As a business owner in Hong Kong, it’s your ongoing goal to keep your business up and running and climb up the competitive Hong Kong market. And, not just that – you want your business to grow, develop, and become better with every new project, customer, or day that goes by. It’s only natural that you’ll be looking for ways to strengthen your business and ensure it stays solid on the market. One of the key areas to cover is promoting your business.
But, promoting a business can be expensive, so you need to look at the finances and find a way to reduce its cost. It may sound intimidating or impossible at first. But, with the help of our guide below, you’ll see how you can easily save money, without compromising your business.
Here are the 13 best ways to reduce costs while promoting your business.
- Overview
- Analyze the Current Situation
- Bring the Employees On Board
- Do Extensive Vendors Research
- Train Your Employees
- Hire Freelancers Occasionally
- Go Remote
- Work With a Micro-Influencer
- Rely on Technology
- Choose the Right Social Media
- Engage Current Customers
- Inspect Competitors
- Improve Overall Work Efficiency
- Create a Budget Plan
1. Analyze the Current Situation
Before you take any steps on reducing the cost of promoting your business, you need to take a look at the current situation. You need to answer the following questions:
- What are the means of promotion I’m currently using?
- How much is it costing me per month?
- Which are proven to be working and which are not?
- Am I spending money reasonably?
This analysis is necessary so that you know exactly where you stand. It will be your starting point for improvements and help you outline your cost-reduction plan.
2. Bring the Employees On Board
Whether you’ve started your Hong Kong business recently and have only a couple of employees, or you have a large business – you need to start this journey internally. Don’t try doing it all on your own. It’s always better to include as many people as possible to gather the right information and receive valuable feedback.
So, start from the marketing and financial department and see what their ideas are.
Then, advise other sectors of the company. You can even have a series of meetings to make sure people are on board and understand your new mission. Together, you’re more likely to find the best solution for promoting your business in Hong Kong more effectively, but with reducing costs.
Hear out everyone’s ideas and take notes.
3. Do Extensive Vendors Research
A great place to start your mission of reducing the cost of promoting your business is the vendors.
If you’re using the services of digital marketing such as email automation, search engine marketing, social media marketing, and others, you’re dealing with vendors who offer these services. And just because you’re currently using one vendor, doesn’t mean there aren’t better options out there.
So, do your research to cross-compare vendors who offer the same type of services and find out:
- what exact services do they offer
- what is the cost of their services
- what features or specific perks does each one have
- are they open to negotiation
Once you look at the bigger picture, we’re convinced you’ll be able to find a more economical solution for the services you’re using.
4. Train Your Employees
Business promotion requires you to have people who are trained in marketing to do the promotion for you. Most businesses decide to outsource these services and hire a marketing specialist or a marketing company to do all the work.
But, if you’re looking for ways to reduce costs, it would be a better idea to do your promotion internally instead of outsourcing.
So, why not train an employee to take over your business promotion?
This way, you’ve invested money once in the training program, but it will continue to pay off from month to month.
5. Hire Freelancers Occasionally
Another great way to avoid dealing with expensive marketing companies is to outsource freelancers from time to time. They’re generally less expensive and more flexible, so you could reach out to them when you can’t solve a problem internally but don’t want to hire a company.
Freelancers can help you with part-time projects and single assignments, and do the work just per your agreement. You can also outsource to Trust My Paper for writing, editing, and proofreading. They’re cost-effective and will save you money on promotion.
6. Go Remote
Remote work has become the new normal during the pandemic, but so many Hong Kong companies and companies globally are deciding to stick with this model. Why? Because it saves the business owner a ton of money and is proven to affect employees’ efficiency positively.
So, consider sending your business promotion team to work remotely – from their homes or whatever place they like. Without the expenses of having a physical space for them to work, you’ll be saving a ton of money.
7. Work With a Micro-Influencer
Influencer marketing is killing it when it comes to business promotion and driving leads, conversions, and sales. However, many people make the mistake of targeting macro influencers and spending too much money on collaborating with them. But, micro-influencers, whose follower range is 10.000-50.000, can work wonders for your business promotion for much less money.
Here’s why micro-influencers can be better for your Hong Kong business:
- most of their followers are organic and active
- they’re typically local and can influence your target audience more strongly
- their content is relatable
Plus, micro-influencers are more authentic, which is an essential trait of an influencer for 88% of people, according to Forbes. If you choose the right influencer to promote your business, you’ll save money and improve your online reputation.
8. Rely on Technology
Business promotion is a complex operation that requires several people to work on different assignments. As your business grows, you may start feeling like you need to hire or outsource more people to do all this work for you.
This will lead to additional costs and increase the price of your promotion operation.
But, it doesn’t have to be this way.
You can research the latest technology and find tools that will help you:
- automate promotion operations
- eliminate redundant tasks
- take the load off of your employees
- avoid hiring more staff
As a result, you’ll get more work done with less money.
9. Choose the Right Social Media
There are dozens of different social media platforms and they all come with a different set of perks. That means that not all social media is for every business.
So, if you’re spending money doing promotions on all kinds of social media platforms – from Facebook and Instagram to Twitter and LinkedIn, you need to take a step back. It would be wiser to focus on one or two platforms and invest your money there.
So, think about the opportunities that each platform gives and consider where most of your potential customers are. Then, design targeted campaigns for those specific social media.
10. Engage Current Customers
One of the most effective yet least expensive methods for promoting a business is by engaging your current customers to speak for you. Here’s how you can do it:
- create a referral program
- drive user-generated content through giveaways, competitions, or hashtags
- allow for reviews and testimonials
This will help you save money on content creation and allow you to use your customers as your advocates.
11. Inspect Competitors
The Hong Kong business market is enormous and there are dozens of similar businesses you can find in your search. Try to learn from them and see what it is that they’re doing to promote their business.
Inspecting the market this way will let you in on the best business promotion secrets that you can then use in your own business model.
12. Improve Overall Work Efficiency
If your promotion team isn’t working the best they can, you’re losing money every day. They need to be motivated, efficient and professional so that they bring out their best work.
As a business owner, you should improve the overall efficiency in the office:
- remove distractions
- provide the right tools
- give regular feedback
The more energy you invest into making your employees happy, the better they’ll work on promoting our business.
13. Create a Budget Plan
Finally, you can never go wrong with writing a solid budget plan to guide you forward. Bringing all your financial plans into one well-written document could be a lifesaver.
So, work out a business plan that will help you define where, when, and how much money to spend on promoting your business in Hong Kong.
Final Thoughts
As you can see, there are different ways for you to reduce the cost of promoting your business in Hong Kong. All you need to do is understand where you currently stand and what needs improvement.
Then, use some of our 13 smart ways to reduce your costs and your business will start flourishing. Hopefully, we’ve inspired you to start working on this today!
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