Business Marketing Strategy – Between paying employees and other ongoing expenses, small businesses often have very limited budgets for marketing. If you’re in a similar situation and your budget has run out of room for marketing activities, don’t despair: all is not lost! It’s just the nature of starting a business from scratch, especially when it comes to small businesses.
At the same time, every marketing activity requires some investment, whether it is content marketing, pay-per-click advertising or social media. Don’t believe the many “free digital marketing” articles that promote video content or organic SEO as cheap activities. If you haven’t experienced it yet, rest assured, content creation takes both time and effort (read:
Business Marketing Strategy
However, a tight budget doesn’t mean you can’t market your small business. There are several inexpensive marketing strategies that can help your company improve its performance.
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In this article, we will look at two bulletproof strategies, affiliate marketing and social marketing. These methods get you traffic for free and at the same time help you increase your website conversions. What could be better?
A great way to increase your marketing effectiveness is to work with other small (or even large) businesses or entrepreneurs on a short or long-term basis. This is called affiliate marketing or affiliate marketing. In short, it is the promotion of your product or service through partners (affiliates) who receive a certain percentage from you as a reward. (Read more about affiliate strategies)
Of course, revenue share can vary from industry to industry. For example, in the SaaS world it is about 20 percent, and in the e-commerce industry it is significantly lower.
Where can you get inspiration and understand the true power of marketing collaboration? Look at e-commerce retail giant Amazon. Amazon is probably the biggest player in the market when it comes to affiliate marketing.
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Why do highly successful companies like Amazon use this type of marketing collaboration? Mainly because they only pay after conversion without any upfront investment, making it a low risk activity. Translated to a small business, affiliate marketing is one of the most positive ways to market online. In addition, there are some other bold benefits that your small business can enjoy using affiliate marketing:
Almost every affiliate marketing campaign offers real-time tracking. This will let you know exactly how many times your affiliate link was clicked and how many leads you got from your affiliate site. Everything is tracked, and you can clearly understand the effectiveness of your marketing cooperation campaign.
If you have a product launch or special sale, share this information with your marketing partners so they can spread the word to their audience.
With affiliate marketing programs, you only pay your affiliates when a conversion or sale occurs. You pay for what you get.
Steps Toward An Effective Marketing Strategy
Interesting sound? Now let’s learn the process of pursuing and marketing cooperation. In short, affiliate marketing is choosing to partner with other businesses that can help sell your products and drive traffic to your website. The process looks something like this:
Once you’ve defined your small business needs and goals, now you need to find the influencers that work in your market. Sometimes other small businesses will find you, but the surest way is to take the leap and identify potential business partners yourself.
Search for companies related to your industry (but not direct competitors). In other words, look for companies that sell an additional product or service. By doing this, you can meet a whole new audience related to your niche for free! It goes without saying that a great partner is someone who has a good reputation in your business niche.
Marketing collaboration can take many forms. Sharing each other’s social media, co-hosting an event, putting each other’s banners on your website, and more.
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Co-marketing accounts for 16 percent of all online orders. If you’re not using these cheap and effective ways to increase your small business income, you’re leaving money on the table. Enlist the help of some trusted marketing partners and get ready to close more deals with a high return on investment.
It is not enough to attract users to your website. If they leave, you won’t get much in return. You need to take it to the next step and convert them into leads or even customers.
Why should your website visitors believe that your small (or maybe unknown) business can solve their pains and challenges? Potential customers need confidence that you are providing real value. A great way to do this is to use social proof as a marketing strategy using multiple methods: reviews, testimonials, star ratings, opt-ins, referral discounts, and other methods that allow website visitors to connect with existing customers.
Social proof works with our natural human emotions and tendencies. When booking a hotel room online, the sign “125 people are viewing it now” urges us to book quickly and not miss out. When a product has a negative review, we naturally hesitate to buy it.
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Several case studies have shown that personalized messages are 10-15% more effective than impersonal messages. Robert Cialdini, professor of psychology and marketing, confirms this statement. As Cialdini says, when people don’t know what to do, they will seek advice and listen to those who are like them.
Other researchers have identified the so-called loss aversion effect. According to this theory, people value the avoidance of loss more than the equivalent gain. For example, you can add a little loss aversion to your marketing strategy by offering a limited trial period. This way, you let potential customers feel the loss of not having your product after the trial period ends.
Also, marketing hates losses when you create sales copy that emphasizes what your customers will lose if they don’t buy or renew.
Social proof is based on marketing and deficit reporting. For example, have you ever seen an email a statement on a shopping site such as “Only five items left at this price!”? Scarcity is a psychological principle that states that the rarer a product is, the more valuable it is. Marketing of scarcity can be abbreviated as FOMO (fear of missing out).
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Black Friday sales with deep discounts and attractive offers are a perfect example of scarcity. Because there’s nothing more frustrating than missing out on a great opportunity. For inspiration, check out the online clothing stores that are well known for tapping into this sense of urgency in their campaigns.
How can you apply these principles to your marketing strategy? The best way to motivate your prospects to take action is to see that other people in similar situations have done it and achieved successful results.
In other words, draw similarities between potential customers and existing customers with the help of social proof. According to the concept of social proof, consumers will accept the actions of a group of people they like or trust. After all, if people you know and trust are happy with a product, why shouldn’t you be?
There is a wide selection of social proofing software tools that you can use to improve your website. And you don’t have to be a tech guru to make it work.
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Two proven small business marketing strategies, affiliate marketing and social proof, are designed to get you more for less: the most traffic and customers at the lowest cost.
Social proof marketing helps existing customers by providing testimonials, reviews, ratings and more so that potential customers know and trust your brand and generate more leads and conversions. The best way to automate this activity is to adopt a comprehensive social proof platform.
But by combining the cheap marketing ideas above with your business, you’ll get closer to the ideal growth hacking strategy. An effective marketing strategy is based on business growth and often its very existence From meeting the needs of your target audience and building brand loyalty to pricing your products and services right, the right strategy increases your chances of breaking into the business world.
A marketing strategy is a company’s long-term plan of action to promote its products and services, gain a competitive advantage, and achieve business goals.
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However, don’t confuse marketing strategy with marketing planning. The main goal of a marketing plan is to attract new customers and convert them into loyal customers. Because your marketing plan must be firmly based on your company’s value proposition, it helps you promote your products or services to your customers in a more compelling way.
While both marketing strategy and marketing plan play an important role in the success of your business, there are some important differences to keep in mind.
The main difference between the two concepts is that marketing strategy is a long-term concept while marketing plan mostly deals with short-term issues.
Marketing strategies are made by the company
Marketing Strategies To Spearhead Business Growth [infographic]
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