Low-cost marketing strategies
Getting and Keeping Customers
Effective marketing doesn’t need to cost a lot of money. Marketing results can be more about what you do rather than how much you spend.
A little creativity, legwork and teamwork might be all you need to generate some marketing magic. Just explore these three low-cost marketing strategies for your business.
Reaching out to your target market costs money. Some small businesses spend a fortune on direct mail, print advertising, event sponsorships and other marketing activities intended to put their brand in front of prospects.
Piggyback marketing can accomplish the same results with a dramatically reduced investment.
It’s a low cost marketing strategy where two or more non-competing businesses represent each other’s offering in their respective markets. Piggyback marketing works best when each company’s products or services are complementary and appeal to the same customers.
• For example, Scotiabank introduces offers available from its partners (such as Intuit Canada and Chase Paymentech) to its business customers. In turn, those partners inform their business customers about Scotiabank.
Identify products and services being purchased by your customers and approach the sellers. By teaming up, you could significantly leverage your marketing reach.
It’s no surprise that any form of networking (online or face-to-face) remains one of the most affordable and powerful marketing tools available to business owners.
Online networking platforms such as Twitter, Facebook, LinkedIn and Google+ are free to use. Adding and maintaining connections is relatively easy and often requires just one click. Powered by some of the biggest online companies in the world, you can be assured the feature-rich services available within these platforms will just keep getting better and better.
Mix online networking with face-to-face networking and you’ve got an affordable strategy to funnel new relationships to your business. Which networking events should you attend? Ask your best customers which organizations they belong to...and plan to be there.
• Is there a secret to marketing success? Absolutely! Develop a smooth and benefits-rich introduction, hang out where the people you want to meet hang out, and – most importantly – follow up with the connections you acquire.
Our digital age offers countless business-to-business and business-to-consumer marketing options that are both effective and affordable.
Explore popular marketing tools such as social networking, online advertising, micro-blogging or podcasting. Your investment in any one of these marketing activities may be more about time and labour rather than money, so take the time to learn how to get the most out of any choice.
• The Government of Canada offers this helpful description of online marketing tools for businesses.
To help guide your marketing strategy and choose the best tactics for your growing business, check out the free Scotiabank Sales & Marketing Tool.
Are you using any low-cost marketing tools? What advice can you share with other business owners looking to build sales?
By Roger Pierce