Marketing without costs is the dream of every entrepreneur, however, not all companies apply it in their work: it requires thinking outside the box, creativity and the ability to see opportunities where others do not see them. In this article, I provide examples of low-budget marketing from world famous companies that have appreciated this strategy.
If we imagine any business as a building, then its foundation will be a combination of material resources, personnel and clientele, which is becoming more and more demanding from time to time. Without attracting new clients and high-quality work with them, sooner or later even the most successful business will go downhill, since the profit will be minimal. Marketers are developing ever new strategies that allow large companies to make small investments in advertising and promotion of their products.
However, the cost of these strategies themselves translates into an astronomical figure that is unaffordable for firms just starting their own business. Because of this, people start looking for ways to attract customers that are based on a minimum budget. Brand awareness can be considered a bonus to a low-budget marketing strategy, which, in turn, is also an enticing factor.
The current market situation is such that competition in different areas of production, services and sales is increasing every day. This occurs for several reasons:
1. Manufacturers / shops / service providers add their little flavor to the product, thinking that the buyer will need it.
2. New strategies for purchasing goods at a lower purchase cost are emerging.
3. Demand creates supply.
However, all 3 reasons (in fact, there are more of them) do not take into account the fact that a client, having used a service once or buying a product, simply will no longer need it: after all, there are a great many companies focused on the “one-time client”. And, as a consequence, there is a problem with a shortage of buyers. Being at the initial point of development, entrepreneurs think about the question: how to develop their business and give it an impetus to the world of constant profit? The answer is simple: attracting new customers.
Advertising is the main factor in attracting new customers. But, unfortunately, few firms provide for this expense item, and if it does exist, then the budget is negligible. Advertising money most often goes into the columns of raw materials costs, staffing, costs, etc. Novice businessmen do not think about the fact that in the age of information technology, in addition to the well-known word of mouth, a solid company needs a well-promoted website, advertising on television, affiliate programs, advertising on the radio and on the Internet. All this costs a lot of money, as it needs constancy and ubiquity.
In a crisis, the issue of clientele is especially important, since people are reluctant to spend money on anything, in particular on goods and services that are quite expensive. But how to attract the attention of the buyer if the budget is minimal and not foreseen in advance?
There is a way out: low-budget marketing.
Low-budget marketing is a marketing strategy aimed at increasing the flow of potential buyers by attracting minimal funds.
Why are businessmen turning to low-budget marketing?
There are many reasons, but the three main ones are:
1. The item of advertising expenses has exhausted itself or has not been declared at all;
2. Force majeure situation that forces you to take emergency measures (this is especially associated with a loss or falling profit);
3. Want to get more by investing less.
The third point is the desire of every businessman. Large companies believe that by investing a large sum in advertising once and having received a universal formula for attracting customers, they will always be recognizable and in demand by the buyer in the market.
Now it is not necessary to invest a lot of money in buying strategies, since almost all of them have been studied and presented as examples in business literature, trainings and expert workshops.
Who benefits from low-budget marketing?
This is the most common question most business people ask. There are three types of businesses: small, medium and large.
Undoubtedly, for small businesses, this type of marketing is a great opportunity to make yourself known with a minimum investment. Advertising costs are significantly reduced several times, and efficiency is increasing.
For medium-sized businesses, low-budget marketing is the main strategy for the development and popularization of a product or service. The cost of this type of advertising is proportional to the significant growth in clientele and recognition.
For a large business, such a marketing strategy will be an assistant that will help to attract attention. It will also be a great move in relation to those clients who cannot be convinced by regular advertising.
Who uses low-budget marketing?
This strategy has attracted the attention of absolutely all companies of our time. Still, who is not interested in getting more and paying less? Next, we'll take a look at popular companies and give examples of the strategies they use.
1. Barter. This strategy consists in the cooperation of two especially large companies, which is based on the interchange and addition of each other's line of goods and services. This development strategy is used by many domestic companies, one of them is Rosinter.
2. Door advertisement. The essence of this technique is simple - the company makes printed materials and hangs them on doorknobs in the region where the company / firm / business is located. This type of low-budget marketing is most in demand in the small business niche, such as a cafe that delivers food to your home. Now this type of strategy is used by the famous ILPatio restaurant chain.
3. Free SMS distribution. This is a type of communication between a seller and a potential client, which is carried out by chain and non-chain clothing stores. Examples include well-known retailers such as Letoile, O'STIN clothing stores, etc.
4. Application to outdoor objects. Here, the costs are limited only by paint and stencil. In the conditions of one or several cities, such advertising will be very effective. As for the popular user of such a marketing strategy, here is the example of Nike, which leaves its well-known logo and the word Run on benches in all parks in the world. In addition to brand awareness, you can also see motivation here, which encourages people to take action. In Russia, on the pedestrian zebra crossing, you can see an advertisement for the Mr. Propper cleaning agent.
5. Stickers. This strategy is popular with both large and small businesses. Entering a store, especially a huge shopping center, we see signs on the floor, where the name of the store is most often present. Auchan stores use this strategy to attract customers.
6. Business cards. This marketing ploy, as many might think, refers to printed products, but no. Modern designers have come up with business cards that are made from different materials, such as PVC. On such a business card, a phone number, a website, how to go and opening hours can be written, but it can be executed in accordance with the specification of the place. For example, the FLOW company makes a kind of advertising due to the flexible material, similar to a yoga mat.
Low-budget advertising contributes not only to increasing customers, but also to brand awareness, as well as encouraging action, which significantly affects the incoming customer flow and increasing profits. The main thing in low-budget advertising is to interest the buyer and stimulate them to action.
In my business consulting practice, it was low-budget advertising that had the highest conversion. You can achieve the same results!
