How To Grow A Digital Business On A Low Budget
The goal of many entrepreneurs is to grow their digital business on a low budget and obtain immediate results. When I talk to potential customers I always try not to give too much expectation on the results, but to study the strategy suited to their market sector and based on the target they want to reach.
A strategy if well studied can give results even in the short term, such as three months.
From Growth Hacker there are various assessments to do such as:
- product or service to sell
- study of the target and where the public is present
- which digital channels are best for positioning and achieving results
In this article, I will talk about two business case studies with a B2B and B2C market sector. I will go to indicate precisely:
- how to position oneself according to objectives and targets
- which digital channels to evaluate and strategies to implement
This article is based on a topic that I covered in an Instagram Live entitled “How to grow a digital business on a low budget”.
How to position yourself in the digital market: where to start?
What are the ratings and aspects to consider when positioning yourself online? The aspects to consider are the following:
- Type of market sector: fashion, beauty, local business, commerce, online commerce
- Objectives: customer acquisition, community development
In the Target study, we not only think about gender and age, but we deepen the study with demographic and psychological data, behaviors, what their problems are, and how we can solve them by offering products and services. The other assessments to be made for an online positioning: which social channels they use and how they behave, what online purchases they make.
As for the assessments to be made towards the Competitors, they are the following: how they are positioned, in how many and which channels, what content they produce to attract potential customers, what types of advertising campaigns they implement on social networks to attract potential customers.
Any business needs Partners, in this case, the assessments to be made are:
- with which partners I want to establish collaborative relationships
- in which channels my potential partners are present
These are the evaluations to do before positioning yourself online.
Now I proceed with the business case studies in the B2B and B2C sector.
(Case Study 1). How to position a business in B2B
A company in the B2B sector has a budget of € 1000.00 and wants to position itself online to attract customers and partners in their project. The evaluations to be made in positioning in the B2B sector are:
- Objective: to acquire potential customers and attract potential partners
- Budget: € 1000.00
The budget can be divided according to the content to be produced to position itself in one or more social media and the remainder invested in advertising campaigns in the channels.
In the case of a B2B company, good positioning is Linkedin, as social media helps to create a network of connections and forge collaborative and professional relationships.
A possible strategy in the case of a team is to create a profile for each member of the team, develop content to promote the launch of a company or event.
In this type of strategy, the predominant role is the strength of the group to launch a business.
Can Instagram be useful in the B2B sector?
In addition to Linkedin, another potential positioning is Instagram. More and more companies, from SMEs to corporates, are using Instagram for business.
The strength of Instagram has always been the community and creating national and international connections. Not to mention the way it is the place where you can forge relationships with influencers for the launch of a product or service.
Furthermore, thanks to the interaction and the publication of content on various fronts including galleries and Stories, a community can be grown, and, with minimal investments in advertising, a vast audience can be reached.
Creating a mailing list is one of the objectives of a B2B company, to update contacts, for example, of offline and online events.
Developing a landing can cost more than 1000.00, but for the acquisition of contacts, the free landing that Mailchimp makes available can be useful.
Advice for companies in the business sector.
When you are at the beginning of a digital positioning, I do not recommend the opening of many social channels, better to concentrate on a few channels. Once a community has been developed and the first results obtained, it is possible to consider increasing brand awareness on other channels, such as Youtube.
(Case Study 2). How to position a business in B2C
The second case study concerns a company in the B2C sector, always with a small budget.
Often the objectives of a local and e-commerce company are: to sell products and services to the final consumer.
Which positioning is suitable for a local business?
In this case, good positioning is the Facebook and Instagram platforms. Most people take advantage of Facebook and Instagram Search when searching for new products in their city.
Positioning is not the only strategy, but investing in developing captivating and engaging content to develop a loyal community.
In the case of a company with reduced budgets, also focus on investment in Facebook advertising to achieve brand awareness objectives and acquire new customers.
Advice for local business.
These are possible placements in the B2C sector. Among insiders, the advice is to test content and promotions as much as possible. My advice is to study the strategy first, the tests must be carried out with intelligence.
It is also good to create a social media strategy to create a constant process that brings results over time.
As you have read, the first phase is constituted in the study of the objectives and aspects concerning the launch of a business in digital. KissAnime wanted to show 2 concrete examples of real cases and how to start digital with reduced budgets.
As always let me know what you think in the comments below.