Entrepreneurship is one of the most rapidly growing career choices among individuals. Being your own boss and having freedom of thought are notions that the modern generation appreciates greatly. Whether the organization provides professional ghostwriter services or sells an exclusive product through eCommerce, all these entities fall under the umbrella of small businesses. 

According to the latest available figures, 31.7 million small businesses are operational across the US. By definition, a small business is one which employs between 250 and 1,500 people. Out of 31.7, 3.7 million are microbusinesses. These companies have workforces ranging between 1-9 employees. Annually, these businesses together create 1.5 million jobs and account for 64% of the entire workforce in the country.

Despite the size of their contributions, these businesses work on restrained budgets derived from their products or services. Marketing, therefore, is a challenge for them. With constant updates in technology today, the task of promotion and advertising has become much simpler. Here are 8 effective ideas for small businesses to market themselves. 

Analyze Target Audience and their Behaviors

Data analytics are the next big thing. The use of sophisticated tools that assess and formulate data insights can enable an organization to turn the tides for themselves. The use of big data and analytical tools doesn’t have to be expensive. It can be done on a budget to retrieve the results that people and businesses are looking for. 

An Australian swimming pool company, Narellan Pools, made use of budget-friendly data analytics in driving their revenues against all odds and at a time when the overall market was declining. Through the use of sophisticated tools and a data pool from the last five years, the company was able to build a comprehensive strategy targeting electronic and print media. The result was a revenue to expenditure ratio of 54:1 in a market where consumer behavior was shifting away from the product. 

Leverage Social Media Platforms

A staggering 53.6% of the world’s population uses social media. This fact combined with the cost-effectiveness of these platforms and the availability of every age group here makes them ideal marketing mediums for small businesses. However, using social media to the advantage of a business is an art that needs expertise. These skills are not hard to come by but are crucial to the success of campaigns launched on these channels. 

Invest in Content Marketing

Content marketing is one of the most evergreen forms of advertising especially in a technologically extensive landscape. Stats show that 80% of people prefer to learn about a company through custom content posted on their own website or on third party platforms. Another study has shown that nearly 32% of companies with a content marketing strategy achieve 27.1% higher win rates. The use of blogs which add value to customer blogs and even microblogging on social media platforms can create an impact for a business in a budget friendly manner. 

Work on SEO

Search Engine Optimization (SEO) is the key to success today. Google is by far the most used search engine in the world and a substantial amount of client traffic is routed to businesses through the platform. Being able to rank on the first page of Google when keywords relevant to your business like ‘writing an e-book’ or ‘custom paintings’ is entered in the search bar is a profitable feat. The effective use of keywords, backlinks, meta titles and descriptions all play a role in being recognized by Google’s search algorithms. 

It is said that the “best place to hide a dead body is on the second page of Google.” Ranking on the first page then naturally does wonders without significant financial investment.  

Gain Relevance through Backlinks on Other Websites

Credibility can go a long way in not just driving traffic to a business but also in converting leads into customers. The best way to find trust online is by being endorsed through websites with high ratings on the internet. If customers trust a particular product or service, they are most likely to be consider the recommendations that they make. This phenomenon makes it crucial to find external links to your website in other businesses content. Backlinks are also an effective tool for improving SEO rankings. 

Start a Podcast

Podcasts have recently become the new trend for customers to acquire knowledge and insights into various industries along with the businesses which service them. Any business serving an industry where customer value is high can benefit greatly from initiating their own podcasts. These cost-effective platforms can elaborately put the word out about services that a business offers. Podcast allow small businesses to reach more qualified prospects, attract high-quality customers, and even generate revenue. 

Onward Nation, a podcast with worldwide listenership generated $2 million in revenues last year.  

Incentivize Your Products or Services

There is nothing that ever attracts customers more than discounts, price cuts or other lucrative incentives. It is estimated that 93% of shoppers use a coupon or discount code for their purchases. It increases their probability of purchasing online. Businesses can also sell 73% more if they offer a bonus pack or similar package deal. It is a win-win situation that doesn’t dent revenues as much as it enhances them. As an effective budget-friendly, discounts hold a lot of significance. 

Create Word-of-Mouth

Word-of-mouth is by far one of the effective marketing mediums anywhere in the world. What’s more interesting is that it’s free. Not only does it travel fast, word-of-mouth has the most effectiveness when it comes to increasing a business’s clientele. It can be built through a variety of ways like exceptional service quality, high-end products or other services offered by a business. 

The Last Word

All in all, there are numerous challenges that small businesses face and most of these concern bottlenecks in marketing. Fortunately, with the power of technology, these are no longer valid issues. These are just a few ways in which businesses can build traction for themselves. It all depends on how intricate, detailed and robust the execution of relevant strategies is.