A common misconception of marketing is that in order to do it right you’ll need a war chest of a marketing budget, but that simply is not the case. Everyone from the local market trader to mobile hairdresser who is just about to start their own business is able to carry out an effective marketing campaign without breaking the bank.
In the following paragraphs we’ll outline all the components that need to be considered to conduct a successful marketing campaign and how you can do them without having to find £thousands.
Before you kickstart your campaign you’ll need to have a business. If you are reading this you probably already have your venture started, but if not, these small business ideas are a great place to start if you love the idea of being self-employed but aren’t quite sure which direction to go in.
If you haven’t started your business yet you’ll need to register as self-employed with HMRC to notify them of your earnings each year. It’s extremely easy, all you need to do is go on the HMRC website and complete the steps on their online form. You’ll then be registered for tax and contacted by HMRC when it is time to think about completing a tax return.
Tax is complex and there is a certain amount of paperwork involved, so to save yourself time and a lot of extra stress it is well worth obtaining the services of a sole trader accountant because they’ll be able to bear the load for you.
Research is the most important part of any marketing campaign, but if you have a tight budget in mind it is paramount that you do your research.
During initial campaigns a lot of your marketing activities are testing the waters and as you learn more about your audience and the way they respond to particular materials you can refine your campaign accordingly.
As we are focused on executing a marketing campaign on the cheap it is essential that you don’t cut any corners on research. You want to make sure that you have as comprehensive an understanding of your audience as possible. The data you generate will mean that you can make a much more educated decision about which marketing activities will perform best and ultimately reduce the margin for error so that you can get the most return possible out of a limited budget.
If you are a research newbie, these top tips to carrying out market research will help to get you on the right tracks.
Here are a few examples of affordable marketing activities that you can start doing right away.
- Local leaflet drops – With affordable sites like Vista Print, designing your own leaflets is cheaper than ever and it won’t cost you a penny to drop them through some doors in your local area.
- Social media – Social media is a fantastic route to any demographic and it’s free to use.
- Networking – Good old-fashioned networking still works well. Search for local events in your area and start building your network of contacts.
- Giveaways – Organise a giveaway and promote it in the local area. Everyone loves a freebie!
- Car magnets – Advertise your business on the side of your car. Thousands of eyes each year will see the advertisement.
Remember that whilst there are countless marketing activities that can yield a return, there are some instances where it isn’t a good idea to seek the cheapest option. A prime example of this is SEO.
SEO is constantly changing and with search engines updating their algorithms to reward quality and penalise spammy practices, you’ll often find that cheaper options will only see your site receive a penalty.
Take a step back and judge each situation as you see it. If done wisely, you can see great return from executing a marketing campaign on the cheap.
