Cheap Marketing, Huge Profit.
June 03, 2018
This post is meant for people whose business have little budget for marketing and you really want to maximize the little budget you have.
In this post I will teach you how to develop a strategy that can get you the most profit while you have to spend little on your marketing, I have been using this strategy for years to drive customers to many small businesses like yours. Most times this strategy has worked for small businesses still struggling to make sales.
The first thing you have to know is that you need a great product, you have little budget for marketing so you can't afford to start losing customers you strived and worked hard to acquire. Inferior and less quality product are bad for business, no customers will come back and buy a less quality product from you.
The trick is that marketing starts right from production. I have always been partially involved in my client’s production process and the way they render their service.
A bad product or a poorly rendered service will definitely have a bad effect on your marketing effort. I do give them advice on what the market really needs and I also give them feedbacks I get from customers which will help them better improve their products. So as you are looking forward to spending less on your marketing you have to have a good product.
The trick is that marketing starts right from production. I have always been partially involved in my client’s production process and the way they render their service.
A bad product or a poorly rendered service will definitely have a bad effect on your marketing effort. I do give them advice on what the market really needs and I also give them feedbacks I get from customers which will help them better improve their products. So as you are looking forward to spending less on your marketing you have to have a good product.
Secondly, you have to target the right customers, here you really have to be careful, you have little money and you can't afford to waste it marketing to the wrong people.
Yeah, everybody won't buy from you, not everyone needs what you do or what you sell, this is where it gets a little tricky. When marketing you really need to have a specific target audience that is ready to buy from you. For example, Toy and board game companies such as Hasbro or Mattel have their own specific target market. Interestingly, as a toy company, they have to maintain a balance between marketing to parents and marketing to children. Their products have to be advertised in a specific way so that children are interested in the toys, but also so that parents are willing to buy them.
Yeah, everybody won't buy from you, not everyone needs what you do or what you sell, this is where it gets a little tricky. When marketing you really need to have a specific target audience that is ready to buy from you. For example, Toy and board game companies such as Hasbro or Mattel have their own specific target market. Interestingly, as a toy company, they have to maintain a balance between marketing to parents and marketing to children. Their products have to be advertised in a specific way so that children are interested in the toys, but also so that parents are willing to buy them.
The target market, in terms of adults, includes people of a certain advanced age, since younger people are less likely to have children. Families with children tend to live in suburban areas rather than in large cities or metropolitan centers, so the target market probably also includes those people who live in suburban parts of the country or the world.
Okay, great you already know your right customers, now you have to effectively communicate the value of your products to them. Customers don't care about what you sell, they only care about what they will derive from buying it. There is always a great way you can communicate the value of your products and services to your customers, doing it the wrong way will cost you more, and remember our aim is to spend less on marketing.
So the question in your mind right now how can you effectively communicate the value of your products and services to your customers.
It is very simple, yeah, customers care about why?
Yeah, I really don't care about what you do, but I care about the problem your product will solve, your customers will only give you their hard earned money when they know the real value they will derive from your products and services.
So the question in your mind right now how can you effectively communicate the value of your products and services to your customers.
It is very simple, yeah, customers care about why?
Yeah, I really don't care about what you do, but I care about the problem your product will solve, your customers will only give you their hard earned money when they know the real value they will derive from your products and services.
You don’t sell a camera by saying it can shoot video at 25,600 ISO. You sell it by telling people you can shoot video by moonlight.
You don’t sell an iPhone by saying it has a 12-megapixel camera. You sell it by showing off what awesome photos you can take with the device you’re probably carrying around with you.
Readers don’t care that you spent 8 years writing a book, your readers care about being moved, entertained, enlightened.
Crowdfunding backers don’t care that you really need their help. your crowdfunding backers care about how they feel about being part of the experience from the beginning and about the rewards they get at the end.
Shoppers don’t care that your photography solution has 18, 20, or 22 megapixels, your buyers want to believe that by buying your product, they can take better photos, shoot better video, be more creative, and make more money.
Those are things you care about. But it doesn’t matter,you’re not the one buying the product, your customers are.
You don't care about how many days it took me to write this great post, you care about spending less on your marketing and that's why you are reading it, yeah, that's the connection. That's the value, that's the problem I am solving. So take a deep breath, think of why you're doing what you are doing.
Great, your customers are now connected to you, and then you have shown them a reason to buy from you and definitely, they are going to buy.
Your customers are very precious to you, they are the only reason why your business exists, so you should do anything to retrain them.
Never lose any of your customers, the cost of acquiring a new customer is high to the cost of retaining the existing ones, so which will you prefer to choose, remember you want to spend less on marketing.
So how can you retain your existing customers? it's basically good customer experience, when a customer is trying to tell people about your product or service, they will not just describe what your products do, they will start by telling how they got to know about your product, their experience when buying, how easy it was getting it, how you treated them, and finally they can now talk about the product.
It's not all about making a great product, it's about making it easy and convenient for customers to use, one bad experience with your products can piss off customers. Remember competitors are much, and they are just one click away, satisfy your customers or they click away.
Never lose any of your customers, the cost of acquiring a new customer is high to the cost of retaining the existing ones, so which will you prefer to choose, remember you want to spend less on marketing.
So how can you retain your existing customers? it's basically good customer experience, when a customer is trying to tell people about your product or service, they will not just describe what your products do, they will start by telling how they got to know about your product, their experience when buying, how easy it was getting it, how you treated them, and finally they can now talk about the product.
It's not all about making a great product, it's about making it easy and convenient for customers to use, one bad experience with your products can piss off customers. Remember competitors are much, and they are just one click away, satisfy your customers or they click away.
You have a really nice product and then you have been able to get the customers with just a little marketing budget, they are satisfied, you have shown them why you are better than competitor X and competitor Y, you have their trust, now it's about utilizing their power, they have hundreds of other people who need your products and services, now it's about utilizing their power through referral marketing, this is how most new business is getting their customers.
I say this is cheap because you can actually set the cost of acquiring customers yourself, but this won't work for you if you haven't gained fully the trust of your customers.
I say this is cheap because you can actually set the cost of acquiring customers yourself, but this won't work for you if you haven't gained fully the trust of your customers.
The most credible form of advertising comes straight from the people we know and trust.
Eighty-three percent of online respondents in 60 countries say they trust the recommendations of friends and family, according to the Nielsen Global Trust in Advertising Report released today. This level declined one percentage point from 2013 (84% in 58 countries).
Eighty-three percent of online respondents in 60 countries say they trust the recommendations of friends and family, according to the Nielsen Global Trust in Advertising Report released today. This level declined one percentage point from 2013 (84% in 58 countries).
In referral marketing, you have to offer an incentive to your existing customers that are willing to bring in new customers.
A study also found that referred customers were both more profitable and loyal than normal customers. Referred customers had a higher contribution margin, a higher retention rate and were more valuable in both the short and long run.
Conclusion
Marketing can never be neglected in any business even if it's in the simplest form, small businesses have low capital that they tend to neglect marketing, maybe because they think it's too expensive, the fact is that you can never neglect marketing, not in this competitive world, the strategy I discussed can help you maximize your little marketing budget, you just have to be careful since you don't have any money to waste and then you have to always calculate your marketing ROI to know how your marketing is performing. Starting from building a great product to targeting the right customers from onset to maximize the budget, good customer service can help retain existing customers and make them make a repeat buy, and never forget customers tend to trust each other that's why most people read reviews about a product before making a purchase.
1 comments
Awesome bro
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