Since the last decade, the marketing industry has been transforming. We have been witnessing a chance and transformation since the digitization was introduced. The term ‘marketing’ has become an integral part of business, whether a startup or a pre-established company in any industry. And without marketing, you will not be able to acquire new customers.
Still, even though marketing your business is paramount, you should be careful that you are not spending too much money on that. If you are devoting a large amount of money to marketing projects that are not earning you substantial sales, you will be doing your business a disservice in the long-term.
For many business owners, that would be difficult to find a balance between investing in marketing efforts. However, it’s possible to cut down your marketing budget without sacrificing the quality of your marketing initiatives.
Well, we are here to provide you with a clear strategy so that you can determine which marketing costs you should cut from your budget.
Evaluate Your Revenue
Firstly, before making any decision on how much money needs to be spent on digital marketing, you need to figure out how much your revenue and project income would be. This will help you create a good budget and approximate marketing numbers with which you can work with.
As per the report, companies spend about 11% of their revenue on marketing. It definitely varies by industry as well. So, you being a startup, you want to up those numbers a bit - at least in the beginning.
Prefer Content Marketing
Content marketing is a great technique to promote your product or service without having a significant investment. The easiest way is to manage an on-site blog, adding new content frequently that informs your readers in some unique and practical way.
Don’t Entertain Unwanted Leads
For startups, it becomes mandatory to take a follow up from leads that have not been converted into loyal customers. However, startups should not waste their energy and time on these unwanted leads. That would be much better if you focus on the right target audience. By contacting those leads who do not respond is a total waste of precious time.
DIY To Save Money
There are many things involved in digital marketing that can be done without hiring any digital marketing company. You can do social media marketing, SEO and blogging. This will not just save costs but promote SEO skills as well.
Use Social Media’s Free Features
You can surely decrease the budget of digital marketing if you choose to use the free features of social media platforms. You can share updates about your business on platforms like Facebook, LinkedIn, Twitter and Instagram without opting for paid advertising on these websites. Using relevant hashtags, you can increase your reach without investing anything.
Email Marketing
Email marketing is also one of the most cost-efficient marketing strategies, having a great ROI of 400 percent or more. As long as you have a great number of emailers, you should bombard the email.
Email marketing is such a technique that you can start before the launch of your actual product or company.
Conclusion
You can promote your startup with a lot of strategies and channels. But before doing anything, you really need to understand your audience, their behavior, and the nature of your business.
And as you can see, digital marketing does come with a cost. It can be done with the minimum capital requirement but more effective results, you will need to sink some cash into it. See what works well with your budget and go from there. You can also hire a digital marketing company for your startup marketing.
What are the other digital marketing strategies you know of? Let us know in the comments.
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