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7 Cost-Effective Marketing Strategies For Growth

Wednesday, January 03, 2024

7 Cost-Effective Marketing Strategies For Growth

There’s no doubt that any great marketing strategy can grow your business, brand, and bank account, but there needs to be a balance between maximizing the impact of your marketing efforts and minimizing the costs.

I mean, it’s obvious, right? Spend less, make more, everybody wants to do that right?

It doesn’t matter whether you’re a scrappy startup looking to get off the ground or an established business looking to optimize your spending -- the key lies in mastering the art of using effective marketing that costs less than what you are currently spending.

If you’re a business looking to grow without having to throw your money in the fire for the chance of getting attention, get your customers engaged, and purchase then this is for you. This is how you get to compete with larger businesses.

Here Are 7 Cost-Effective Marketing Strategies You Can Use To Grow Your Brand

1. Content Marketing

The goal of content marketing is to build trust, establish brand authority, and ultimately inspire profitable action from your clients. For this to work you have to be present everywhere.

I always talk about -- the worst thing you can do in your business is ONE of anything. If you’re running one offer - it’s bad.

If you’re running it on one media channel, it’s even worse, because you are one step away from going down.

What I like to do is have everything, no matter if it gets to one customer.

Be it through direct mail, Facebook ads, infomercials, or videos you want to create and share relevant and valuable content for your customers to see, engage, and interact with.

If you manage to solve their problems or provide the useful information that they need, then it'll build credibility and trust for you, your business, and the offers you have.

Additionally, you’ll want to keep in mind that this strategy to work requires consistency. You can’t just post a single video one day and call it “Marketing”.

You need to attract and keep your audience constantly engaged with a consistent stream of content.

Once you’ve done that, you spread it out across various channels. This includes your website, email newsletters (I’ll talk more about this later), third-party websites, and social platforms, all while tailoring your content format to suit the platform and audience.

A great example of this strategy is Blendtec’s “Will It Blend?” viral video series on YouTube. By blending unconventional items like an iPhone and Amazon’s Echo, they managed to showcase the power of their blends while entertaining their market.

2. Email Marketing

Email Marketing

Email marketing is one of, if not the best way to connect with your customers. It’s a direct and targeted digital marketing strategy that businesses use to engage with their audience.

The goal here is to either promote products or services or to build relationships and enhance brand awareness.

Now, some dumb business owners may ask: “Well, why would I need to send emails when I already do marketing on social media?”

I mean, why would you do anything?

People nowadays are so lazy with all this access to new media channels without having a hint of a clue of how much profit it can generate.

Now, for those of you still reading – you can market your business on various social media platforms all you’d like, but the reality is that these platforms can be shut down at any time.

Your email list, on the other hand, is yours. You have control, and it’s a direct connection to your audience regardless of whatever platform they may or may not use. Not everyone is using TikTok, Facebook, or Twitter, but everyone has an email address, and that’s all you need.

And if you don’t have an email list yet, you should’ve built one yesterday.

Luckily for you, it’s very simple. Companies usually collect email addresses from customers, website visitors, or subscribers who choose to receive updates and newsletters.

After that, it’s a matter of segmentation, automation, and analytics tracking.

HubSpot’s email strategy, for example, practices exactly what they preach. They send targeted and educational content to their subscribers to showcase the value of their platform.

You can use email marketing just like this to nurture your audience and keep them engaged in your brand.

3. Referral Programs

Never be afraid to use the cards you have. Your existing customer base can be a vital part of your marketing strategy if you use them to acquire new customers. This can be done with a referral program.

I talk about this inside of my “Ultimate Referral Machine” which you can unlock by becoming a Diamond Member.

A referral program is a structured way to reward your existing customers for referring new customers to your products or services.

It leverages word-of-mouth marketing by turning your customers into brand advocates, which helps amplify your content reach and attract new people.

The typical referral program works like this:

  • You offer an incentive to customers who refer friends, family, or colleagues. Incentives come in various forms like discounts, credits, free products, etc.
  • Each participating customer is provided with a unique referral link or code that they can share with their circle. This allows tracking.
  • These customers then go on to promote your business, sharing information and encouraging others to make a purchase.
  • Once a referred customer completes the desired action, the referring customer will receive the promised incentive. Reward fulfillment is a vital aspect of maintaining the effectiveness of the program.

Referral programs are used in all industries, and you should be doing it too if you’re not.

A good example would be the Dollar Shave Club’s referral program, which provides users with credits for referring friends. These credits can then be used for future purchases.

When used effectively, a referral program can create a positive feedback loop where satisfied customers are motivated to advocate for your brand.

One of the things we like to do is give a certain percentage of revenue from our membership to referral partners (often referred to as affiliates) so their membership pays for itself, and they make recurring commissions from future charges.

If you’re interested, you can become a Magnetic Marketing affiliate by going to: https://magneticmarketing.com/mm-jv-registration-signup

4. User-Generated Content

User-Generated Content

Once again, you need to utilize your existing customer base for this strategy.

User-generated content (UGC) is a cost-effective marketing strategy that involves encouraging customers to create content about your brand.

Text, images, videos, reviews, testimonials, social media posts, and everything else under the sun can become your channels for organic promotion.

The idea is to turn your customers into brand advocates, much like with referral programs, except you’re simply allowing them to share their positive experiences with a broader audience.

It’s perceived as more authentic compared to branded promotions because of the unbiased perspective it provides, which can build trust and a sense of community around your brand.

It can also serve as a source for valuable insights into customer preferences, use cases, and product experiences. You can use this feedback to improve overall customer satisfaction, and in turn, your customers will be more inclined to trust your brand and talk about it.

You can’t underestimate how much this can influence the purchasing decisions of potential leads.

You’ll see businesses in industries like fashion, travel, and technology benefiting most from this strategy.

Most notably, GoPro has built its entire brand around UGC. #GoPro is widely used on social media platforms by users sharing their adventurous experiences, captured on GoPro cameras.

5. Press Releases

A press release could be a valuable component of a broader marketing strategy. It’s an official statement or communication that you’ll provide to the media to announce something new or important.

Press releases can serve as a great tool to generate media coverage and enhance brand visibility.

You can craft a press release to announce the launch of a new product or service, highlight significant milestones or achievements, promote events, engage stakeholders, and even share insights to establish your brand’s authority.

It’s important to note, however, that the success of a press release as a marketing strategy will depend on certain factors.

If multiple customers have a problem with a restaurant’s customer service and, in response, the restaurant releases a statement about their “house rules”, those customers will feel unheard and alienated. A well-crafted press release is strategic, newsworthy, and thoughtful.

Think of Apple and their well-timed press releases. Their brand personality and use of bold statements build hype for their products, while the clarity and simplicity of their communication ensures that customers understand exactly what they’re saying.

Always remember, though, that the success of a press release strategy doesn’t solely rely on the size of your brand. A good press release will align with your brand’s goals and be relevant to your target audience.

6. Networking

Establishing connections by collaborating with others in the industry is a valuable aspect of marketing. It’s something you can do not only with fellow businesses but also with individuals or organizations.

Networking is first and foremost about building relationships. Attending industry events or conferences opens up a plethora of opportunities to help your company grow.

I would urge you to come to one of our SuperConference events and start to connect with link-minded individuals, and learn their strategies. Chances are you will get much more than what you came for and have new ideas, strategies, and tools to implement in your business.

Establishing strong connections with other businesses, influencers, and even potential clients can lead to long-term partnerships. This can help you land cross-promotions that’ll help both you and your collaborator’s growth.

Networking also often results in word-of-mouth referrals, because when you build a positive relationship with others then they’re more likely to recommend you and your business to their network.

Meeting with professionals in your industry will also provide valuable insights into industry trends, challenges, and best practices. The rest of your marketing strategies will thrive when you stay informed about the latest developments in the market.

Additionally, the rise of digital platforms has given way for online marketing to become a significant component of business.

Everything I’ve just told you, you can also do on social media. Joining online forums on Reddit, or actively engaging with other professionals in industry-specific groups on Facebook can provide you with a convenient way to expand your reach and influence.

As a professional networking platform, LinkedIn itself is a great example of a network marketing strategy. The company has managed to build a platform that has become the common channel of professional networking across the globe. Its mere success as a platform should give you an idea of how impactful networking can be to your company’s growth.

7. Partnerships and Collaborations

Partnerships and Collaborations

Continuing that line of thought, I’d like to emphasize more partnerships.

When used right it can and will become a powerful, cost-effective marketing strategy for you and your partner.

A partnership involves a formal relationship between two or more entities, in this case, businesses, to achieve common objectives. It can take various forms including strategic alliances, joint ventures, or long-term collaborations.

Collaborations, on the other hand, are more informal arrangements where businesses will work together on specific campaigns without necessarily forming a long-term partnership. It can be project-specific.

In Magnetic Marketing, we create JV partnerships all the time, recently done with ‘How To Write A Book In A Week Challenge’ and more.

A key benefit of partnering up is cross-promotion. One small business alone is just one small business, but two small businesses promoting each other to their customer base can both grow and become moderately-sized businesses.

Basically, you get to reach into each other’s market, thus expanding the reach of both companies. This is particularly convenient when partners have complementary products–like an info-product company collaborating with a book publishing company.

Following up on that, if the info-product company says that this specific book works great with their product, then the existing users of said company are more likely to follow this belief and start using and buying specific offers. Do you understand what I’m getting at here?

Associating with a reputable, complementary partner will enhance your company’s credibility. More credibility will lead to more trust, and trust leads to increased sales.

Think of Tesla.

Do you know who powers Tesla’s electric cars? Battery company Panasonic.

Their long-time partnership has led to a multitude of benefits for both parties. For Tesla, the collaboration secured them a stable supply of batteries while also lessening the cost, which allowed them to make electric cars more affordable to consumers.

Meanwhile, Panasonic was able to showcase its expertise in battery manufacturing, cementing the company as a standard in the industry.

An effective partnership with a company that aligns with your brand values can help your growth reach new heights, so long as you take into consideration each company’s ability to deliver value to your target market.

Last Remarks

In short, there are a plethora of cost-effective marketing strategies to choose from.

You may often be sold into the idea that you need to splurge money to fund your one-hit-wonder ad, but the reality is that the digital market has evolved in ways that allow you to be more flexible with your marketing. More cost-efficient, and more sustainable.

Since you’re reading this -- I’ll assume that you’re already well aware of that, and that’s a good thing. That’s your first step.

The next steps are all up to you, but you don’t need to be afraid. Marketing isn’t a one-size-fits-all rule, it really isn’t all that mysterious either.

The best thing you can do to grow is to get to know your business, your goals, and your target market’s preferences. From there, your cost-effective, personalized marketing strategy idea is guaranteed to hit you like a lightning bolt.

If you’d like to learn more about cost-effective marketing strategies, you can do so, by registering for our NO BS Newsletter or if you want to go much much MUCH deeper, I recommend joining us at Diamond, where we host monthly masterclasses, Q&A, and so much more!

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