Online marketing is one of the least expensive ways to put your product or service in front of the eyeballs of your potential customers. However, when you’re on a tight budget, you may find it difficult to develop an online marketing plan that works. This article takes a closer look at a few of the best online marketing strategies you can use even on a shoestring budget. Hopefully, you’ll find some ideas to implement into your own business plan.
Develop A Customer Matrix
One of the most effective online marketing strategies that don’t require a large budget is to focus on the market segment that has the highest potential. These are the 20% of your clients that account for 80% of your sales. By defining your core target audience with the highest accuracy possible, you’ll direct your money into those marketing activities and media channels that can bring you the highest ROI. When your budget doesn’t allow you to reach out to an extended market, focusing on clients with the highest potential is the way to go.
This strategy is easy to implement by creating a so-called customer matrix. Plot all categories of clients on a chart to see which ones are the most prone to buying your products. For instance, clients that do need your products and are ready to purchase them but can’t afford them are less important than clients who need and can afford whatever you may be selling. Similarly, those who have enough money but don’t have an urgent need for your offer have a lower potential than individuals who are wealthy and in dire need for your stuff.
Choose The Most Effective Online Marketing Channels
Once you have your customer matrix, use it to choose your main marketing channels. If your best clients are on Facebook, that’s where you should also be, rather than splitting your budget between multiple social networks. Spreading yourself too thin isn’t going to help, so make sure you focus on those things that can make the biggest difference for your sales.
Once you determine what channels to choose, use your time rather than your money to promote your product or service. On Facebook, for instance, you may want to post to as many groups as possible, in order to attract potential customers to check out your offers. When money is scarce, you have to invest time to make up for it. Of course, running a Facebook ads campaign would help. However, if you can’t afford a proper budget, your campaign won’t bring you the expected results.
This rule applies to all other digital channels. If you can’t run a Google Ads campaign, make sure, at least, that you do have your technical SEO right. You can learn how to perform basic on-page SEO without the help of an agency. Your outcome won’t probably be up to par with the results a good SEO professional would obtain, but it would, at least, be something.
Retargeting is one of the most powerful online marketing strategies. It allows you to bring back those website visitors that have left without taking any action. The most awesome thing about retargeting is that it requires much lower budgets than regular marketing campaigns.
Monitor, Rinse, And Repeat
This is something you should actually do regardless of your marketing budget. Nevertheless, when you barely have enough money to cover all needed activities, you should keep tabs on all results, monitor the performance of each and every activity, and adjust your strategy accordingly. Eliminate all activities that don’t perform as expected, and direct the money towards doing more of the things that do work. This means that you should track and measure everything you can. Fortunately, there is automated software to help you keep an eye on your campaigns. It may not be free, but this is a critical expense for the very future of your business.
Spending your marketing money at random isn’t the best way to proceed, particularly when you are on a tight budget. In such situations, every dollar matters, so you should think twice before spending any of these dollars. Determine who your best customers are, where they like to shop online, and what would determine them to become your paying customers.