrina Candice is a business writer and consultant for Ink Technologies, a leading provider of ink, toner and printer cartridges online. She is also an avid reader of startup and general business content across the web.
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