6 Ways Startups Can Promote Themselves on a Shoestring Budget
In a recent study, 14 percent of failed startups cited poor marketing as a contributing factor in their failure. What often seems like the “fun” part of business ownership can become problematic for startup owners who don’t take it seriously. If you’ve got a great idea and a solid business plan, you’ll also need an effective strategy for promotion planned well before you launch. As a startup, you probably don’t have a multi-million dollar budget for marketing. Fortunately, you don’t need heavy pockets to jump start a promotional campaign.
Here are six cost effective avenues you can take to promote your startup on a shoestring budget.
Strategic Instagram and Facebook Ads
Social media marketing is no longer an organic tactic. If you want to do well as a business in the social space, you have to pay to play. The good news is, you can do well with a relatively low budget on Facebook and Instagram.
The first step in making sure you get the most bang for your buck with social media advertising is to carefully select your audience. The more focused your audience targeting, the cheaper and more effective your ads will be. Once you’ve taken the proper steps to identify your audience, you’ll want to watch your ads carefully as they run. Check for changes, watch your cost per click, and adjust your targeting as needed.
If you’ve got your pre-launch website up and running, retargeting is an essential advertising tactic. This strategy yields a high ROI because it delivers ads to users who have already expressed interest in your product or service. This is why it is a great tactic for business owners with a low marketing budget.
Google’s ad platform provides retargeting options, but there are other retargeting ad distribution platforms outside of Google like Adroll. You can choose to show past users ads in the search engines or even distribute a display ad. The display ad option is highly effective as it shows the user your branding and/or a specific product they previously viewed.
Another effective way to recapture the interest of users who’ve visited your website is to use email marketing. If you’re still in the pre-launch phase, add an email signup list to your homepage. This will allow you to email consumers who are interested in your product when you have updates. If you’ve already launched your product, use your growing email list to promote upcoming sales, product innovations, and company news.
Once you’ve built up a contact list, develop a strategy for your email marketing. When you’ve figured out what you want to say and when an email marketing platform like ConstantContact or MailChimp will walk you through the process of designing and distributing your emails.
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