How to Build An Effective Marketing Strategy On A Budget

Working with microinfluencers, incentivizing referrals and launching affiliate programs are all great ways to get started. — Fizkes / Getty Images

A commonly accepted best practice is to benchmark about 2% of your sales revenue for marketing and advertising. That may not seem like much, but it can disappear quickly. Optimize the ROI of your marketing budget by investing in these inexpensive marketing ideas that can deliver a lot of bang for your buck.

[Read more: 7 Creative (and Free) Ways to Promote Your Business]

Incentivize customer referrals

The data is conclusive: Your existing customers are your best advocates. People who hear about a product, brand or service from a friend are four times more likely to make a purchase. And referred customers have a 16% higher lifetime value as compared to a customer who wasn’t referred. Word-of-mouth marketing (WOM) is how Rent the Runway grew to a $1

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