6 Strategies To Boost Your Small Business On A Tight Budget

It’s a simple truth that every entrepreneur has to face sooner or later: to grow your own business. The thing is, marketing your brand can involve a large amount of money – and this isn’t easy to do when you’re a small business that comes with an even small budget.

So, what can you do to improve the marketing results when your own financial resources are limited? Don’t think that it’s impossible as we’re bringing you some strategies that will help you achieve an excellent result without breaking your own piggy bank.

Strategy 1: Join Networking Groups

Make valuable contacts and spread the word about your company to the potential group of audience is one of the key elements to grow your business. Hence, joining some networking groups can be a stepping stone for you to meet new people, forge valuable partnership or even get them become your customers.

For example, MECA (Malaysia E-commerce Aspirations) is a home to many of eCommerce players and now that owned more than 5,6000 active Facebook users in their community.

Source: MECA

Strategy 2: Build Your Email List 

Regardless of whether you’re running an online store or a physical shop, a quality email list can play a big role in driving sales and retaining current customers. We couldn’t agree more that it is one of the best marketing methods available for small businesses with strict budget considerations. The best part is, managing an email list is easier than most people imagine and it could be FREE.

For example, MailChimp – a long-time leader in the email marketing space. Many small businesses will pick up Mailchimp because it provides professional email marketing services for free – up to 12,000 emails per month to 2000 subscribes.

Source: MailChimp

Strategy 3: Get Social Proof To Speak For Your Brand

Nothing speaks to a customer more than a testimonial or review itself. As a form of social proof, it impacts consumers’ decision-making process, and shape overall perceptions toward your brand. When there is a positive testimonial or review, it can churn out more potential customers likely to pay for your products or service. Let’s make your satisfied customers highest-ranked source for the trustworthiness of your business today!

For example, EasyParcel has asked their satisfied customers for testimonials and then use those on their official website accompany with the person’s photo.

Source: EasyParcel

Strategy 4: Use Social Media As Your Advantage

In today’s market, harnessing the power of social media is a must if you want to grow your business. In compare to other marketing channels, the unique benefit of social media is that it allows sellers to communicate directly to customers, so you can build relationships over time, rather than asking for a sale right upfront. If you’ve built a relationship with your customers, and they consider you a trusted partner, then they are likely willing to share your business to their friends and family.

For example, Exabytes will be having eCommerce related quiz every Tuesday on their Facebook so they can engage with their followers from time to time to build a strong customer relationship.

Source: Exabytes Facebook

Strategy 5: Create A Referral Campaign

The word of mouth can be a powerful tool of persuasion in growing your customer base. Your current customers can be your greatest advocates, but sometimes, they need a little extra motivation. Creating a referral program is a great way to get your customers to be the promoter of your business. Best of all, you can ensure that you only provide reward or incentive when a new customer is brought on-board. Make use of this way to keep your marketing budget from going to waste.

For example, Althea is giving away a discount of RM20 on future purchases when you successfully refer a friend to sign up an account.  Do it now as you’ll be surprised what your customers will do with a little extra reward.

Source: Althea

Strategy 6: Spread The Word To Your Current Customers

Your existing customers are your most prized assets right now as they are the best resources for increasing sales without spending more. To be honest, it’s way easier to upsell or cross-sell to a customer who is already familiar with your brand, in compare to a window shopper. The key to successful cross-sell and upsell is offering products or services that’s appropriate for what the customer needs at that time.

For example, you can put those products and services that customers are using and what they still need to achieve their goals into their sight easily via Air Waybill Branding from as low as RM0.10 nett. With this, you can insert either promotional text or banner on your AWB that will deliver to the doorstep of your existing customers along with their parcels.

Source: EasyParcel

No matter how small your budget, there are always some ways to help you better connect with your audience, reach new potential customers, and increase awareness of your brand. If the possibilities seem overwhelming, start small. Remember, you don’t need to do it all. Pick the type of marketing strategy that works the best for your business will do!