A Way To Promote The New Business Without A Marketing Budget Assignment

A Way To Promote The New Business Without A Marketing Budget Assignment

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Research project description:

As an entrepreneur or freelancer, marketing without a budget can be challenging as it requires having a minimum budget while building a small company or a business empire. However, without this most obvious obstacle while marketing, an individual can do so many other things to kick start the marketing efforts. One of the methods that can be effective in budget-less marketing includes educational blogging guides, best products or service listing; always practice principles; newsletters of the business study across the customer base; networking through conferences; more social media awareness and content and so on. In the digital marketing era, budgeting can be no issue as it requires a tiny amount of money to promote in this platform where there is a high potential of promoting the products, services or brand. According to Katsikeas, Leonidou and Zeriti (2020), there is relevance and potentiality play an essential role in online organisation resource deployment and capabilities, which play an influential role in foreign market selection and decision-making procedures. They also mentioned that the relevance has an impact on "international market strategist choices", including implementation and control. Thus it can be concluded online social media marketing or content marketing can be an efficient way to start up a company and promote marketing.

Figure 1: Expected year-over-year change to content marketing budget worldwide in 2023

(Source: Statista.com, 2023)

The above statistics show that the engagement between businesses and consumers on social media content is quite substantial. Nearly 50% of respondents to a survey of content marketing experts conducted in late 2022 said they anticipated seeing an increase in their spending for content over the coming year, 26% said they expected to see no change, and 19% said they anticipated seeing a reduction (Statista.com, 2023). Thus, in this market of online promotions and business expansion, the budget can be the last thing to worry about as other aspects can be prioritised, such as engagement, promotion, quality of service and products while establishing a business.

Research rationale

Marketing budget might not be the only factor in marketing, but most definitely an essential one in order to achieve satisfactory promotion, which can build up a loyal customer base. Small-scale businesses and brands often have little to no budget to promote their products, services or brand name after gathering and investing in the basics, where the responsibility comes to create budget-less marketing strategies. Some of the great ideas for promoting marketing in a budget-less manner are: creating an online platform for promotion; posting and engaging on that platform, which is most likely a social media; tagging other businesses or business people similar to own business; doing some “Search Engine Optimisation”; developing an email marketing plan, publish engaging and interesting contents that attract consumers and others and so on. The online platform can come in exceptionally handy when it comes to marketing and promotions of businesses.

Figure 2: Most popular social networks worldwide as of January 2023, ranked by number of monthly active users

(Source: Statista.com, 2023).

The above statistics prove that social media platform has one of the best engagements worldwide, where businesses can grab the opportunity to utilise a variety of social media platforms to promote their content via online posts for advertisement. Market leader "Facebook" was the first social network to reach “one billion” registered accounts with more than 2.9 billion monthly active members (Statista.com, 2023). "Meta Platforms" is the parent company of "Facebook," "WhatsApp," "Facebook Messenger," and "Instagram," four of the largest social-media platforms with a combined monthly active user base of over one billion. In the fourth quarter of 2022, Facebook informed having more than 3.7 billion essential "Family product users" monthly (Statista.com, 2023). It leads to the conclusion of the efficiency of marketing through online platforms without worrying about the budget.

Aims

This proposal aims to find an effective and efficient way of promoting a new business without a marketing budget. Brand awareness is to be spread across the marketing platform and attract new customers through the process, including establishing the brand name for the new business. The goal is to find methods and media to do so without a budget but create business traffic in either online or offline mode.

Objectives

• To find the best way to promote a new business with effective results without a budget
• To identify the factors that creates brand awareness and drive traffic towards the business
• To investigate the best platforms and their performances in creating brand value and building a customer base for the new business
• To recommend procedures to create brand awareness in the found platforms without considering the budget

Questions

• What is the best way to promote new business without a budget but with effective results?
• What are the key factors while creating brand awareness, and how to drive traffic towards the brand?
• Which are the best platforms to promote brand awareness for a new business and its customers?
• What are the recommended processes to use in order to spread brand awareness across the discovered platforms without accounting for a budget?

Identification of Literature Sources:

According to Kabeyi (2019), a strong strategic plan can offer organisations important advantages, including higher profitability and improved corporate governance. Haenlein et al. (2020) suggest influencer marketing via social media can be effective for high profitability. Ye et al. (2021) stated influencer marketing seems to be a useful and affordable marketing strategy supporting Haenlein et al. (2020)’s statement. Makrides et al. (2020) explain the “gold rush” of digital marketing to increase brand awareness. Moncey and Baskaran (2020) mentioned that digital marketing, which lets modern marketers effectively engage customers, increase brand awareness, and foster consumer loyalty, is the most crucial corporate function. Sanny et al.(2020) also support the statement as they mention that “social media marketing” significantly impacts brand trust and image. Additionally, brand perception and brand trust had a big impact on “purchase intention.” Besides, hedonic motivation, customer involvement, and brand recognition all arbitrate the relationship between “social media stimulation” and “offline purchase intent,” as discussed by Dabbous and Barakat (2020). Liu, Liu and Zhang (2019) further elaborate on the physical and social attractiveness of the vloggers, as well as the viewers' viewing intentions and behaviour, raising the audience's opinions of the “brands the vloggers supported.” Thus, Lopes and Casais (2022) explain that organisations use an inbound strategy, where consumers seek for the brand on purpose because it provides them with “relevant and amusing information” that both informs and amuses them. Finally, when it comes to brand equity, Cheung, Pires and Rosenberger III (2020) give a strategy of "intensive distribution" on " the consumer-based brand equity dimensions."

Research Methodology

Herein, the study about promoting a new business without a budget will be using the "secondary qualitative data collection method". According to Haven and Van Grootel (2019), secondary qualitative's significance will give a chance to maximise the use of data, especially for patient populations who are difficult to contact. Apart from that, when it comes to the research philosophy, “positivism” is a beneficial process to proceed with as it validates the data regarding how online platforms can be instrumental in order promoting a new business or brand without a budget (Tamminen and Poucher, 2020). Besides, in order to achieve objective-based results in this research, a “deductive-research approach” can be considered appropriate as the study can focus on the necessities of marketing and promotion of a new business, excluding the budget (Gilgun, 2019). Additionally, "random sampling techniques" are more than sufficient to access random but essential data such as technical reports, systematic reviews, peer and non-peer-reviewed articles and others (Weirich et al. 2021). However, collecting data from 10 peer-reviewed articles and information is as essential as the others. It gives the researchers access to more authentic data, which helps them to establish their perspectives of views. This study will be conducting thematic analysis and adapting descriptive research design to accomplish its desired objectives.

Gantt chart

Table 1: Gantt chart

(Self-developed)

Research structure:

During the project, it took almost ten weeks to prepare the entire structure. Within the first week, the background of the research and the research aims and objectives were found and established. Week 2 was evaluating the research rationale. By the third and fourth weeks, the literature sources are found and identified for the dissertation for this proposal. The next week was for selecting the methodology for the proposal, and by the 6th week, the collecting of secondary qualitative data was completed. The seventh week was for the data analysis, and the 8th week was for the conclusion of the outcome. The last two weeks are considered for the waiting period to get feedback from the teacher and the submission for the dissertation.

Ethical questions

• “Deception of participants?”
• “Financial inducements?”
• “Possible psychological stress?”
• “Access to confidential information?”
• “Any other special circumstances?”

Ethical Considerations:

The establishment of a research proposal should be created in a manner that follows certain ethical considerations while proposing the research, as those can be explained by answering the above broad questions. Participants are not going to face any deception while working on the project, which is promoting a new business. They also are not going to have to worry about any financial inductance as it does not require money to build up a research proposal (Katsikeas, Leonidou and Zeriti, 2020). Additionally, it does not even cause any psychological distress, and there is no compromise of any confidential information while collecting and generating the data. The project team members can work peacefully without requiring any special circumstances other than working on the proposal.

References:

Cheung, M.L., Pires, G. and Rosenberger III, P.J., 2020. Exploring synergetic effects of social-media communication and distribution strategy on consumer-based Brand equity. Asian Journal of Business Research, 10(1), pp.126-149.

Dabbous, A. and Barakat, K.A., 2020. Bridging the online offline gap: Assessing the impact of brands’ social network content quality on brand awareness and purchase intention. Journal of Retailing and Consumer Services, 53, p.101966.

Gilgun, J.F., 2019. Deductive qualitative analysis and grounded theory: SensitisingSensitising concepts and hypothesis-testing. The SAGE handbook of current developments in grounded theory, pp.107-122.

Haenlein, M., Anadol, E., Farnsworth, T., Hugo, H., Hunichen, J. and Welte, D., 2020. Navigating the New Era of Influencer Marketing: How to be Successful on Instagram, TikTok, & Co. California management review, 63(1), pp.5-25.

Kabeyi, M., 2019. OrganisationalOrganisational strategic planning, implementation and evaluation with analysis of challenges and benefits. International Journal of Applied Research and Studies, 5(6), pp.27-32.

Katsikeas, C., Leonidou, L. and Zeriti, A., 2020. Revisiting international marketing strategy in a digital era: Opportunities, challenges, and research directions. International Marketing Review, 37(3), pp.405-424.

1. Haven, T. and Van Grootel, D.L., 2019. Preregistering qualitative research. Accountability in research, 26(3), pp.229-244.

Liu, M.T., Liu, Y. and Zhang, L.L., 2019. Vlog and brand evaluations: the influence of parasocial interaction. Asia Pacific Journal of Marketing and Logistics.

Lopes, A.R. and Casais, B., 2022. Digital content marketing: Conceptual review and recommendations for practitioners. Academy of Strategic Management Journal, 21(2), pp.1-17.

Makrides, A., Vrontis, D. and Christofi, M., 2020. The gold rush of digital marketing: assessing prospects of building brand awareness overseas. Business Perspectives and Research, 8(1), pp.4-20.

Moncey, A.A. and Baskaran, K., 2020, November. Digital marketing analytics: Building brand awareness and loyalty in UAE. In 2020 IEEE International Conference on Technology Management, Operations and Decisions (ICTMOD) (pp. 1-8). IEEE.

Sanny, L., Arina, A., Maulidya, R. and Pertiwi, R., 2020. Purchase intention on Indonesia male’s skin care by social media marketing effect towards brand image and brand trust. Management Science Letters, 10(10), pp.2139-2146.

Statista.com, (2023). “Expected year-over-year change to content marketing budget worldwide in 2023” Available at: https://www.statista.com/statistics/1292027/content-marketing-budget-change/ [Accessed on:19.04.23]

Statista.com, (2023). “Most popular social networks worldwide as of January 2023, ranked by number of monthly active users” Available at: https://www.statista.com/statistics/272014/global-social-networks-ranked-by-number-of-users/ [Accessed on:19.04.23]

Tamminen, K.A. and Poucher, Z.A., 2020. Research philosophies. In The Routledge international encyclopedia of sport and exercise psychology (pp. 535-549). Routledge.

Weirich, S., Hecht, M., Becker, B. and Zitzmann, S., 2021. Comparing group means with the total mean in random samples, surveys, and large-scale assessments: A tutorial and software illustration. Behavior Research Methods, pp.1-12.

Ye, G., Hudders, L., De Jans, S. and De Veirman, M., 2021. The value of influencer marketing for business: A bibliometric analysis and managerial implications. Journal of Advertising, 50(2), pp.160-178.