Article by Adam Bornstein, Contributor, Entrepreneur Magazine
“As you grow your business, it’s important to be creative and efficient with your money. When it comes to marketing, there are a number of cost-effective ways to spend and save your money. So if you’re worried about marketing on a limited budget, here’s some helpful info to know.
Q: We’re a startup with limited cash, but we want to accelerate growth quickly. What’s the best way to spend on marketing? — Tom R., Akron
Tom, here’s a spoiler: I’m not going to make a blind recommendation for Facebook, Instagram, YouTube or influencer marketing. Any strategy at the mercy of an algorithm isn’t stable. You want marketing that targets an audience so you’re in control and can make adjustments as technology changes.
Great marketing is about highlighting wants and needs and attaching them to desired outcomes. It’s possible to do that regardless of budget — and every company’s strategy will be different. For example, when my consultancy worked with Dollar Shave Club to grow its platform beyond viral videos, we focused on establishing a unique voice, which led to creating an editorial component. When we worked with Arnold Schwarzenegger on his fitness and nutrition products, we focused on creating a core mission and understanding why he was involved in the product. And when we worked with Four Sigmatic to market its coffees and teas, we focused on customer acquisition and retention.”