The role of marketing in propelling a new venture to success cannot be understated. While entrepreneurs are frequently reminded of the pivotal role marketing plays in their business strategy, the question of managing tight budgets often looms large. Striking a balance between garnering effective publicity and maintaining cost efficiency can be a daunting challenge. This delicate equilibrium, however, can be achieved through innovative yet economical approaches that spark favorable press mentions and generate buzz around a budding business.
Here, 15 Forbes Business Council members share a collection of inventive yet budget-friendly methods that can help new businesses secure the spotlight they need to flourish.
1. Give Back
Partner with a local not-for-profit organization or school. When I had my first software company, we gave free software to all of the students in the state. It was good for the schools because we were able to give back. This also gave us a lot of free press and news coverage because the press loves to cover those sorts of stories. – Ken Shaw, Shaw Investments
2. Leverage Content Marketing
This can involve starting a blog, podcast or webinar series where you provide valuable insights related to your industry. By sharing unique, relevant content you can organically attract media attention, build a robust online presence and position your business as a thought leader in your field. – Andrei Neacsu, HyperSense Software Inc.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
3. Utilize Social Platforms
Taking advantage of social media is one of the fastest and lowest cost ways to drum up awareness of your company while also bringing on new clients, vendors and partners. Effective use of social media isn’t just about advertising your business. Provide value to your potential clients by sharing content. Consider unique problems they may have and ways your products can help solve those problems. – Chris Clear, Clear Storage Group, LLC
4. Collaborate With Experts
Conduct interviews with operating or sector experts. Identify and connect with experienced individuals or thought leaders who align with your industry and target audience. Share these interviews on your website, social media channels and relevant industry platforms. By featuring respected experts, you provide valuable content to your audience and enhance your brand visibility and equity. – George Alifragis, Cyber Security Global Alliance
5. Collaborate With Influencers
Try leveraging the power of social media influencers or microinfluencers by collaborating with those who align with your brand values and target audience. This can help generate buzz and create a more organic reach. By offering them product samples, exclusive discounts or even partnerships, you can tap into their existing following and benefit from positive word-of-mouth marketing without incurring big costs. – Johan Hajji, UpperKey
6. Offer A Solution To A Problem
Take a major issue that your product or service can solve and create hype around the fact that your product can provide the ultimate solution to the problem. Subscribe to a low-cost, customizable PR marketing plan, connect this to the hype you already created and enjoy the results. Another inexpensive way you can drum up good publicity is to promote positive testimonials aggressively. – Raj Maddula, Global Squirrels
7. Promote Yourself
One creative, low-cost way to gain publicity is expert roundups. Identify media publications covering your industry and pitch experts for a roundup article. Suggest a theme (e.g., strategies to boost startup efficiency) and then recruit a few experts in addition to yourself. Roundups are low-lift for journalists but valuable for readers. – Chase Hughes, Pro Business Plans
8. Participate In Public Events
A nice way to drum up publicity and press mentions (in addition to giving back to the community of your business niche) is by attending and participating in speaking events, webinars and conferences. Share your expertise, stir up a conversation, become a speaker and contribute to the community’s growth. Teach others what you’re best at. – Ivan Popov, Vipe Studio
9. Showcase Your Research
Creating a research report is a great thought leadership marketing approach. It often forces you to do the critical research that you need in order to understand your industry and customers. As journalists love statistics, it makes a great tool for getting on their radar. Plus, it can be used as a business development tool, as it’s a great leave-behind for customers for that extra bit of credibility. – Jason Haddock, Sozo Labs
10. Start A Podcast
Start a podcast with the goal being to simply build relationships with prospective decision makers on your target list. No one wants to answer the phone or give you 20 minutes to hear your pitch. However, they will be flattered to answer an invitation to talk about the things that they are most passionate about on a podcast. I am on episode 130 of this strategy, with the relationships and work to prove that it works. – Bart Caylor, Caylor Solutions
11. Promote Cross Collaboration
A wonderful strategy to generate good publicity on a budget is to form alliances with other companies that target the same audience but do not compete with each other. You can use LinkedIn to find other businesses and influencers with bigger reach and invite them to collaborate on a webinar, podcast, social media post, etc. – Raquel Gomes, Stafi
12. Sponsor Local Events
One creative, inexpensive way to generate publicity is leveraging local community events. Sponsoring a local event can create positive publicity. It not only demonstrates social responsibility, but also can lead to press mentions, community goodwill and brand visibility. – Fabrice Testa, Maana Electric
13. Contact Industry Journalists
While entrepreneurs are often advised not to skimp on marketing efforts, keeping costs in check is also essential. One approach is to identify influential bloggers or journalists who cover your industry and offer them a complimentary product in exchange for a review. Not only can this strategy generate positive buzz, but it also helps to establish relationships with key players in your field. – Michael Shribman, APS Global Partners Inc.
14. Apply For Awards
Strategic mastery in tactical execution may show its potency for businesses that are able to leverage business awards or competitions. Many of these have their own channels for recognizing winners and utilizing social media in conjunction may bring awareness. Finding the proper awards to submit to may be a wise move to win. – Paul L. Gunn, Jr., KUOG Corporation
15. Leverage User-Generated Content
Encourage customers to share their experiences with your product or service on social media. Their stories and endorsements can provide compelling, authentic publicity while also fostering community engagement. – Malcolm Allen, Graduate America
Read the full article here
