Blog_Banner_Asset
    Homebreadcumb forward arrow iconBlogbreadcumb forward arrow iconEntrepreneurshipbreadcumb forward arrow icon5 Strategies to Grow your Startup when You have No Budget

5 Strategies to Grow your Startup when You have No Budget

Last updated:
26th Jun, 2018
Views
Read Time
7 Mins
share image icon
In this article
Chevron in toc
View All
5 Strategies to Grow your Startup when You have No Budget

“Chase the vision, not the money, the money will end up following you.”

– Tony Hsieh, CEO of Zappos
That’s easier said than done, considering one of the first things startup owners think about when trying to grow is figuring out where to find the capital to do so. But the truth is you don’t necessarily need early-stage funding to make your venture a success. If you have the right motivation, proper game-plan, and a can-do attitude, there’s a lot you can achieve despite having a shoestring budget to help you grow your business.
A major reason why startups don’t grow to reach their full potential is that entrepreneurs (even the brightest ones) sometimes neglect marketing and advertising efforts, considering them superfluous.
And even if they do divert their energies towards it, not having the appropriate funds can further stifle the business’s growth. Ironically, the lack of proper marketing efforts equates to less revenue. Consequently, making the budget tighter.
But there’s no reason to fret, especially if you find yourself in such a predicament. It’s not so much the marketing budget, but the effectiveness of the strategy that matters more. Done right, even a small budget marketing campaign can outperform ones which have had millions poured into them. All it takes is a certain amount of tact.

The Role Of Digital Marketing In Elections

Learn MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career.

To help you with that, let’s look at a few strategies that you can pull off without any budget:

Content marketing

The easiest place to start is to regularly generate and market relevant content about your startup. It could be anything from product information to trends in your industry; from tips and tricks to interesting and quirky facts about the work you’re doing. Content doesn’t have to be restricted to your niche as long as it’s relevant to your target audience.
Leverage SEO functionalities and marketing analytics to understand your potential customers better. The more insights you can derive from consumer data, the easier it will be to produce content that whets their appetites. Try to produce diversified content across various formats like blog posts, videos, and infographics.

Rest assured, your content marketing efforts won’t be in vain. In comparison to traditional outbound marketing, content marketing costs 62% less and generates three times the number of leads as reported by Demand Metric.

Referrals

Yet another effective and relatively inexpensive strategy to generate more leads is to come up with an effective referral program. Never underestimate the power of word-of-mouth marketing. People are more trusting of a company, especially an up and coming venture when they hear positive reviews from their friends and family.
Actively ask your customers for referrals to get the most out of your referral program. Engage them after a purchase (when they are feeling satisfied with your services) as that is when they are more likely to refer you.
You can take this one step further by offering incentives like reward points or discounts for a successful referral. This is a great way to convert your customers into your sales force – for a minimal cost at that. Having a strong referral program will not only help you stretch your budget but also drive lead generation.
Brand Equity: The Measure of Your Value to the Customer

Online and social media presence

Social media is everything these days. People consider you ancient if you don’t have an online presence. Different platforms suit different companies. Depending on the kind of product or service you’re planning to offer, figure out the best medium to engage your customers and prospects. Ensure that whatever you post, it is consistent on all platforms being used.
Pair this with your content marketing strategy to get the most out of both. Customers appreciate companies that are active on social media and regularly share content. Interact with your audience via comments – whether it’s responding to testimonials or reviews. Social media is a great free tool to source customer feedback to help you improve your product.
Encourage them to not only share your content but also share their testimonials on your page. These kinds of interaction will help you widen your outreach and improve brand image. Once you understand the tricks to mastering social media you’ll realize just how inexpensive and effective a strategy it can be.

If you are a beginner in digital marketing, and want to gain expertise, check out our digital marketing online courses from top universities.

Micro-influencers

In a recent research study conducted by eMarketer, companies are allocating more and more budget to influencer marketing thanks to its effectiveness. And while startups could benefit a lot from employing similar tactics, it isn’t always easy for them to afford celebrities to promote their businesses. Instead of worrying about that, budding ventures should focus on bringing on micro-influencers into the fray.
By concentrating your efforts on collaborating with influencers with a niche following you will not only get the results you want but also manage it on a tight budget. While they may have fewer subscribers, their close relationships with their audience are critical for purchase decisions. People value recommendations from local, smaller celebrities more because they are more relatable than big stars.
The obvious problem that arises now is identifying those key individuals who can help your business have the desired impact. Consider using influencer marketing tools like Grin or Buzzstream that make it easier for you to identify those key influencers, and keep track of the important data and relations.
How does a Digital Marketer’s Salary Grow?

Press releases and guest posting

Having a good PR agency to help you with your outreach is always a good idea. Unless you have a zero-dollar budget and can’t afford them. Instead, put your own efforts into your outreach program. Press releases are a budget-friendly option to achieve that. Work your network to get in touch with the right publications and reporters who may be interested in writing about your startup.

There’s a plethora of bloggers and reporters out there who’d not only be interested in your work but would also have the kind of audience you want to reach out to. All it takes is a bit of research and the right connections. You can make the collaboration even more successful by providing free samples to them for a review or perhaps a guest posting initiative that will help both parties grow their network.
How to Increase Your Exposure And Revenue with Video Marketing

Indeed, having the appropriate funds to help you market and grow your startup business is always a plus. But the lack thereof doesn’t mean your venture won’t reach its full potential. Albeit working with little or no budget may be more of a challenge to drive sales and achieve the kind of growth your startup deserves, but these strategies are sure to make things easier.

If you are curious to get into the world of digital marketing, check out MICA & upGrad’s Advanced Certificate in Digital Marketing & Communication. Become an expert in email marketing, social media marketing, content marketing, branding, marketing analysis, and PR.

If you want to learn more about marketing and entrepreneurship, Liverpool Business School & upGrad offers Master of Business Administration (MBA) Liverpool Business School which helps you to transform your career. The program provides 1-on-1 mentorship from industry leaders, 1-week immersion program at University campus, dual credentials (MBA from LBS & PGPM from IMT), network with peers at offline basecamps and more.

Profile

Gaurav Sharma

Blog Author
Gaurav Sharma is the Co-founder of Attrock, a result driven Digital Marketing Agency. He’s a certified Google Analytics and Adwords specialist who regularly contributes to reputed publications like the Huffington Post, TechCrunch and many more. He leverages his experience and knowledge as a digital marketer to help influencers monetize their efforts and eCommerce and SaaS companies grow their revenues. When he isn’t inspiring his team of devoted individuals to achieve more, he can be found globe-trotting, sampling all that the world has to offer.
Get Free Consultation

Selectcaret down icon
Select Area of interestcaret down icon
Select Work Experiencecaret down icon
By clicking 'Submit' you Agree to  
UpGrad's Terms & Conditions

Explore Free Courses

Suggested Blogs

5 Simple Ways To Think Like An Entrepreneur: How To Make it Happen
5968
How to think like an entrepreneur? The ‘Entrepreneurial world’ could be a mind-boggling place for a first-time business owner. With the overwhelming v
Read More

by Anirudh Challa

26 Jun 2023

Are ESOPs a Good Option to attract the Best Talent for Startups?
6143
Employee Stock Option Plans (ESOPs) are part of policies to attract, motivate and retain employees by organizations. Thanks to the startup ecosystem,
Read More

by Himanshu Puri

25 Mar 2023

The Future of Jobs – Automation Mimicking Human Intelligence
899159
This is an excerpt from the book ‘The Fuzzy and the Techie – Why the Liberal Arts Will Rule the Digital World’ by Scott Hartley. Scott Hartley f
Read More

by Kechit Goyal

19 Mar 2023

How to Become an Entrepreneur :Steps, Tips and Best Degree
5702
It’s mostly a dream for everyone to become the master of his own business. And why not? The time for following the bosses’ orders has now shown a tren
Read More

by Rohit Sharma

07 Mar 2023

Top 7 Success Tips for First Time Entrepreneurs
5291
Renowned Silicon Valley investor and serial entrepreneur Peter Thiel wrote in his best-selling book, “Going from 0 to 1 is the hardest thing in the wo
Read More

by Dilip Guru

24 Feb 2021

The Emerging Technologies to Watch for 2018 – 2024
6441
A few years back, a research was conducted by Forrester about the progressive behaviour and pattern of the B2B customers. The study revealed that 74%
Read More

by Anshuman Agrahari

08 Jan 2021

Top 10 Essential Tools For Startup Business in India 2024
6291
  In a start-up, absolutely nothing happens till you make it happen. – Marc Andreessen If you are a start-up or nursing the idea of start
Read More

by Anirudh Challa

08 Jan 2021

Startup and Mid-tier business: Can they grow in 2024?
5254
The world is evolving at a rapid rate as new technologies disrupt traditional business practices. Almost every industry has been transformed by new te
Read More

by Helen Cartwright

08 Jan 2021

4 Pillars of Scalable Startup Entrepreneurship & Seed-Funding!
5556
The startup entrepreneurship landscape in the 21st century is phenomenal. Startup entrepreneurs are working on brilliant ideas in their quest to be th
Read More

by Dilip Guru

03 Jan 2020

Schedule 1:1 free counsellingTalk to Career Expert
icon
footer sticky close icon