It’s no secret that startup businesses have difficulties overcoming one of the toughest challenges any business may face, which is finances. When developing your startup business, you must invest a lot of time, effort and dedication into developing products or services, promoting your business, trying to position your startup on the market and so on. However, the most crucial step in successfully growing your business is developing effective marketing campaigns and promotions.
Still, marketing costs a lot. The main reason is that more you invest in marketing, the better the results will be. But, there’s still an issue of low budget startups usually have. You need money for marketing, in order to build more exposure and you need exposure to make money. That makes it a difficult situation for startup businesses. Fortunately, you don’t have to overspend on marketing to make it effective. Therefore, here are a few ways you can save money on early-stage marketing materials.
Conduct market research first
Before you start making any important decisions or planning out strategies, make sure you conduct through market research. The main reason you must do this is that market research allows you to identify and understand your target audience among other things. That way, you’ll know how to tailor your messages and develop marketing promotions that will yield the best results. Without market research, you’re risking what little funds you have on developing an ineffective marketing campaign.
Furthermore, the more you know about your target audience the more appealing your offers will be. That way, you’ll improve the efficiency of your marketing efforts and increase the chances of capturing audiences’ attention, as well as making a sale. Not only that, but market research will give you insight into your competition and the overall situation on the market. With that information, you’ll make more strategic decisions and develop an approach that will work out the best for your startup business.
Choose the right vendors
One of the things startup businesses can rely on is creating promotional merchandise, in order to boost their startup’s exposure, visibility and awareness. Promotional items are one of the best ways to promote your business at a very low cost. However, you’ll need to choose the right vendors that will supply and manufacture your marketing materials.
That being said, the cheapest option doesn’t necessarily mean that it’s the best option. When researching various vendors, try to look for one that offers lower prices but focuses on good quality. That way, you may pay a bit more upfront, but you’ll have reliable materials at your disposal. Later on, you can hand out promotional items to your audience, in order to boost their engagement and build visibility for your startup business.
Purchase materials in a bulk
Another thing you must keep in mind is that when you purchase materials for your promotional items, and that is not to buy them only for the single occasions. Instead, purchase materials in a bulk, so that you can use them more often than you intended to. For example, you’re about to visit a community event and you ordered enough materials to have custom promotional pens ready to hand out to the audience at the event.
That way you have enough materials for single event and you made a single investment. However, if you purchase materials in a bulk you can have more materials for promotional items that you can hand out on other networking events. Indeed, your investment will be initially higher, but you’ll have more items that will generate significantly higher return on investment over time.
Nowadays, businesses mainly operate in the digital world. Traditional marketing methods still hold sway, but you should also leverage online tools for your marketing efforts. Digital marketing requires more investments, but startup businesses can manage their digital marketing promotions for little to no cost at all. The answer is leveraging social media platforms. The main reason social media is so beneficial for startups is that they allow you to promote your business and develop relations with your target audience for free.
All you need to do is build a strong enough presence and find ways to get your audience engaged. If you’re willing to make an investment in social media marketing, you can utilize paid advertisement. In addition, you can even set up a store on social networks, such as Facebook. That way, you can sell products or give away promotional items directly to your audience, even if you don’t have a company website already.
What’s more, social media is ideal for your startup’s early stage marketing. You can start engaging customers and promoting your business, even before you have a minimal viable product ready. That way, buy the time your startup has developed enough to start making sales, you’ll already have an audience that’s familiar with your dealings.
Early stage marketing is crucial for startup businesses. However, there may not be sufficient funds to accomplish everything you set out to do. Saving money on marketing materials can help you develop funding for other marketing efforts, while a digital approach won’t require materials at all. But, that doesn’t mean you should solely focus on a single method. Instead, determine what works out the best for your startup and focus on strategies that will give you the best results for you investments.