For large brands with big marketing and advertising budgets, one or even several hundred dollars is just a drop in the monthly marketing budget. But for entrepreneurs and small business owners, every dollar counts – and investments need to pay off in real and immediate marketing ROI.
But could a marketing strategy be executed with as little as $100? We think so. That’s why we came up with these six scenarios that show how you can distribute a mere $100 (or perhaps even less) while still having a robust marketing plan that can help you grow your business. 1. Research your market Cost: $0 The more time you can invest in identifying not only your target markets but the characteristics that would describe your ideal buyer types, the more you will be able to:
And all-stars teams don’t just study up on their own game plan, they check out what competitors are doing so that they can look for opportunities to beat them. Going head to head with a competitor in areas where they are stronger or more well-established is usually going to result in a loss. On the other hand, if you spend time analyzing the competitive field to look for their areas of weakness or gaps in the marketplace, you can discover opportunities where your business will have the best chance to grow. 2. Turn email into your heavy hitter Cost: From $20 to 50 per month (up to 5,000 contacts) via email marketing platforms such as Constant Contact or Campaigner Email marketing comes in high on our list of recommendations for small businesses and startups, because it works. Regardless of industry or organizational size, marketers across the board point to email marketing as the tactic that produces their highest return on marketing dollars invested. ExactTarget.com’s 50 Email Marketing Tips and Stats for 2014 reported that marketers received an average return of investment of $44.25 for every $1 spent on email marketing. Not only is it effective, it’s also desired. In study after study, consumers regularly say that email is their preferred channel for brand communications. The marketing gurus at MarketingProfs.com shared data from a Message Systems study that found for nearly one-third of all consumers, email is the communication channel they prefer when it comes to marketing.
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3. Add speed to your line up
Cost: $9 per month (or less) The faster you can engage, intrigue and convert your audience members, the better. Most consumers start their search for a business, product or service online. What’s more, in many cases online research has replaced the traditional buying cycle to the extent that by the time a buyer contacts a sales person for information, they are already completely through the buying journey (or nearly so). To ensure that prospects who arrive at your website can quickly and easily access the information most likely to convert them from browser to buyer, you’ll need to be sure that your website can automatically detect what type of device they are using. Creating a semi-customized mobile version of your website on a site like Duda can be done in just a few moments, for a few dollars a month. It’s an investment that is likely to pay off over and over again in increased engagement and conversions. 4. Optimize for crowd appeal Cost: $0 Although many small-business owners claim that word of mouth is their best marketing, it probably shouldn’t be. When it comes to making big purchases, 81 percent of consumers go online before heading out to a store and may spend from two to three months gathering the information they need to make a decision, according to GE Capital Retail Bank’s second annual Major Purchase Shopper Study. Even when it comes to low-ticket items or the type of small businesses a consumer is likely to buy on a daily basis, the Internet, accessed via desktop, tablet or mobile, is often the starting point that leads to a buying decision. In fact, when it comes to mobile searches, more than half (55 percent) resulted in conversions within one hour, according to a Mobile Search Moments report, (which is also another great argument for investing in mobile-friendly web design). Whether your products or services would be classified as big ticket or extremely affordable, the conclusion is the same: small-business owners and entrepreneurs that do keyword research and build out their web sites in accordance with best practices in search engine optimization (SEO) will be rewarded by search engines with more favorable SERP (search engine result placement) in organic search results. In other words, they will get more website traffic because their business listings will be placed directly in the path of prospective buyers who are researching products or services, or who are looking for a business online.
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5. Be strategically social
Cost: $41-71 per month (depending on what’s left of your $100 budget!) If you invest that $41 in sponsored posts on Facebook or LinkedIn, you can put your brand, products or services in front of thousands of members of your target audience each month. Even a small investment in social marketing can produce hundreds of new followers on social networks as well as increased web traffic, brand awareness and hopefully bottom line profits that can be traced back to initial engagement on social media. Because of their popularity with consumers (Facebook) and with business buyers (LinkedIn), social platforms have done small-business marketers a big favor. Not only do they allow you to set a limit on the amount spent to sponsor a post or page, they have also built tools which allow you to drill down into demographics in order to put these ads and posts directly on the feeds of individuals who meet your ideal buyer type criteria. 6. Strengthen your team Cost: $0 The idea of establishing informal partnerships with other businesses for the purposes of cross-promoting or marketing cooperatively can be extremely beneficial, in particular for entrepreneurs, startups and small-business owners who have yet to build out large contact databases. Sharing contacts and working with other business owners whose target markets overlap with yours could help you build brand awareness -- and grow your organization -- much quicker than you would be able to do on your own
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Phil Mora is a business consultant, speaker, executive coach and CMO at Bold. I specialize in marketing and branding, online marketing, business development and entrepreneurship. A creative problem solver with a talent for strategic thinking and communication, I combine lessons learned from more than 15 years as a high-tech industry executive with my roots as a software technologist, product developer and startup marketeer. When I am not working on client projects, I am obsessed with with sports, fitness, wellness, nutrition and anything holistic: you’ll find me at the gym or outdoors training hard. Contact me here: I look forward to connecting with you!
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Who can sell a service? Everyone is qualified because each of us has skills, knowledge or experience that other people are willing to pay for in the form of a service; or they're willing to pay you to teach them your specific skill or knowledge. Selling services knows no boundaries--anyone with a need or desire to earn extra money, work from home, or start and operate a full-time business can sell a service, regardless of age, business experience, education or current financial resources.
What Are the Advantages of Selling Services? There are many advantages associated with starting your own business selling services. Perhaps the biggest advantage is you become your own boss, take control of your future, and in effect become the master of your destiny. I've been self-employed for a number of years, and for me the lure of self-employment is the freedom and independence that calling the shots affords, which can be difficult to achieve when you work for others. Operating your own business also gives you the potential to earn more money, in some instances two, five or even ten times more than you're currently earning. Why? Simple duplication. When you work for someone else, there is only you and only so many hours in the day to work for an hourly wage or a salary. When you operate a business, you can duplicate yourself by hiring employees and salespeople to increase revenues; you can duplicate your customers and find more just like them to purchase your services; and you can duplicate your business model and open in new geographical areas to service more customers and earn more profit. These are all things you can't do when you work for others, and if you do, chances are it will financially benefit the boss a lot more than you. Capitalize on Your Skills Don't worry if you lack business skills and experience in areas such as time management, personal-contact selling, negotiating, bookkeeping and the ability to create effective advertisements. There's no question these are all important skills to have, but at the same time they're also skills that with practice can be learned and mastered. More important is the question, "What skill(s) do you have that can be sold as a service?" Any skill(s) you possess can be your best, and by far your most marketable, asset. If you know how to safely walk a dog, that's a skill people are willing to pay you for. If you know how to plan and throw one heck of a party, that's also a skill people are willing to pay you for as their event and party planner. If you know how to play the piano, this is a skill other people will pay you to teach them. If you know how to sell products and services online, once again that's a skill that people are willing to pay you for as an online marketing consultant. All are examples of skills that people pay other people to perform, or teach them how to learn. Every person has one or more skills other people are prepared to pay for in the form of a service provided to them, or to learn. However, with that said, most people have a tendency to underestimate the true value of their skill sets and experiences. You have to remember, what may come naturally to you may not come so naturally to others. Likewise, you might think your particular knowledge or expertise may be of little value, but if someone else needs or wants to learn about that knowledge, it's very valuable to them.
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Selling Services Part Time
The first option is to start off selling your services on a part-time basis, which is a good idea because it enables you to eliminate risk by limiting your financial investment. It allows you to test the waters to make sure that being self-employed is something you enjoy and want to pursue. If all goes well, you may decide to transition from your current job, devoting more time to your new enterprise each week, all the while decreasing the time at your current job until you're working at your new business on a full-time basis. There are many advantages to starting off part-time, including keeping income rolling in, taking advantage of any current health and employee benefits, and building your business over a longer period of time, which generally gives it a more stable foundation. If it turns out you're not the type of person who's comfortable being the boss, you've risked little and still have the security of your job. Of course, if your ambitions are only to generate extra money to pay down the mortgage, save for retirement, put yourself through school, or pay off credit cards, selling services part-time is the perfect choice. It's important to do what you want to do and what best suits your individual needs. If selling services part-time works for you, then go for it. Selling Services Full Time You can also jump in with both feet and start your new business selling services full-time. This option would appeal to people without a current job or people who are confident about being the boss and operating a business. There's nothing wrong with starting off full-time, especially if you take the time required to research the business, industry and marketplace. You must also develop a business and marketing plan, and have the necessary financial resources to start the business and pay yourself until it becomes profitable. The main downside to starting full time is risk. If you jump ship and leave your job, you risk loss of current employee benefits and have no guarantee of steady income, contributing spouses or partners excluded. The upside to starting off full-time is potential rewards, including the opportunity to make more money than you can at your current job, and to gain control of your future. Your decision to operate your new business on a full-time basis will largely be determined by your current financial situation, your own risk-reward assessment, and your goals and objectives for the future. Jumping in full-time will appeal to the true entrepreneurial mindset--people who prefer to blaze the trail rather than follow behind in the wagon train. Selling Services Seasonally Another option is to start a seasonal business selling services, which can be operated with a full- or part-time effort. But most are run full time to maximize revenues and profits over a normally short time span. Examples of seasonal businesses selling services would include snow removal in winter, yard maintenance in summer in northern climates, income tax preparation service in spring, and serving as a vacation property rental agent. Just about any business can be run seasonally or occasionally, but some are obviously better suited than others. A seasonal venture will appeal to people who want the ability to earn enough money during part of the year in order to do as they please with the remainder of the year--travel, pursue education, or work a job in another season. The potential to earn a very good living operating a business only part of the year is a genuine opportunity, as proven by the thousands of people who are currently doing it. The main downside to a seasonal business, especially one that can be operated year-round, is that you don't want to spend thousands of dollars and hundreds of hours promoting your business only to shut it down for half the year, sending current and potential customers running to your competitors while your business is closed. It may prove very difficult to lure them back when you reopen for business.
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Selling Services to Supplement Your Retirement
The fourth option is to sell services to supplement your retirement income or just to have fun and stay active in your golden years. Retirement businesses have become extremely popular in the past decade, mainly because the cost of living has dramatically increased, often outpacing wages and retirement savings. The result is that many people head into retirement needing a little extra income to cover expenses and provide an adequate lifestyle or to maintain their pre-retirement lifestyle. People are living longer and much healthier now than in decades past, and because of this many are seeking new challenges; starting and operating a business is a way to stay active physically and mentally. Older people also have a proverbial ace up their sleeves when it comes to starting a business and selling services: a lifetime of knowledge and experience that can only be acquired by spending lots of time on this planet. Because of the value of these skills, many people are willing to pay big bucks for them. This is why many people who are reaching or have reached retirement age have chosen to start a consulting business selling their experiences, knowledge and skills for the benefit of their clients. Finding a Good Match You also must be well suited to start and operate the business and services you're considering providing. You and your business must be a good match. You may have an interest and even experience in a specific business or in providing a specific service, but that doesn't necessarily make it a good match. Here are a few points to consider when determining a good business match.
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Phil Mora is a business consultant, speaker, executive coach and CMO at Bold. I specialize in marketing and branding, online marketing, business development and entrepreneurship. A creative problem solver with a talent for strategic thinking and communication, I combine lessons learned from more than 15 years as a high-tech industry executive with my roots as a software technologist, product developer and startup marketeer. When I am not working on client projects, I am obsessed with with sports, fitness, wellness, nutrition and anything holistic: you’ll find me at the gym or outdoors training hard. Contact me here: I look forward to connecting with you!
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Product Builder in Colorado. travel 🚀 work 🌵 weights 🍔 music 💪🏻 rocky mountains, tech and dogs 🐾
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