Launching a new business in a crowded digital environment is no easy task. As an SMB owner, you need to be smart about how to utilize your budget. Small businesses tend to have a limited budget, which means that you can't rely solely on advertising and sponsoring to get noticed in your market.
Instead, you need to find experts who can help you with marketing activities that pack a punch. Indeed, according to a recent survey, the total marketing budget for companies of all sizes sits between 6% and 14% of the total revenue. For SMB with no employees, the average revenue in 2021 was estimated at around $47,000. In other words, the average marketing budget for a solo entrepreneur is between $2820 and $6580.
What are the best value for money marketing strategies for small businesses with this type of budget?
Partner with an end-to-end marketing agency
Finding the right agency that can set up all the right tools for your digital marketing strategy can make a big difference. While it might be tempting to look for the best price for individual activities, thinking of your digital presence as an ensemble is more beneficial. Marketing expert Single Origin Media explains that it's easier for agencies to work within your budget if they are involved at a project level, rather than on granular activities. Ideally, you want to focus on creating an SEO-optimized website that is designed for lead generation for both organic and paid traffic.
Find local influencers
Working with a social media influencer is, by far, the quickest and most effective way to reach out to a new audience. Celebrities such as the Kardashians receive over $100,000 to promote brands on their social media platforms. Yet, when you partner with local influencers who have a geographically limited follower base in a city or a region, you are likely to be looking at much more affordable costs. Utilizing micro-influencers on TikTok or Instagram can be a fantastic strategy to gain exposure in your market. Users tend to trust influencers, making this kind of partnership more effective for small brands. As micro-influencers can build a close relationship with their followers, they are ideally placed to help a new brand grow awareness.
Publish expert content for recognized publishing platforms
Writing informative and quality content is wrongly described as the key to success. In reality, with several thousands of posts published every day online, it's tricky for a small company to get noticed. Even if you focus on top-quality content, you are likely to compete against established brands that are already recognized as experts. Instead, you should push your SMB content to platforms where it will be seen, aka not on your website. Content syndication allows you to publish your content on different websites to reach a broader audience. You can use backlink opportunities to drive new visitors to your website and improve your SEO. In the long term, content syndication also boosts your ranking and authority, making it easier to publish articles on your blog that will eventually get noticed.
Working with a small marketing budget doesn't mean you can't make a splash and get noticed. The secret to being seen has got nothing to do with the value of the advertising budget. Instead, it's all about focusing your activities where it will make a difference:
Building a digital ensemble
Creating trust
Promoting expertise
