Lets face it, unless you have inherited money, amassed a small fortune, or found some investors, most small businesses have limited resources to do what they need to do in order to survive.
One of the major areas that companies must allocate funds to is marketing. In order to make a sale, companies need to invest money in research, advertising, and promotion. In other words, they need to be able to find who will benefit from their products or services, they need to appeal to them, and then offer incentives in order to close the deal. The problem is that in order to get much of that information, a serious amount of time, effort and cold hard cash has to be put forward – sometimes more than what a struggling business is able to come up with. However, that is no more.
With the dawn of mass databasing and social media, small businesses now have all the information a few clicks away for a fraction of the cost. What used to be thousands of dollars worth of painstaking segmenting research can now be conducted in a matter of minutes through background social media databases aimed at providing simplified marketing services to business by providing demographic as well as psychographic profiles from the billions of active users in their platforms and databases.
Facebook ads are a great example of such system. The platform allows your business to target very broad or very specific segments of users depending on many factors such as age group, location, likes, hobbies, and so on. You can choose to advertise on pages with similar interests and even set budget limits for advertising campaigns. Twitter, Instagram, and other major networks offer the same capabilities.
Social media is a great way to create brand awareness, which can be one of the greatest challenges for a company with a limited marketing budget. However, social media marketing is a great way to start with minimal costs. Whether you’re a large business or a lone entrepreneur, social media marketing can be the most inexpensive and powerful marketing tool in your toolbox in order to build the trust and authority that helps grow your business. It is growing faster than ever before, and is increasingly able to provide companies with flexibility and increase their success. Social media marketing can benefit your company, not just because competitors are doing it, but because it is an effective and economical tool for connecting with your customers.
The advantages of social media over traditional marketing are numerous.
- It’s cheaper. A lot cheaper. You can reach 1,000 people for a fraction of the cost using social media than you can through television, billboards or even email
- Social media is the only marketing platform that allows you to engage and interact with your consumers – it’s a two-way relationship, which can be hugely lucrative for brands
- The results are measurable, and marketers can take immediate action to spot trends and re-align campaigns
So remember, next time you find yourself marketing on a budget, social media will help you pinch those pennies and get the most bang out of your buck.