Not Enough Capital For Your Startup? Here Are 4 Affordable Marketing Strategies
- January 23rd, 2018
7 min read
A wonderful product loaded with exciting features won’t make your startup successful. HOW’S THAT POSSIBLE? It is very much possible because another thing you need to grow & expand your startup is a stellar marketing strategy. However, not every business owner can afford spending a huge sum to get started with a new business.
All blank what to do now? Well, you can always rely on the below given cost-effective marketing strategies for early success.
It is popular as the most cost-effective strategy that actually works. No matter what size a business has got, it must adopt affiliate marketing.
How It Works?
A smart way to start is encouraging people to promote or recommend your products to others. When someone purchases the products because of referrals, pay the commission.
Networks like ImpactRadius or ShareASale help to set up an affiliate program. Once this has been done, it is possible to promote the affiliate program by featuring it on the site and inviting customers to join. Moreover, the right reward structure (that can engage members of the network) can also be chosen.
When interacting with influencers, email outreach also serves as a powerful tool:
– Make a list of all the influencers and experts belonging to your industry
– Send an outreach mail and request them to try your product for free
– Refer a user and tell the monetary rewards that could be earned
As per the studies done by a Content Marketing Institute, almost 90% of the brands depend on content marketing to take their business further. It ain’t a crime to say that this is probably the right marketing strategy for startups as well for small businesses, as it works in the reach of limited resources.
Though content marketing is popular, it doesn’t guarantee success for everyone. WHY? Due to lack of documented content strategy, something that’s important to make the efforts effective. Crucial challenges while attempting to deploy content-marketing tactics are possible if a documented strategy is absent.
You will be glad to know that content-marketing can be streamlined with an editorial calendar. Try to figure out the blockages and measure the content planning. You can also evaluate your strategy’s progress to know how good the content is doing in terms of attracting the audience.
Do It Yourself- PR
Each month, the competition of getting market’s attention increases because each month more than 540,000 new businesses are launched. In order to generate beneficial and steady public-relations mentions, establish quality relationships with the bloggers and the journalists.
Here, you ought to keep one thing in mind that while making a pitch, you can’t always expect getting a response. However, what you can do is increase the possibilities of getting coverage by differentiating your pitch. This will make the angle of each exclusive not only to the journalist but also to their publication.
Put your best foot forward to know which writers or videographers are related to your industry. This should be followed by tailoring your teaser, press-release or through phone so as to fit the respective beats. There are free tools like Help a Reporter Out can that can help to get email addresses of journalists who are looking for interviews in your space.
Go After Piggyback
The real challenge with starting a bootstrapped startup is planning a marketing strategy that needs either negligible or no funding. A, established platform that’s good to take the product to the potential customers is, ‘Piggybacking.’
Talking about an apt example related to ad hoc integration for user acquisition is Airbnb’s integration with Craigslist.
Craigslist does not allow any integration with third-party services that cross-post listings to the site. For creating backlink and pulling users, the team of Airbnb reverse-engineered how Craigslist’s forms worked. They then made Airbnb’s own site that’s compatible with that particular workflow. With just a few clicks, users can cross-post a listing to Craigslist. Also, they can place a backlink that points to their own site.
Overall, it’s all about finding the right platform where you can leverage to expand your startup and coming up with a strategy that has the potential to attract the customers.