Businesses are often misled into believing that effective marketing must be costly. This misinformation can lead to losing money fast when it is unnecessary.
No matter if you are B2C or B2B, you can market to your ideal client without paying for advertising, some of these are even more effective than paid advertisements. About 94% of search traffic is more likely to click on an organic result instead of a paid ad!
Read on to find out 7 ways to make your marketing as cost effective as possible.
1. Google my business (reviews)
Having reviews available to prospective customers is vital as 88% of consumers trust online recommendations as much as personal recommendations.
Reviews also are shown to improve where Google ranks your business. A recent Google Local Rankings Survey found that reviews accounted for 14.44% of how Goggle will rank a local business.
For reviews to be effective cost effective marketing, you must respond to your reviews and ensure your response is relevant. Responses to reviews show that you value your customers and it builds trust.
Blogs are viewed by 77% of internet users. Businesses that blog, receive twice as much email traffic than businesses that do not. So why wouldn’t you blog?
Blogging allows you to share information about your business and its services but it also allows you to share opinions and thoughts on relevant topics. It can allow you to add personality to your business and can make it seem more approachable and credible.
Blogging is a great form of cost effective marketing, want to know more? Click here to see our blog post on the importance of blogging.
3. Website SEO
Website SEO (search engine optimisation) is an effective way to attract customers to an online platform. With 74,000 individual search terms being typed into Google every second, it is vital to ensure your website is ranking high.
This is a great form of cost effective marketing as making content, optimising this content for voice searches and mobile-friendliness, and creating videos does not require a large expenditure and is ideal for getting your website recognised.
If you would like to know our top 5 SEO trends in 2023, click here!
4. Referral Marketing
Referral marketing is a method of product/service promotion using customer-customer referrals. This can occur organically with or without your involvement and is the new-age word-of-mouth. Referral marketing is a very cost effective marketing strategy as a large portion of it can be done with no/little cost.
Referral marketing can be done by asking other businesses or professionals to recommend you, use incentives for your customers who refer other people to you and offering monetary deals to businesses who send you referral business.
If you want to learn more about referral marketing, click here to read our blog.
5. Email Marketing
No platform can rival the potential reach of email! It is still very effective as 4.03 billion people around the world use email in 2021.
Using emails to send newsletters, deals/offers, and other email campaigns will not hurt your bottom line and can bring in new business whilst encourage previous customers to return. This can be especially useful if your product/service is something that people will continue to need rather than a one-off.
Not convinced that email marketing is right for you? Check out our blog post on why email marketing is still important here.
6. Video Marketing
Video marketing is a useful way to keep your marketing costs down whilst appealing to your audience.
Did you know that 90% of people say that product videos help with making a decision? Or that 92% of mobile video consumers will share videos with others?
To get started with video marketing, consider using Instagram stories and YouTube videos. If you are promoting a product, consider product videos to how its use. Webinars and educational videos are excellent for informing your customers and showing your expertise.
7. Influencer Marketing
Using influencers in your marketing is a tactic that is here to stay. B2B influencers can be analysts, consultants, and industry bloggers and are great to support your business.
94% find that influencer marketing is effective for boosting sales. This has increased by 18% since 2019. This shows that influencer marketing is only growing in effectiveness. Adopting this can improve your sales and reputation whilst still being cost effective marketing due to the revenue it can produce.
Now you know methods to make your marketing as cost effective as possible, and why it is necessary, you should be able to implement these techniques in your marketing strategy.
If all of the above SOUNDS fabulous but you simply don’t have the time, patience or resources to roll them out consistently within your business, book a discovery call with CREATIVE in TiME. It’s kind of our thing, we are a marketing agency after all!