Many marketers have found themselves in a situation where they are spending a lot of money in advertising and marketing but end up wasting their money. According to Forbes, almost 50% of advertising is wasted. That is a lot of money, considering the fact that companies spend billions of dollars to gain customers. So how do you ensure that your marketing efforts are strategic, practical, and low-cost? Here are some tips you need to consider.
Know your market
It is imperative to have a clear understanding of your market if you are to succeed in online marketing. Before you even start spending on marketing, you need to figure out your market. That invariably entails knowing your product very well. Once you know your product and how it can help solve your clients’ needs, it will be easier to identify your target market. Once you can identify your target audience, it easy to design a winning marketing strategy without even having to hire an expensive marketing agency.
Your advertising decisions should be based on research
No one goes into the battlefield without designing a winning plan. The case is no different when it comes to marketing and advertising. It is essential to come up with a well-researched and well-thought-out marketing plan.
The plan you come up with will help you to determine the best and most effective marketing channels to reach your audiences.
Things like demographics, bounce rate, conversion rate, acquisition, and audience should be familiar to you. It is important to know how each marketing channel will contribute to your overall growth if you want to make a difference and reap big from your efforts.
Networking
Did you know that networking is one of the most effective marketing tools you can use without the need to break the bank? Join a local business community and be an active participant. If they like your brand, they will tell their friends, colleagues, and relatives without even your knowledge.
People are your greatest assets. Do not underrate what they can do for you.
Content marketing
One of the most effective forms of marketing is content marketing. It is not only cheap but a very effective way of building relationships among people who are genuinely interested in your products. Serious marketers and small business owners have a blog. When writing your blog (or using video and/or podcast) try to offer genuine information to your audience.
It shouldn’t always be about advertising your product because you don’t want to come across a salesman who is only interested in selling his/her products.
Leverage social networks
LinkedIn, Facebook, Twitter, and Instagram are all popular networks that you can take advantage of to market your products and services. They can be a great source of traffic if you share interesting stuff.
By creating and sharing great content, you will grow your audience. However, it would be best if you were patient as it can take years before you build a strong following.