Launching a startup is exciting, but it can also be scary and stressful. Startups operate on very tight budgets. They need to make the most out of every penny they spend, particularly on marketing.
This is a paradox for entrepreneurs. The future of your company depends on building a brand and reaching new customers. You need to spend money on marketing to do this, but your company faces possible bankruptcy if your money isn’t spent effectively.
The trick is to find marketing strategies that offer the highest ROI. Here are the best marketing strategies for startups on bootstrapped budgets that need to get a strong ROI.
Social Media Campaigns
Social media is one of the best ways to get the word out. You can use it to reach customers from all over the world with a very limited budget.
While it is possible to start a social media campaign without spending a penny, serious startups should allocate a budget for their social media campaigns. They can get a lot more traction from their campaigns if they pay for PPC, hire a company with a background in viral marketing, buy Instagram followers and pay professional designers to create premium content.
Word of Mouth
Word of mouth is the oldest form of marketing, but it remains the most effective to this day. Not only is it the best way to convince new customers to buy your products, it is also 100% free.
The trick is to use it wisely. Many startups offer free services to well-known influencers in exchange for positive recommendations to people in their circle. This is a great way to get your business off the ground with a very small budget.
If you have a great idea, people will want to hear about. The media will be very eager to cover it.
Try pitching your story to local news sites and industry publications. You can also use services like PRWeb to promote your story. If it gets coverage on major news sites like CNN, Reuters, Entrepreneur and Bloomberg, you can get a lot of free or very cheap publicity. You can also get a lot of backlinks from high authority sites, which will drastically improve your organic search engine rankings.
Search Engine Marketing
Approximately 70% of all Internet traffic comes from Google. Many people also use Bing and Yahoo! to find new content.
You can reach a lot of customers by marketing through search engines. There are two ways to use search engines to your advantage:
- Optimize your website for organic search traffic
- Create a paid search campaign on Google Adwords or Bing
You can get more volume at a lower cost with organic search traffic, but it will take longer to rank, especially if you are targeting competitive keywords. A PPC campaign is a great way to test your conversion rates and gauge interest in your products at the beginning of your marketing campaign.
It’s a good idea to take advantage of both paid and organic search to make the most of your marketing budget.