With an advertising budget of $1,500 to invest in a campaign promoting an upcoming ‘sale’ or special event in my business, it would be essential to come with a bootstrap marketing strategy that would not only meet the marketing budget but also achieve set out expectations. The adoption of a bootstrap market strategy is necessary, as the budget set out for marketing is somewhat lower than what would have been expected in bigger businesses, which serves as a need for creativity. Bootstrap marketing can be seen as a marketing approach that maximizes on a small marketing budget while enhancing overall capacity to deliver on an overall structure of marketing capabilities (Åkestam, Rosengren, & Dahlen, 2017). In this case, the business will focus on two specific bootstrap marketing strategies that would seek to advance an overall shift in expectation towards meeting the expected marketing outcomes.
The first bootstrap marketing strategy that the company may adopt is taking advantage of social media, which would serve as a low-cost marketing tool that would be of value in engaging with the normal target population. In this case, the company seeks to target customers between the age of 25 and 45 years, who are considered as being the most significant number within different social media platforms. Consequently, that means using social media as a marketing tool is likely to deliver on positive results. The second bootstrap marketing strategy that the company may consider is tapping into mobile with the specific focus being on cell phones and smartphones. In this strategy, the center will be on engagement in advertising through mobile phones, which would not only seek to build on credibility but also enhance overall capacity for the company to deliver on its target audience.
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References
Åkestam, N., Rosengren, S., & Dahlen, M. (2017). Think about it–can portrayals of homosexuality in advertising prime consumer-perceived social connectedness and empathy?. European Journal of Marketing , 51 (1), 82-98.
