Branding on a Budget: Tips To Keeping Spending Down

The marketing team of a new company has the job of creating a favorable brand in the eyes of the industry as well as customers. There will be some companies that have quite a bit of venture capital to help them brand as they would please. Most smaller businesses will not have the cash flow to throw thousands of dollars per day at a branding effort. Although it is easier to market with a huge budget it just takes some creativity to be able to be just as effective at a fraction of the cost. The following are tips to keep the budget low when branding for your new or established business.

Know Who Your Target Demographic Is

One way many companies waste money on their branding effort is not being exactly sure who to market to. For this reason market research is essential before putting any kind of strategy together. Developing the voice of the brand will rely on the results of market research which can simply be done via survey format. Once you have developed a brand voice that customers and potential customers find pleasing it is time to stick with it. Going outside of your brand voice can alienate customers if you venture too far out. Asking current customers what they think the brand represents or means to them can clarify if the branding team is doing a sufficient job.

Social Media

Social media can make or break a brand with a few tweets so it should be used with care. The fact that social media is free for most of the main platforms makes it quite budget friendly. Social media content can be written for a cheap fee or by a marketing professional at the company. Filling up a Twitter feed for a month will not take very long especially if some posts link to blog posts that are scheduled to be posted per the editorial calendar. Keeping all social media accounts updated and filled with content is important. Going to a Facebook page of a company only to find they haven’t posted or post twice a year can take into question the competence of the people working at the company.

Content Marketing

A great content marketing strategy combined with quality content that is engaging can do a plethora of things for a company. First it can help with search engine rankings depending on how many times articles or blog posts have been shared or linked to. Coming up on the first page of Google can change a business’ sales numbers immensely as many people do not venture passed the first page. Great content whether it is written or in the form of something like a podcast can turn staff and the company into a thought leader. This will immediately help sales as thought leaders often times are asked to speak at conferences and other industry events which helps recognize the company as a quality brand.

Spend To Stand Out

Conferences were mentioned above and this is a time that spending a bit of money can maximize ROI. Many companies attend conferences to partner with new vendors as well as see how the competition is pricing their products or services. A booth with something that stands out from the crowd can allow a sales or marketing team to be recognized when following up with a contact. Even giving out something that is not a t-shirt that stands out can make the booth a popular one to visit. The more people that visit the booth the better chances of closing a deal that day or on a follow up. Tips on branding your company should include not leaving your brand image behind when attending the conference.

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