The Challenge: Starting from Scratch
Recently, I tuned into a podcast by a Spanish marketing agency on YouTube where they played an intriguing game: you have $10,000 to market a brand-new business with no branding, no website, nothing. How do you spend that money? This exercise is more than just a fun hypothetical; it's a real-world challenge that many entrepreneurs and small business owners face. The podcast featured four experts from different niches—design, paid ads, SEO—each defending their own turf. Their suggestions sparked some interesting thoughts and insights.
The Reality of Budget Allocation
When you have a limited budget, how you allocate it can make or break your business. There aren't definitive right or wrong answers because results often depend on factors beyond our control, like luck or algorithms. You might execute a flawless strategy and still not see the expected results. Thus, having a long-term mindset is crucial when planning your marketing budget.
Shifting the Question
Instead of asking, "How do I best spend $10,000?" a more effective question would be, "How can I turn those $10,000 into more?" The goal is to grow that initial budget over time, turning it into $15,000, $20,000, and beyond. Focusing solely on branding, website design, and social media ads could be a misstep. While these elements are essential, they're not always the most cost-effective initial investments.
Budget-Friendly Branding and Website Design
You don't need to drop $5,000 on a logo and a high-end website design. A minimalist, black-and-white website made with affordably-priced themes like Thrive Themes can do the trick. You might spend about $150 on this, which is nothing compared to thousands on elaborate designs. As for a logo, it's often simpler to get an affordable one from Fiverr or an artist on Twitter. Perhaps consider using AI? Even using your business name with a cool typeface in a tool like Pixelmator or Photoshop can work. By now, you've spent only about $150.
Building an Email List: Your Most Valuable Asset
Next, consider what will bring you the most value—and that's often an email list, not social media followers. An email list is your asset, under your control, unlike social media platforms where rules can change suddenly. Setting up an email list might cost around $50 if you use services like Drip or ActiveCampaign. That's another $50 spent, leaving you with $9,800.
Allocating the Remaining Budget: Ads vs. SEO
Now, how should you spend the remaining budget? While I'm not a huge fan of paid advertising, if you're in need of quick results, it's a viable option. Personally, I prefer playing the long game with SEO. Start with keyword research to find out what your target audience is searching for. Focus on getting your content in front of those eyes organically.
However, if immediate results are necessary, putting some money into showing your content alongside competitors' videos on YouTube could be effective. I've had some nice results doing this. But always remember, content creation, community building and SEO are the long-term plays that generally offer the best ROI.
