In the creation of new business, no matter the industry, there is huge risk. Risk in the product you pitch, risk in the market you sell to, or the team you choose to create it with. But, perhaps the greatest risk is in finance. This inspired company formation agents, Turnerlittle.com to consider six tips to build business on a budget.
Tip 1 – Build a “persona”
According to research, 82 per cent of companies with better value propositions also use buyer personas. (A buyer persona is a semi-fictional representation of your ideal customer, based on market research and real data.)
To determine what kind of media your personas are consuming, why it motivates them and where they spend their time online, will help to build a compelling, effective brand – and the tips and tools to reach the right people.
Tip 2 – Strengthen your voice
Even if your brand is semi-established, taking the time to develop a strong(er) voice, the tone you use in any copy or communication, will help to push your brand forward. In 2018, the onus is on brands to impress consumers with human-like personality. A voice that is relatable, personable and sincere.
Consumers need to feel like they are buying into an attitude and a lifestyle, not simply a product with no deeper message.
Tip 3 – Create a consistent social media presence
Pay close attention to the networks and platforms your buyer personas have an affinity with. If they spend most of their time on one, such as Instagram, plan for it – but don’t ignore the others. This will simply indicate where to dedicate limited resources.
Once you establish a presence, maintain it. Being inconsistent will not have a positive impact on brand perception. This can be avoided by planning and scheduling social media posts, like you would with any other marketing calendar. Remember to think about the seasons, events and trends taking place when you post – to stay relevant.
Tip 4 – Join an entrepreneur community
Building a successful business is highly stressful and, if doing so alone, can be an isolating experience. In joining an “entrepreneur community” you can receive support, advice and valuable tips and tricks in the process of building your business.
A sounding board for success. Another way to do this is to attend local, networking events and take note of events your local chamber or small business association are hosting.
Tip 5 – Position yourself as an authority
Marketing yourself as an industry authority can translate into long-term business, as people begin to associate your name and brand with a valued opinion. Try:
- Keeping a professional blog to discuss relevant, industry-related matters.
- Writing guest posts for other blogs (but link back to your site) outside of your brand’s existing audience.
- Offering professional advice on relevant social media channels, or in popular online forums.
- Donating your time, goods, or services to local groups, charities, or events.
- Giving talks about your area of expertise.
- Hosting skills-teaching workshops or sharing your experiences as a business owner.
Tip 6 – Take advantage of co-branding
When you begin a brand, you lack reach and this takes time to build.
One way to reach a broader audience more quickly, is to partner with a brand that already has a successful client base. Look for a partner brand that is aligned with yours, and consider:
- Your partner’s audience.
- Do you have something to offer your co-brand. What does your brand have that theirs does not?
- Selecting a well-known and respected not-for-profit. As mentioned, in 2018 consumers are purchasing based on a brand’s personality and social responsibility.
Further reading on building a business on a budget
