Low-Cost Marketing Strategies for 2021
As we move into the new year, the business outlook can still feel unpredictable for many of us. While there are hopes that things will smoothen out with the unveiling of the COVID-19 vaccine, many businesses still face an uphill battle to get back on track after being hit with unprecedented challenges. Many companies have shut their doors permanently, and those that have survived are facing financial troubles. As the World Bank projects, an economic crisis is amongst us that the global economy will shrink by a staggering 5.2% this year, the deepest recession since World War II. Its effects can be felt the most in industries like tourism and micro, small and medium-sized businesses, with many of us looking at every opportunity to turn things around on a minuscule budget.
And the consequences are serious, impacting everything from reduced staff, rent deferrals, increased credit, and more. Needless to say, most of us need to be very careful when considering how to allocate our budget over the next 365 days. Thinking about competing with larger competitors with big budgets can feel daunting. Fortunately, a little can go a long way when planned carefully. With a whole new year starting, there is no time to waste when it comes to planning. Let’s dive into some of our favorite low-cost marketing strategies that will give you a leg up on competitors. Psst, you can start working on them today!
Low-Cost Marketing Strategies – Start with Social Media
Consider the Importance of Brand Awareness
Increased brand awareness is one of the most common goals cited by businesses today – and for a good reason. Simply helping consumers and companies understand more about you and remain in-the-know has many benefits, including increased loyalty, enhanced recognition, expansion opportunities, increased equity, and more. The best part? It can be highly affordable if you work smartly!
Some effective ideas that we like to implement brand awareness include
- Encouraging fans and followers to like, comment, or share posts
- Partnering with local influencers to cross-promote each other’s brands
- Offering a free demo to interest people in trying out your business
- Asking questions to encourage engagement from followers and also get feedback from them
When it comes to these tactics, consistency is key. Posting regularly is a sure-fire way to enhance brand awareness, bringing in new customers, and developing trust from your existing fanbase.
Make Sure to Practice Social Listening
Be sure that you are keeping a finger on the pulse at all times by following relevant trends. Social listening can be accomplished by following hashtags on Instagram or regularly participating in Facebook groups where your target audience exists. Don’t forget to join the conversations by engaging and responding promptly to your own platforms’ comments and questions. We love the outside-the-box ideas that some of these brands have chosen for their social listening tactics!
While it’s important to understand the platforms that your target audience likes and see where competitors have achieved the most success, it’s also a good idea to think outside-the-box. Maintain a presence on conventional social media platforms like Instagram, Facebook, and Twitter and keep tabs on what’s up-and-coming.
While TikTok drifted onto the scene in 2016, it became even more popular than its competitors in only two years. At first, it was mainly Gen X and Millennials drawn to the platform for its short, fun video sharing capabilities (think TikTok dances). However, slowly but surely, many different categories of brands are using the platform to their advantage. Still not sure? These 24 inspiring brands have found innovative ways to engage their audience on the platform – and they’re from industries all over the map! Definitely, something to consider adding to your marketing plan.
Focus on Visuals
According to Social Media Today, Photos, videos, or infographics grab user attention much faster and more effectively than text. Image and video posts on social media receive more likes, shares, and engagement than text updates.”
They say a photo is worth a thousand words, and for us, this could not be more true. Creating beautiful images and videos that reflect the tale your brand wants to tell has never been easier. From interactive announcements to tangible how-to tips, assets can be used to discuss important company news and fun trends, too.
While many content marketers struggle around the ‘how’ they’ll create engaging videos that keep up with competitors, design solutions like PosterMyWall empower individuals and companies to create professional graphics and videos with ease. And with free, premium, and premium plus solutions, there is a cost-effective, affordable, and quick marketing solution that will suit the unique needs of your business.
Move to Video Content
According to Smart Insights, 92% of marketers cite video as an integral part of an ongoing and evolving digital marketing strategy. This popular tactic only continues to grow in popularity each year, with more and more companies investing in incorporating video marketing into social media, blog, email marketing, and more. And it’s for a good reason, too.
According to Wordstream, marketers who use video grow revenue 49% faster than those who use images alone. Unfortunately, many small businesses feel that it is pointless to invest in video as they lack businesses’ production quality with larger budgets. But this is no longer the case. During COVID-19, even some of the largest companies had to abandon cameras and editing tools as video became ‘home video-style.’ Think about all of the celebrities we saw in their homes during the reunions of some of our favorite TV shows.
The movement towards organic video is also reflected in the popularity of platforms like TikTok and the unveiling of Instagram Reels. Consumers are looking for those real moments more than videos with scripts – and we see brands adapting to this everywhere. Going DIY has never been easier with professionally created templates that allow users to swap their videos and edit on one convenient platform.
Low-Cost Marketing Strategies – Repurpose Content
Please take advantage of all of the beautiful converting content that your company has published in the past by repurposing it. Revamping the most successful posts is a tactic that some of the world’s biggest brands use. It can be a big asset when it comes to limited resources.
If you create great content for one platform, it’s important to get the most of it. Start by looking at analytics and finding out which posts have received the most attention. Consider transforming them from one platform to another. An idea that we like is to create social media posts or a YouTube video from transcribing a popular blog post. Also, if you’ve created killer visuals for one platform, you can reuse the same graphics across all platforms by resizing them. If you’re using PosterMyWall for designs, you can create multiple sizes in a single click for free!
Low-Cost Marketing Strategies – Host a Giveaway
Everywhere we look, we can find contests on social media. After all, it is one of the most effective tactics to spread the word about the awesomeness of your company. Contests and giveaways require a minimum investment. Result in an increased following, a bigger email list, and higher levels of engagement. Here’s a quick overview of how to run a successful social media giveaway
- Consider appropriate SMART goals for the campaign.
- Decide on a prize that would appeal to your audience.
- Layout the rules for followers.
- Select the winner.
- Measure results by comparing insights with the previous period. The most important metrics here are reach and engagement.
… Then rinse and repeat!
Create Industry Partnerships
When we collaborate with another brand with a similar target audience, we can also leverage their built following. This means double the exposure! Establish relevant and interesting partnerships and then cross-promote onto your website, email marketing, and social media. Be sure also to consider engaging with influencers once your budget starts to grow again. A few strong partnerships go a long way here – and these are some recent and most memorable favorites.
Low-Cost Marketing Strategies – They Don’t Have to Break the Bank
Today a little outside-the-box thinking goes a long way for online marketing. While many of us feel the pressure of smaller marketing budgets moving into 2021, this doesn’t have to hinder our digital success. When it comes to social media, ensure that you are posting regularly, practicing social listening, and expanding reach by diversifying your social media platforms. Don’t forget about the importance of video, even combining it with getting fans and followers excited about a giveaway.
And consider spending some time each day fostering new relationships with industry partners. Lastly, if you’re stuck, repurposing some of the most popular posts for your brand is a no-brainer! We can’t wait to see your marketing tactics for the upcoming year.