Do you have a startup with an idea that’s bound to change the playing field? One that is capable of becoming the next Google, Tik Tok, Uber, or Airbnb? That’s great, as long as you can get people to know about it. No matter how great your idea is, there is no point if you can’t get it across to those who need it. That’s why marketing is so important. An effective marketing strategy can give any startup an unfair advantage whether it has a minimum viable product or not. A bad marketing strategy can sink a great startup before it sees the light of the day. A case in point is the rise and fall of Theranos, a startup founded by Elizabeth Holmes and one that promised to revolutionize the medical sector. It turned out the whole idea was a sham but how could a company found by someone who had no practical knowledge of entrepreneurship nor any product to prove its value gain so much media attention and pull in heavy investors like Rupert Murdoch and Larry Ellison? One word, Storytelling, was perhaps Elizabeth’s only real talent and all she needed to build a company that was valued at $10 billion, 10 years after it was founded. Elizabeth’s story, as disappointing as it is, confirms that marketing is perhaps the second most important factor in the success of a startup, besides having a great idea. Now that’s settled, we need to consider the fact that not every marketing strategy is suited for startups because they are often on a tight budget. This is why we’ll be sharing 10 low-budget marketing strategies that any startup can use to become very successful.

1. Referrals

Word of mouth remains one of the most effective ways you can market your business. That’s why most online shoppers are quick to read the customer reviews of any product and businesses publish positive feedback from clients on their websites. But unlike reviews, customers get to have a reward in the form of commission, bonuses, or discounts. These act as an incentive that motivates the customers. Referral programs work best when customers have great experiences either with your product or services. 92% of consumers trust the referral or recommendation of people they know personally. So one good word from a trusted friend, neighbor, or colleague can earn your business another loyal customer.

2. Social Media and Paid Advertising

Social media has not only changed the way we interact with each other, but it also changed the way we shop as well. A popular social media personality could easily persuade followers to patronize a particular brand or use a particular product. Social media remains one of the easiest ways that companies can reach millions of people and being that marketing is in part a game of numbers, the bigger the reach, the higher the chances of getting a new customer. One of the most effective social media marketing campaigns involves partnering with social media influencers. However, another cost-effective alternative is to have a very attractive social media page that can then be promoted on any of the social media platforms. The cost of advertising on social media depends on which platform is being used. Facebook and Instagram offer advertisers an opportunity to promote their products to millions of viewers on any budget.

3. Blogging

Another effective marketing strategy is blogging. This is a good way for a business to gain exposure, establish itself as an authority in its niche, and build a brand identity. But there is more to it. Blogging also helps businesses attract organic traffic to its website. According to this report, businesses with blogs have 55% more visitors than those without blogs. More visitors also means more lead generation and possibly sales. 

4. Exclusive Beta Program

Beta programs are often intended for product development through a feedback loop, but they can be more. Although it isn't very common, many companies kickstarted their journey with an exclusive beta program. This means only a limited number of slots are available for beta testers. This marketing strategy is often effective because as humans we are by nature attracted to what we can't have. In this sense,  exclusivity makes a product more valuable, if applied properly.

5. Email Marketing

Email campaigns are one of the oldest and cheapest marketing strategies. The most difficult part of this strategy is getting prospects’ email addresses. One way of doing this is via a blog. You can request your readers to subscribe to your newsletters where you get to talk about your business. However, be careful not to spam your readers by sending frequent promotional emails. This will make them lose interest and opt out of your email campaign. 

6. Forums and Groups

Forums are great for one thing, they can be a great resource for people who are looking for answers to problems. Yes, Q and A forums like Quora are where people go for answers to problems that stump them. Over 50 million questions have been answered on Quora. Reddit is another great platform where people go to seek answers and even associate with a community of interest. To entrepreneurs, these platforms can be a great place to start their marketing campaigns. If your product offers a solution that a user is searching for, then you’re sure to win over if not all, then some users who are satisfied with the solution you provided. It is simple and free. 

7. Stickers and Flyers

I once had a friend who was a big fan of Apple. I wasn’t a big fan of Apple myself but there was something I really liked about their products. It wasn’t the obviously premium feel of their devices but the little stickers that came in the box. I will get the little stickers from my friend and put them on my car. Those stickers made me more and more interested in Apple products and in a short time I was buried in their ecosystem and never looked back. As an entrepreneur, you can build a community of loyal customers using stickers. All it takes is a little creativity and uniqueness to make sure those stickers are attractive enough and embody something much more than just another company. This can create a feeling of belonging that will drive your customer base upwards. 

8. Press releases

Press releases are a summary of a product that a company wants to promote. One great thing about these is that you get to control the narrative. The company sends out press releases to news organizations, hoping they follow up and publish the information, thus free promotion. The difficult part is getting news organizations to take interest in your product. However, you shouldn’t limit yourself to news organizations alone, Niche YouTube content creators can also promote your products for free, especially if it’s something very exciting and long anticipated. 

9. Sponsorships

Another undisputed way of marketing your brand is by being a sponsor. This tactic is applied by many companies and there’s a good reason why it works. Event sponsorship puts your company in the limelight. There are 4 different types of event sponsorships that any entrepreneur can take advantage of. These are; financial sponsorship, media sponsorship, in-kind sponsorship, and promotional sponsorship. Of the 4, promotional sponsorships seem to be the most common type of sponsorship. Entrepreneurs collaborate with content creators to promote their products on YouTube or Instagram for a fee. But make sure you sponsor only contents that are relevant to your product. For instance, Skillshare is a popular sponsor of many productivity and self-learning YouTube channels. This exposes the company to viewers who are interested in the product and these views can be converted to leads or even sales. 

10. Co-branding partnerships

As an entrepreneur, it is important to remember that not every company is a competition. Some might even become long-term partners if the conditions are met. What is meant by the “right conditions” is a mutually beneficial deal. An example of a successful partnership is that between Kanye West and Adidas. Kanye who owns Yeezy is a popular artist and he brings his celebrity status to the table when partnering with Adidas. This is great publicity for Adidas. On the other hand, Adidas provides Kanye with the right resources he needs to build a high-end clothing line. Win-Win for everyone. 

Conclusion

We’ve already established that marketing is one aspect every startup must get right from the start. It is an important foundation for the success of any company. In this article, we’ve outlined 10 marketing strategies that any startup can implement on a low budget. If the whole marketing isn’t your forte and you’d rather leave that with experienced hands, we completely understand. Epirus Ventures is very capable of handling this on your behalf. Our marketing team is a family of individuals with experience, skill, and attitude to help you build a world-class brand. Visit our website at epirusventures.vc to learn more about us. We will be happy to answer any questions you might have. 

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