4 ways to create an effective marketing strategy on a small budget

The Italian economist Vilfredo Federico Damaso Pareto noted that 80% of the lands in Italy were owned by 20% of the population, hence the Pareto Principle, which states that 80% of the effects are due to 20% of the causes.

The principle can also be applied to itself, taking 80% of 80 and 20% of 20, it will have relatively 64/4, therefore 64% of the effects is due to 4% of the causes, this means that the majority the success of each of us is due to 4% of our actions. So the big secret of those who are successful is to leverage that 4% of shares that provide an advantage, and what is the activity that benefits a company most? Marketing.

If your organization improves its marketing strategy by only 10%, the final results can have an exponential effect. Then it can be said that marketing is 20% of the activity that creates 80% of the results. But let’s better define what marketing is:

  • Marketing is the strategy to make yourself known by the slice of the market you are aiming at and push you to trust us, so as to convert it into customers. Promotion, advertising, offers, public relations are the tactics to achieve the result. Strategy and tactics are complementary, one cannot work without the other.

Marketing strategy best suited to a small business without having to follow the giants’ lead

The marketing strategy must be adapted to your company, even if we have an exceptional product, the latter is indeed an excellent way to retain the customer, but the first step is to acquire customers through the correct marketing strategy. The most common marketing mistake for small businesses is to copy multinational corporations because:

  • large companies have a different program than small ones;
  • large companies have a bigger budget.

Large companies implement mass marketing to remind the customer of the products and services offered, this is a strategy that would not work for a startup, since it would not give any result. The best type of marketing for newly started companies is direct response marketing. Just as the name suggests, this type of marketing pushes the potential customer to action and is characterized by the following elements:

  • it is traceable;
  • it is measurable;
  • use convincing messages;
  • is aimed at a specific audience;
  • make a specific offer;
  • requires immediate response and incorporates lead monitoring (potential customers).

 

Marketing from a page divided into 3 phases: the “before” phase

In this phase we have to deal with prospects (potentially interested users), first of all we identify the slice of the target market, create a convincing message and finally spread it through the media. The goal is to make sure that prospects are aware of the existence of our company and respond to the message.

  •  Select the market slice.

This is a crucial first step to making sure that the message spread is more effective. To be an excellent marketer, it is good to focus on a specific market niche, which allows the company to become the biggest fish in a pond and therefore to be able to set high prices. Our ideal market share can be identified by the following elements:

  • personal satisfaction, assessing the pleasure of working with a specific type of customer;
  • market value, the value that this slice of the market gives to our work;
  • profit, the amount of profit generated by the work that is done for this specific slice of the market.

Example: Tom is a photographer and decides to devote himself to weddings because adding the values ​​of personal satisfaction (7), value on the market (7) and profits (9) it results that the total of these elements in this sector is higher than the others slices of the market where Tom could offer his services.

Once a specific market share has been dominated, you can move on to the next.

  •  Create a convincing message.

To distinguish yourself from the competition, you need to create an engaging message capable of attracting the attention of the target.

The first step is to define precisely what you want to achieve with your advertising message and what you want to focus on, you must therefore create your own unique sales proposal that must answer the following question: why the customer must buy from our company instead that from the competition?

The sales proposal, in the eyes of the prospects, must place us on a completely different level of comparison compared to the competition. You can differentiate yourself by giving advice and sharing your ideas and thoughts, so as to be more authentic and less boring than the classic marketing used by the competition.

To do this, you need to understand the mind of prospects, understand what is the result they want to achieve by purchasing our product or service.

Once you understand what your market share wants, you must present an irresistible offer that leverages emotions such as fear, love, greed or pride (emotions drive the purchases) and is characterized by the following elements:

  • Value, what can you do important for your customers?
  • Language, you have to use the jargon of your market share.
  • Reason, the reason for making such an offer must be provided.
  • Accumulation of value, you must include several bonuses together to make your offer an obvious choice.
  • Selling more products, especially when prospects are in the mood for shopping.
  • Payment in installments, it is essential for high priced products.
  • Guarantee, makes prospects feel safe in transactions with our company.
  • Rarity, the offer must have an element that attracts customers to act immediately.
  •  Spread the word through the media.

Advertising media are the “means of transport” that is used to communicate your message to the target market. First of all, you need to understand which media is most suitable for your prospects, you cannot send the message on any media and hope that it will affect someone.

  • Social media are more a platform for creating and expanding a relationship that can later become commercial, but they are not suitable for direct selling and require long management times.
  • E-mails allow you to create an engaging and automated sales campaign if you can create a good database of potential customers, but the message must be so engaging that the prospect is forced to open the e-mail.
  • Mail advertising can be a more personal and longer-lasting promotion method, but like other media it cannot be the only advertising channel used.

It is important to use paid advertising media (unlike word of mouth), in order to track marketing costs and monitor which tactics are successful and which fail, so as to cut unnecessary costs.

The “during” phase

In this phase we are dealing with leads, individuals who know our company and have already shown interest in what we offer, responding to the marketing message.

First of all, leads are collected in a database, their interest in the product is cultivated by providing more information and finally converted into customers. The goal is to push leads to love our product and to buy for the first time.