Small businesses, especially new ones, are more likely to have a limited marketing budget. Fortunately, there are many high return on investment (ROI) marketing strategies when you have a limited budget.

Social Media Communities

Social media is more than a form of advertising, it is also a way to build a community around your brand. Some examples of building a community is a weight loss group for the health/fitness niche or a place for people to post their artwork if your business sells art and craft supplies. The more you can foster a community around your brand, the more you can expect that community members will not only purchase from your business but also share your business with other people. Since social media groups are typically free, there is no initial monetary investment, but there can be a significant time commitment to create an active and engaging community.

Influencer Marketing

Influencer marketing can have a high ROI, assuming you approach the right influencers. Small businesses often make several mistakes when contacting influencers, which can lead to wasted time. Most importantly is to avoid contacting influencers who are not related to the product you are trying to showcase or your brand. Some influencers will not want to partner with your business if the product does not make sense for their audience, and even if they do, promoting an irrelevant product makes the audience lose trust in the influencer.

Another mistake is only trying to create a partnership with high-profile influencers. Overlooking smaller influencers who have high engagement is a serious mistake that can result in a missed opportunity. Smaller influencers are more likely to agree to a partnership, and the money or product you invest in influencer marketing is more likely to result in sales, if the influencer has high engagement.

Giveaways/Contests

Some smaller businesses frequently host giveaways that involve following the brand on different social media platforms and/or sharing a post with friends. This is an easier way to boost your following on multiple platforms and simultaneously put your brand in front of new people. Businesses that host contests might require entrants to create something using only supplies purchased from their brand. For example, a fabric store might award a gift card to the best clothing item made with only their fabric. This encourages more sales in order for people to enter the contest.

Small businesses should focus on marketing strategies that require minimal monetary investment but are sound strategies to boost their brand. Fortunately, there are many ways to market your business without breaking the bank.

For more information, contact an ROI advisor near you.