Ten Most Inexpensive Marketing Strategies
Inexpensive marketing strategies are not specific marketing tactics and activities. But they help you choose inexpensive tactics that work effectively.
The top ten inexpensive marketing strategies mostly involve research and planning, which you can do for yourself.
Affordable Marketing Strategy 1 – Determine Your Target Market: I put determining your target market first because all other marketing strategies base on it. If you’re trying to market to everybody, you are not marketing to anybody effectively.
Affordable Marketing Strategy 2 – Get To Know Your Target Market Members: Once you’ve selected your target market, you now need to learn how old they’re, what they do for a living, how much education they’ve, and whether your market is specific to gender or race. These demographics then tell you how your target market members think, what they value, what they need to know, and the media they trust for information.
Affordable Marketing Strategy 3 – Determine Your Competition: Now you need to decide who your competitors are and learn as much as possible about their businesses and products.
A table works well for recording your competitors, along with the weaknesses and strengths of each. Make a column for each competitor and a row for each benefit or feature. Then use minuses to note weaknesses and pluses to note strengths.
Affordable Marketing Strategy 4 – Determine How Your Business Differs From The Competition: Once you’ve completed the table for strategy 3, you can swiftly see your competitor’s strengths and weaknesses. Now add your business to the table and look for where you have a plus but nearly all your competitors have a minus. This is what best distinguishes your business from theirs.
Affordable Marketing Strategy 5 – Determine Your Marketing Goal: What do you most want to tell your target market members about how your business or product better meets their needs? What do you hope the result of your marketing efforts will be? Answering these questions reveals your marketing goal.
Affordable Marketing Strategy 6 – Determine Your Objectives: Once you know your desired marketing destination, you need to decide how you will get there. Each step toward your goal is an objective.
Affordable Marketing Strategy 7 – Create The Key Message Or Slogan For Your Marketing: You should be able to communicate your distinguishing characteristic as a benefit for target market members in one concise sentence. Keep working on it until you get a strong phrase or sentence that’ll leave a lasting impression with your target market.
Inexpensive Marketing Strategy 8 – Decide Which Media Will Reach Your Target Market: After completing your target market profile, you’ll know what media your target market likes. Create marketing messages that are appropriate for your target market members and their preferred media.
Inexpensive Marketing Strategy 9 – Implement Your Tactics: Your tactics are the specific marketing actions that you take to reach your objectives. You should decide on tactics based on your target market analysis to assure effectiveness.
Keep good records of your marketing efforts. Record each tactic, what it cost you and what you made from it.
Inexpensive Marketing Strategy 10 – Evaluate How Well Each Tactic Worked: Using the records from strategy 9, evaluate how well each tactic performed so you can repeat the effective ones and eliminate the ineffective ones.
These ten inexpensive marketing strategies save you money by assuring that you spend your resources only on effective marketing tactics.
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