Marketing Strategies That Won't Break the Bank for New Business Owners
“As featured in SA Woman's SOAR Magazine pg.55
Marketing Strategies That Won't Break the Bank for New Business Owners.
Starting a business is exciting, but it often feels overwhelming. You've been running a side hustle for a while, and with the encouragement of family or just a desire to be your own boss, you've decided to go all in and put everything you have behind the business. Suddenly, you realise the stakes are higher, and it's up to you to make it work.
And then reality strikes. You're not a marketer, a social media expert, or a one-woman PR agency. Unless you are, and then you've probably got a head start on the rest of us, right?!
Business success comes from many factors, one of the most important being getting the word out while balancing spending on marketing. Or not spending a cent at all!
Here are some free or cost-effective marketing strategies that focus on using your time, not money, to help you get started on the right foot. And don't worry—some strategies here will also work for introverts (I should know!).
1. Use Your Existing Network
When you're just starting out, your existing network can be your greatest asset. Don't be afraid to reach out to friends and family to let them know them about your new venture. They can offer support, spread the word, and will probably become your first clients.
Talk about your business with everyone you meet. At the post office? Let them know you're posting something for your business. Ask the local cafes if they can take some of your flyers or business cards with an offer attached. Get chatting to everyone you meet about your new business and what you can do for them.
2. Attend Local Events and Workshops
Local events, workshops, and networking meetings are excellent venues to meet like-minded people and potential clients. Engage, share your business story, and collect contacts. It's not just about handing out business cards but building genuine relationships.
You almost certainly have a nearby Business Network International (BNI) chapter. BNI meetings are structured groups of local business owners that meet weekly. Look up their website, find someone in a complementary industry to yours, email them, and see if you can get invited along for free by letting them know what you offer. Alternatively, it's usually under $30 to attend a meeting if you have to pay.
There are also online versions of BNI, which means you don't even have to leave the house to network. They are much more focused, with smaller chat rooms and less standing alone without knowing anyone!
SA Woman offers a yearly subscription at an extremely reasonable price—less than the cost of a cup of coffee per week—and you can attend as many catch-ups as you like. They're usually at a cafe, and there's no obligation to buy anything—just chat and make connections!
3. Join Online Communities and Forums
Online platforms like LinkedIn, Facebook groups, and specialised forums are treasure troves of networking opportunities. Join groups relevant to your industry, participate actively, share your expertise, and build relationships.
I'm part of an online mastermind group that offers advice and shares experiences with other business owners. This is part of a paid subscription, so it's not free. But I offer my time freely, and I have connected with other business owners and found fresh perspectives and collaborations I could never have imagined.
4. Collaborate with Other People in Business
Look for opportunities to collaborate with businesses that complement yours. Collaboration can open doors to new audiences, increase your reach, and provide mutual benefits without any financial investment.
In the early days of my business, I had a few arrangements where we exchanged services without exchanging money. This helped both business owners gain experience and build credibility with others by obtaining testimonials on the work completed for the other business.
5. Offer Free Workshops or Webinars
Hosting a free workshop or webinar lets you showcase your expertise while connecting with potential clients. It builds credibility and offers value upfront, making people more likely to trust and purchase from you in the future.
A webinar doesn't have to be a long masterclass or use fancy technology. The Zoom free plan allows you to have up to 100 participants, and sometimes, you can find a local library or council venue that offers free meeting space to local business owners or with a small fee.
6. Be a Guest on a Podcast
Much like attending a networking meeting, do some research on podcasts that are within your area of expertise. Research what they have already covered and listen to at least part of an episode. Then reach out on social media.
This might take 1-2 hours of your time, and the podcast may only have 50 listeners, but imagine if you were speaking in person to 50 people directly for 30 minutes. You’d be happy with that!
7. Utilise Social Media to Build Relationships
You might find it unusual that I place social media last. But these days, it feels like social media is a must-have. It's something that most serious businesses will have, and so it should already be a clear part of your strategy. Also, sometimes, beating the algorithm can feel deflating. So make it a part of your success and not the only focus. Share valuable content, engage with your audience, and participate in conversations. Be consistent and authentic in your interactions.
Marketing is the cornerstone of a successful business, especially when starting out and effective, cost-friendly marketing strategies can make a significant difference for new business owners.
We've discussed just a few strategies, including using social media platforms, attending industry-specific events and conferences, partnering with complementary businesses, and utilising word-of-mouth referrals. By focusing on these networking strategies, you can effectively promote your new venture while keeping your expenses in check.
Keep in mind that every person you meet is a potential client, partner, or supporter. Keep showing up, share your passion, and build those connections.
Full of Words, hosted by Sue and CJ, is a weekly podcast. Our mission is to uncover and celebrate the profound impact that words have on our lives and businesses.
