Marketing a business takes the no.2 spot for the most challenging task after financing start-up capital for any business.
Given today’s unhealthy economic growth, businesses tighten and limit their budgets and it can be challenging to decide the consumption or distribution of the capital. Advertising can cost quite an exceptional amount of money if not done smartly, especially for SMEs.
Presented with this knowledge, what are the cost effective ways to market an SME? It can be easy!
Know your customers
Customers can be categorized into several segments, these include: geographic (regions, towns, cities), Demographic (gender,age,income), psychographic (social class, personality, lifestyle). Once developed, opt for a niche/s you want to enter and assess the feasibility of the segment using a criteria. Match the business’ resources with the needs of your potential customers and select a segment that will generate the greatest return on investment.
Skipping this important stage is like jumping into an ocean full of sharks; your business will operate at a negative return on investment! Once this has been established, you can target your selected niche with different offerings and advertising. This is cost effective in a way that marketing efforts are not scattered to customers who have no need or desire for your services or products.
Your market is on social media!
Facebook, Twitter , Instagram and the likes have given businesses a platform to showcase their products and/or services. Timing is crucial when using these platforms, posting an Ad when your target audience isn’t online is a wasted effort. Respond to comments (good or bad) and queries in the quickest time possible, that way your potential customers will know that you care about their needs. Post frequently, your page must be alive! Your business page must be on atleast 4 popular social media networks and an up-to-date website. *Tip: Your page mustn’t be difficult to navigate through.
Yes YouTube! I bet the first thing that came to mind is “it is very expensive”. It doesn’t have to be anymore! Early this year in April YouTube announced a 6 seconds unskippable Ad format. This development can be devastating and/or annoying for viewers. It’s a great innovation for businesses but it’s an even greater opportunity for smart businesses to exploit. Create mind blowing, quick, straight to the point 6-second ads; by the time the annoyed viewer clicks “skip ad” the marketing effort would have been satisfied, And this will cost absolutely nothing!
So if you have executed easy methods to market your business at less cos, feel free to share with us, drop your comments below: