We are currently implementing a project with a low budget. What will be the most cost-effective marketing approach?
Our business has developed a new services strategy, and our budget for this project is very small. We have already set up the key element of this service strategy. This is an educational project that is tied into our business. How can we launch this project and market it, while spending as little as possible?
I'd be glad to help you sort this out, but before I do I have a few questions.
a) Is the new services strategy based on your internal needs or does it address something potential customers have said they want/need?
b) Do you already have existing marketing channels to leverage, such as a mature Twitter, LinkedIn or Facebook presence, a substantial e-mail list or other existing contacts?
c) Do you have an existing communications vehicle, such as a newsletter, which you can use to soft-launch the product to your clients?
d) Do you work with any organizations that might find it in their interest to help you launch and market the product?
e) Is the service technical (based on, say, a web site or mobile platform) or does it require face-to-face contact?
Once you answer these questions to the best of your ability, I'd be glad to jump in and make suggestions on strategy.
The three most commonly cost-effective marketing approaches are
1. Use word of mouth - via family, friends and relatives
2. Social Media using a serious platform
3. Referral from a satisfied client and previous company worked for
I could not gather much information about your project from what you have indicated herein. However, you might want to consider the following in the light of the same. The segment of service you are referring to is something that will be sold only when it is needed. Therefore, you need a platform that highlights the existing problems and how your services solve them. Focus on the "need' and the "solution" you offer. You have to get the "need" for your services acknowledged and the rest will follow. Personalized marketing seems to be the best possible option in such type of segment.
I wish I knew more about your project to help you further. Thank you.
User generated content is favorite low cost tool. Whether it be photos of videos ~ UG contests or promotions can be very valuable to many businesses. Playing into the vanity of your audience works like a charm to create an affinity for your business. This works across platforms.
Best to you!
In my experience, when someone says "low budget" they mean "no budget" so I'm going to angle it from that viewpoint. First you need to define how much your time is worth. Whatever you do, you'll be investing, be it time, energy or money and you've got to get it straight in your head that nothing you do will be at zero cost.
So how much is your time worth? That will tell you at what price you need to outsource it. If it took you a month to learn something that would cost you $10 to have done for you, is your month really only worth $10? No, of course not.
Investing in marketing is a necessity, your choice is whether to do it with money, energy or time.
SEO would obviously be good to learn, but learning it effectively from scratch can take 6 months. Raising your profile through forums or social media has the same issues, you need to put in the time to be able to build yourself a reputation.
What comes in mind is wholesale approach.
Find a partner who is strong in selling similar products/services and give him a cut, and leave sales efforts to him. Could be multiple partners, depending on the market you are approaching. You focus on the project and project execution.
Effective marketing always depends on who, exactly, your target market is and how to best reach them. There are many marketing avenues, but there is no one size fits all with marketing. Without knowing the specifics, it is impossible to suggest what would be effective. Once you determine your best marketing options, you still need to be able to implement it... that means investing in marketing or taking the time and energy to figure out how to market.
Seems that everybody wants something for nothing. Possibly it might make sense to go back to the drawing board and plan and design a new strategic plan or consider giving up equity for a money partner.