Business

How You Can Start A Business In A Small-Budget?


Why you don’t need a massive budget, just a different point of view.

Winning in marketing means creating campaigns and content that people consume, engage with and ultimately buy from you. Some brands have deep pockets and they are willing to experiment with different strategies. If they lose £100k, they don’t really mind because, well, cash flow and investors.

They say money doesn’t bring happiness. Well, I think we can add that money doesn’t buy trust either. You can have all the money in the world, and all the budget in the world but if a person or an audience doesn’t trust you, they will never buy from you.

Yesterday, I read that Saudi Arabia’s Government is paying $25 million to international footballer Lion Messi to promote their country. The deal specifies that he needs to publish 10 posts on his social media per year to promote the country.

It doesn’t really matter how much budget you have if the product is flawed. Let’s look at Red Bull — a global brand with a huge marketing budget. As soon as you think of Red Bull, you think of extreme sports. This didn’t happen by accident. It was intentional. Red Bull is always present when there is an extreme sports event.

Red Bull Promotion Strategy by navika mahajan on Prezi Next

Red Bull’s website focuses on being a media company that sells energy drink. They collaborate with professional athletes, host events, are on social media, run billboards, and have their own Formula 1 team. They are everywhere.

It’s a bold and expensive marketing plan, but it’s paying off. If we go to their website, we can see clearly how they focus on being a media company that sells energy drinks, not an energy drink company that publishes an article and sponsors an athlete.

The lesson we can learn from them is to find out where our audience hangs out and go there and hang out with them, creating content that inspires, educates, or entertains them.

How does this apply to smaller brands? Well, look at Tenzing Energy Drink. Their founder, Huib van Bockel, worked as the Marketing Director at Red Bull for 8 years before leaving in 2014 to create Tenzing.

They launched their first campaign last year focusing on ‘natural plant-based ingredients. They did a lot of out-of-home media and digital ads.

I can see them being at the Love Trails Festival (a running festival in Wales that I’m speaking at), Midnight Runners (a global running club), and I notice that they are in some gyms. So, in terms of the audience, I think they focus on gym goers and runners. I’m not sure if they are after endurance runners.

The last point is creativity. Creative strategy. Most small business owners don’t have the budget for R&D (research & development) because they might have one budget, but that’s to launch their campaign so there is no space for R&D. Then they neglect the creative strategy because some think it’s a waste of time.

Well, if you are going to market and sound and be like everyone else, it doesn’t matter how much budget you have; it will be the same as trying to boil a cup of tea in an ocean. It will feel like hard work, and that you are doing something, but the impact will be nonexistent.

It’s better to go ‘crazy’ and stand out by staying on-brand, by being yourself. But you need to create a creative strategy so you can differentiate.

A creative strategy is not a brand strategy and it’s definitely not a marketing strategy. It’s a separate document that goes into the overall marketing strategy.

Marketing with a small budget can be challenging but at the same time, it can be a great experience because you have to get your hands dirty. Look at how the Thursday Dating app created creative guerilla campaigns with balloons and funny messaging that caught the attention of celebrities and the press, just because they are different.

Travel
Backpacking: A Travel Trend You Should Not Miss
Business
Crucial Steps for Startup Success: Mastering Product-Market Fit (Part 1)
Business
Yulu Bikes: Simplifying Mobility One Component At A Time
There are currently no comments.

Solverwp- WordPress Theme and Plugin