What you can do with a $5,000 marketing budget
Have you ever spent money on marketing that you later regretted?
Who does not have?
I think most of us would like to forget those experiences.
Perhaps that’s why so many small businesses are getting stingy with their marketing budgets. When the wasp barcode surveyed 1,100 small businesses earlier this year, this underinvestment really stood out – 34% of small businesses in the US invest less than 3% in their marketing.
Despite low marketing spend, 43% of small businesses say they still want to increase revenue by “improving the experience and retention of existing customers,” and 28% want to “invest in new business and marketing methods.” customer acquisition”.
Marketing can help in both cases.
To give you an idea of how marketing can help achieve these goals, here’s how a local small business could invest $5,000 in marketing:
- Create a business website.
Cost: $1,500 per year
There’s a scary statistic about small business websites: half of small businesses don’t have one. THREE surveys showed the same results: Wasp Barcode Survey’s State of Small Business Report, Clutch’s B2B researchand SCORE’s look at user-friendly websites. .
If all of these businesses don’t have a website, do you really need one? Well here it is what consumers think:
Getting a website doesn’t have to cost a fortune. Services like Wix and Weebly can give you a fully functional site for $10 to $20 per month. Their drag-and-drop editors allow you to build a site without ever looking at a single line of code.
If you want to upgrade from a starter site, WordPress is probably the best bet. Then discover services such as Dedullify and pickle design for reliable and affordable design assistance.
Once you’ve decided to go ahead with a site, the question is what to include. It’s easy; include items that customers find important. According to a 2016 survey of Bright room They want:/
- Get your website found.
Cost: $500 to $1,500 per year
It’s one thing to have a website. It’s another to find it. You need search engine optimization (SEO).
There is no shortage of companies that provide these services – you probably get calls from them every day, but few of them are very good or very trustworthy.
Moz has a great list of trusted SEO providers. If they say an SEO company is good, they are good.
Don’t expect these companies to be cheap, but they can generate business for you.
- Start with email marketing.
Cost: $500 per year (design included)
It’s an ideal low-budget marketing tactic, and it works. It’s also the people preferred way to obtain marketing communications
There are dozens of email service providers that can configure you to send emails. Some of the most popular include:
- MailChimp
- constant contact
- have an answer
- Campaign Monitor
- Mimi mad
4) Spend money on local advertising.
Cost: $1,500 per year
The web is now well covered, so it’s time to turn to “real” marketing. Namely, local advertising.
The classic choice is a recurring advertisement in a local publication. These aren’t cheap, but over time they can pay for themselves and more. The key word is “recurring”. Advertising once won’t work, and it may take a few tries to figure out which post works for your business. Go online and check out their price lists or advertising packages; this information describes the demographics of the publication’s readership as well as pricing, size specifications, and lead times for the types of ads they offer.
If you’ve tried print ads and found them lacking, consider radio ads. I know of a flower shop that only advertises on the radio. They love them and get great feedback. That’s the only marketing they do.
You Can Also Try Special Events According To A Survey By A Marketing Software Company Brandmuscle, these have emerged as the most effective local marketing tactic. Consider doing things like setting up booths at community festivals or exhibits or attending trade shows and conferences.
5) Choose one: pay for a social media management tool or sponsor a local cause.
Cost: $500 per year
Which one to choose will depend on the nature of your business. Some companies are good at social media – others never quite get it and don’t really want to. If you like social media, a management platform like Buffer or Hootsuite can help you a lot. Both platforms offer a basic free service, but to take full advantage of them, you will need to pay for their pro versions.
Not a social media fan? Then consider sponsorship. Many local groups really need support. Even $500 can get you great publicity and a whole lot of goodwill. I know of a local pizzeria that does the housework thanks to its sponsorship of a local baseball league.
How it all adds up
Here is our total:
Website (including design assistance): $1,500
Local SEO: $1,000
Email Marketing: $500
Local advertising: print, radio or event ads: $1,500
Social media management tool or local sponsorship: $500
TOTAL: $5,000
This should generate enough business to get your money back and give you the confidence to invest more next year.
