Our present savings are kept with the aim of fostering our future. We save today so that we can invest tomorrow. For bootstrapping financially, we look for opportunities to cut down our expenses. Besides, our marketing management also varies accordingly. This article highlights the various ways of marketing management while bootstrapping.
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Let us begin by understanding the meaning of financial bootstrapping. Financial bootstrapping is defined as the situation when a person uses his personal assets over external sources for starting a business. The concept of marketing management while bootstrapping aims at successful marketing in a cost effective manner.
Following are the points which will make you understand marketing for financially bootstrapping organisations:
1. Opt for grassroots marketing
Grassroots marketing is concerned with making your company prominent in a particular community. It aims at making everybody talk about your business in your circle. It is an inexpensive way of targeting a particular community. Come up with catchy messages to grab the attention of people. Develop messages and your products according to the various trends in the market. Organize local events to develop social networks or simply, participate in the local events. Read our blog on 10 SUCCESSFUL METHODS TO GET AUDIENCE FOR EVENTS to establish connections with your target market.
The purpose of grassroots marketing is to make the customers remember your company. For this, you are supposed to regularly come up with new ideas. Keep the ‘interest’ factor alive in your messages and products. Engage in social service events by donating things. All these ways are effective in marketing management while bootstrapping.
2. Be financially responsible
Under financial bootstrapping, you use your personal assets to finance your business. Therefore, you must aim at using them in the most prudent way. Specify a set of rules and guidelines concerning financial responsibility. Try to minimize your costs involved as much as possible. Undertake a proper analysis of the market. This will give you a clear idea with respect to the areas you can look for, in order to minimize the costs. For example, go for the cheapest labor or procure raw material from the market at minimal costs. Also, you should do a clear analysis of the cost structure of your business.
3. Promote products using social media
Use social media platforms like Facebook, Twitter or Instagram to promote your business. Create a Facebook page and post regularly about your new products and its unique features. Develop catchy posts in order to grab attention of the target audience. Similarly, you can create a page on Instagram too. Form link ups with other companies in your industry using Twitter. Start a blog and regularly post about your products and your business activities. All these are free of cost ways of marketing for financially bootstrapped organisations. Go through the BEST WAYS TO ADVERTISE YOUR BUSINESS USING SOCIAL MEDIA to learn more about social media marketing.
4. Work upon pricing strategy
Price plays a very significant role in all the types of businesses. However, for a financial bootstrapping organisation, its importance escalates. You need to get adequate amount of profits along with a good volume of sales to conduct business . For this purpose, plan your pricing strategy in a prudent way. Since you are starting your business, do not set the price too high. Set it at an optimal level by referring to the competitor’s pricing strategy. This will give you an idea as to how you should set your price to capture the target market. Further, it will lead to a smooth marketing management while bootstrapping.
All the above points can be used for marketing management while bootstrapping financially. Keep all the points in your mind while taking any decision concerned with marketing. A responsible and tactical approach is always appropriate for the purpose of marketing for financially bootstrapped organisations.