By Bryce Welker, CPA and CEO of several companies, Crush the EA Exam .
When you apply “less is more” to the world of marketing, you will discover a cost-effective marketing concept. This approach, also known as lean marketing, is about optimizing marketing strategies to get the best results with as little effort as possible.
As a young entrepreneur, I started with little money to invest in marketing. These limitations force me to think outside the box and get creative with my advertising efforts. In the process, I discovered several cost-effective marketing strategies that provide a significant return on investment. I look forward to sharing what I have learned with you.
Cost-effective marketing. Why?
Young entrepreneurs often face many problems. The first major challenge was financial constraints that limited their ability to undertake large-scale and expensive marketing campaigns. Moreover, the modern market is flooded with competitors. Young companies struggle to gain visibility in this frenzy, especially when competitors have large budgets for sophisticated marketing strategies.
If successful, a lean marketing plan offers the following benefits:
Competitive advantage. By using more cost-effective marketing strategies, small businesses can compete with large companies. This levels the playing field in terms of visibility and reach and allows smaller companies to create a market niche for themselves.
A higher ROI increases the chances of getting a higher return on a smaller investment (ROI).
Cooperation. Sometimes budget marketing involves collaborating with other companies or influencers in a mutually beneficial way. The result is often expanding your reach and building relationships within your industry.
In my experience, using cost-effective marketing strategies allows you to respond more quickly to market trends or consumer behavior because there is less bureaucracy and financial risk associated with change. This can be a more sustainable option as it often relies on digital or community-based channels.
Cost-effective marketing strategy
No money? Does not matter. Let's explore some free or similar marketing strategies.
1. Use social networks
The digital era offers many free platforms for marketing. Regularly updating your social media profiles and interacting with your audience can be a powerful and valuable way to build your brand.
For unique content themes (like “Flashback Fridays”), use live streaming features like Instagram Live or Facebook Live to show behind-the-scenes action, and you can set specific days of the week to target your target audience. To engage the audience. .
I love sharing location-specific content using geotags and encourage my colleagues to create Instagram Story Highlights to create a journey for new followers. I also tend to embed YouTube videos into many of my blog posts on my website as I find this encourages my colleagues and engages readers.
2. Customer reviews and testimonials
Encourage satisfied customers to leave reviews or testimonials. Positive reviews on platforms like Google, Yelp, and Amazon (if applicable) can be beneficial to your brand's credibility.
Sometimes, when I'm having trouble getting clients to go the extra mile and post reviews themselves, I email requests for written testimonials or reviews, then format and post them myself.
3. Community involvement
Get involved in local community events or charities to promote your brand. It can also help you network, build a reputation for social responsibility, and discover new opportunities.
For example, several years ago I attended a trial preparation company conference. This conference was an eye-opener for me, especially when I realized that most companies only focus on online marketing and ignore community engagement as a strategy.
Realizing this gap, I approached several test preparation companies and provided them with a profitable partnership. We have worked together on local community events such as: b. Free student counseling sessions, prep resource kits, and test prep camps. My job was to use my affiliate marketing platform to promote this event online, increasing reach and reach, while the test prep company provided the resources and expertise, and the results were amazing.
Other ways to get involved in your community include:
• Partner with a local charity for an event or outing.
• Participate in local festivals, fairs, or demonstrations.
• Give guest lectures or sponsor school events.
• Organize or participate in community service days.
• Sponsor local sporting teams and events.
4. Influencer collaboration and partnerships
Partnering with smaller influencers in your niche can help increase visibility. I often notice that these influencers collaborate on businesses in exchange for free products or services. This reciprocal exchange not only provides influencers with valuable content for their audiences, but also ensures targeted brand exposure and customer conversion.
Personally, I pay for all my work through partnerships and collaborations with others to increase the reach and social proof of my brand identity. If my partner wins, I win. Even when we fight, we grow together.
The power of value-based marketing
As I reflect on my journey, I realize the true power of value-based marketing. When I first entered the world of entrepreneurship, I felt a little overwhelmed by the big players with deep pockets. But every challenge, every budget constraint, and every obstacle pushes me to innovate, create, and truly understand the hearts and souls of my audience.
Low-cost marketing, or “frugal marketing” as some call it, isn't just a strategy for people on a budget. This is a way of thinking. It's about creating a real connection with your audience and understanding that every dollar you invest carries the weight of your dreams and passions.
Every young entrepreneur should read this. Remember that in business, what matters is not how much you spend, but how honestly you communicate. The real investment is understanding, caring about, and appreciating your audience.
