Marketing can be a struggle when you have no budget. Nevertheless, it is a struggle faced by every start-up and small business, including mine. Therefore, in 2017, I developed my own solution called Thrifty Marketing.
This week’s topic is illustrated by a penguin. Male penguins can survive for 100 days without food. They live through harsh winters until more food is on offer. I follow the example of penguins which have learned how to go far with limited supplies.
The key things for you to know about Thrifty Marketing is that it takes time, skill and a clear strategy. When you have those 3 points in place it is possible to carry out good Marketing when you have no budget.
Since the economic forecast for 2022 is bleak it will be important that you focus on keeping your costs low to stay at a good price for your customers. Therefore, this post will give you.
No budget for marketing: a 3-step guide to Thrifty Marketing
1. Understand what is Thrifty Marketing
I developed Thrifty Marketing as a solution for any business which has no budget. It is a method for any business to grow by using the methods of classical Marketing theory. It is guided by the profession’s definition of Marketing, which is: “Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably” (Source CIM, available here ). In Thrifty Marketing, we use tools that are freely available to help you identify, anticipate and satisfy the needs of your customers. You can read more about those techniques from me here.
2. Focus your effort
When you know the power of your Strategy you will do the right thing from the start. Thrifty Marketing means that you do not waste time or money on tasks that don’t reap rewards. Therefore, it is critical that you must get your strategy right from the start. That’s why I insist on a consultation at the start of your Thrifty Marketing journey. It gives me an opportunity to ask all the questions to guide you on the best Marketing methods to reach your goals.
3. Keep your costs low
I apply my thrifty approach to the way I run my business, too. I keep my costs very low, so that my price fits my clients’ needs. That means that I can direct my clients towards cost-saving tools, adding the maximum amount of value for a price that small businesses can afford. For example, you can save money when you spread your message by firstly listening and then using PR, Spoken Word and Networking.
These 3 steps mean that, like a penguin, you can keep your marketing going until your customers are queuing at your door.