play_arrow

Entrepreneurship

Attract New Customers: How To Market Your Business On A Small Budget

Jason Wardrop March 22, 2022 1788 145 5


Background
share close

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.

If this show provided any value or knowledge insights, please consider buying us a cup of coffee. It would be appreciated and will help us to keep producing content to help you grow your business.

Topics Discussed

  • How do you advertise your products to attract new customers within limited budget
  • How can you market your business on a limited budget to attract new customers
  • 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.

Did You Know?

  • 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 to attract new customers 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.

Episode 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 – Business Research

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.

Contact, Join, and Follow Us

Please send your questions or comments to [email protected] or contact us here.

the-knowledge-catalyst

Tagged as: , , .

Download now: Attract New Customers: How To Market Your Business On A Small Budget

file_download Download

Rate it
Author

Jason Wardrop

Entrepreneur and a contributor to The Knowledge Catalyst

list Archive

Background