Many startups worry about spending money on their marketing efforts, especially when there are so many necessary expenses driving down profits. While a high-quality commercial seems like a good idea, it has to take a backseat to costs like payroll and rent.
However, it’s possible for startups to invest in digital marketing without breaking the bank. You just have to be more strategic and focus on the return on investment (ROI). Follow these four steps to dive into the digital marketing world.
Identify Tailored Audiences on Facebook
Facebook advertising is only as expensive as you make it, which means you can set a daily or monthly budget that you can afford. The key to successful ads is making sure your posts are getting in front of the right eyes. It’s easy to blow through your targeted budget if you open up the demographics to everyone. Instead, tailor your message to audiences in your area, users who work in your industry, or people with common interests. This will improve the quality of your ads while driving your costs down.
Invest in Viral Content Creation
Image via Flickr by Stefan Leijon
While many startups focus on text-based content and outreach efforts because of the low cost of creation, it may pay off to invest in a large piece of viral content that has a larger ROI. A blog post might draw a few hundred readers, but an amazing infographic can draw thousands of readers, which generates more likes and shares of your content and brand.
Furthermore, you can share an infographic on social media and in your email marketing, providing more opportunities for engagement. If you launch it strategically, you could benefit from the infographic release months after its debut.
Use Smart SEO Strategies
If you’re already investing in a major purchase like a website redesign, make sure it’s SEO-friendly from the start so that you can immediately start benefiting from organic search traffic. Start with the basics, making sure your that pages are mobile-friendly, having meta descriptions that are relevant to your content, and casually mentioning your keywords in a natural way. This will help you in the long run while you’re building up funds for a strong digital marketing strategy.
Test — and Reject What Doesn’t Work
As you try new digital marketing strategies, conduct tests to discover what generates ROI in both the short and long run, helping ensure that you’re making the most of your marketing dollars. You may find, for example, that Facebook sponsored posts don’t generate as many leads as Google Ads, which may prompt you to switch your spending accordingly. Also, what works at one point in your history might not work six months or a year from now. Always test new strategies and revisit old ones to see whether there’s a new spin that could be profitable for your business.
It’s possible to have a multitiered digital marketing strategy even as a cash-strapped startup. You just have to know where your marketing dollars go and what they offer in return. Don’t be afraid to try new things or invest in one particular strategy as long as you’re willing to take the risk and have a plan in case something goes wrong.