Welcome to The Knowledge Catalyst! In this podcast, we help small business owners accelerate their growth by using knowledge as a strategic asset. Our show is focused on discovering hidden knowledge insights small business owners and entrepreneurs can use to build stronger customer relationships, create better products, and increase profitability.
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Attract New Customers: How To Market Your Business on a Small Budget | Ep. 8
A common challenge for most small businesses is how to attract new customers. Our guest today is Jason Wardrop, who is going to give us some ideas on how to market your business on a small budget.
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Topics Discussed
•How do you advertise your products to attract customers within limited budget
•How can you market your business on a limited budget
•What are examples of good marketing campaigns on a small budget
Key Terms
Customer Base – Database or Customer Relationship Management (CRM) system containing customer or prospect contact information.
Marketing Strategy – is a method that allows a company to focus its limited resources on the most promising chances for increased sales and a long-term competitive advantage.
Target Market – is a group of prospects within a company's serviceable available market to whom marketing efforts and resources are directed.
Social Media Marketing – is the promotion of a product or service via the use of social media platforms and websites.
Email Marketing – is the act of sending an email with a commercial message to a group of people. Every email sent to a potential or current consumer might be considered email marketing in the broadest sense. It entails sending advertisements, soliciting business, or soliciting purchases or donations by email. Typically, email marketing tactics aim to accomplish one or more of three primary goals: loyalty, trust, or brand awareness.
Statistics
•Never be afraid to mash-up and re-promote previous content; chances are, a substantial portion of your audience has never seen it before, thus it will be fresh, 100 percent new content for them.
•Word of mouth is the most important element in 74 percent of consumers' purchasing decisions.
•When friends or family recommend a product or service, 77% of consumers are more likely to buy it.
•Referred consumers have a 37 percent greater customer retention rate, according to referral marketing statistics.
•Email is preferred by 73 percent of millennials when communicating with businesses.
Takeaways
•Begin by marketing to existing customers
•Use word-of-mouth advertising
•Create custom audiences on Facebook (Meta) to target the right potential customers
•Monitor your KPI’s and adjust your campaign accordingly
Resources
•Free Marketing Budget Template | https://bit.ly/3ukiI9L
•Free Course: Target Marketing: Techniques To Find New Customers | Email us for access
Knowledge Insights
Want to uncover more knowledge insights and expand your learning? Here are a few research articles/case studies that connect theory with practice in the marketplace. Note: These articles are highly technical (i.e., the research method, data collection, and data analysis sections). To receive the most benefit, focus on the introduction and the conclusions/findings.
•Marketing Budget: Towards An Effective Marketing Plan | https://bit.ly/3wuAc6b
•Low-Budget High-Impact Marketing Plan | https://bit.ly/3qu5NRo
•Cutting-Edge Technologies For Small Business and Innovation In The Era of COVID-19 Global Pandemic | https://bit.ly/3Dc4bBa
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•Show notes, contact us | shownotes@theknowledgecatalyst.com | Include episode number
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