Money can get pretty tight when you are first starting a new business. There are always at least a few expenses that crop up you didn’t plan for. Of course, even an established business can face lean times as well from time to time.
Either way, you may need to tighten up the budget in order to make ends meet and keep business flowing smoothly. One way to do that is to examine your business expenses and possibly make some changes, such as in marketing.
Marketing is essential to business profitability and growth. So, how do you advertise in ways that are economical, make sense, and still maintain your profits?
To aid such a strategy, here are some inexpensive ways to market your business that may help.
Business Cards
Business cards are a must for your business. For a relatively low fee you can get them printed in large quantities and keep them near your cash register if you have a storefront. They are also quite useful to hand out at large business events. You can add a promotional code or coupon if you want and keep track of how many people use it later on your website or in your store.
Don’t forget to collect business cards as well as giving your own. Doing your own outreach after collecting business cards is a great way to get new business too.
Social Media
Social media sites are another great resource to market your business cheaply. Start a Facebook page for your business and suggest it to the people on your friends list. Update it regularly with new pictures, sales, and promotions. To get the best results, stick to one or two social media platforms rather than trying to keep up with all of them.
Start an email account and make it a habit to ask for other people’s email addresses when you are networking. Add them to your contacts list and keep it updated with changes, additions and deletions.
Newsletter
Create a newsletter you can send out through both email and regular mail for those customers who don’t have access to email. Send it out regularly, at least quarterly, and possibly even as often as monthly. Feature new products or services as well as promotions you are or will be having. Always ask your new customers if they would like you to add them to your email or mail list as a courtesy.
Highway Signs
Is your business near a major highway? If so, you may be able to advertise on a large billboard for a relatively low annual fee. You would be surprised how much business this can generate for you.
Phone Books
Although phone books are being used less than they used to be, they are still utilized by many. Put an advertisement in the yellow pages to get your business noticed.
Open House
If your business is new or has remodeled or moved, hosting an open house is a great way to boost traffic and get noticed. Hire a catering service to make cookies and dig out your favorite punch recipe. Advertise the event and offer special promotions and demonstrations.
Blog
Start a blog about your business. Create new posts regularly. Comment on other popular blog posts regularly to get yours noticed and increase traffic. This content can be recycled and used for your Facebook page and email newsletter as well.
Newspaper
Believe it or not, some people really like their news in print rather than the many different forms of e-news available. Advertise your business or sales events in local newspapers and flyers as a cheaper way to reach a lot of people.
Donate to Charity
Most communities have charity events on a regular basis. Get on those lists and donate to them to get exposure for your business and create goodwill.
Networking
Talking to people and taking an interest in them and how you can help them is a great way to market your business. In addition, talk to your local chamber of commerce to find out about events and small business organizations you could become a member of in your area.
Submit Articles
Many magazines, newspapers, and other publications allow guest contributions. Submit an article and promote your business at the same time.
Website
Create a website for your business. Or, if you lack the skills to do it yourself, hire someone else to create a website for you. Update it often and use it to list items and services you sell as well as sales and special events. Make sure your website is mobile friendly.
Classes and Demonstrations
Hosting a demonstration or free class is another good way to generate interest in your business and advertise what you have to offer. Advertise the event and consider carefully the timing to encourage people to sign up and attend. For example, if you own a garden center, hold your class in the early spring to catch people before they start their spring plantings.
Referral Program
When you have loyal customers who direct others to your business, reward them for it. They are increasing your sales and exposure so keeping them satisfied is essential to your business. For example, offer them a small gift or discount for each customer they direct your way.
Loyalty Perks
Reward your regular customers with special discounts, punch cards, or other perks. After all, these are the people who keep your business running. If you keep them happy, they will spread the word about your business and increase your growth and earning potential.
Renew Interest
When you haven’t heard from some of your customers in a while, like 6 months or more, send a special discount card to them by mail or email. Most people love a good sale and would appreciate having the opportunity to get their purchases at a discount.
Sharing information on Pinterest is a good way to increase traffic and market your business inexpensively. But, make sure it makes sense for your business model. It works best for online businesses or those with websites to help them get sales.
YouTube
Make a YouTube video and demonstrate your product or service to promote your business. This can be especially effective if you have a new way of using something or a new product to make people aware of.
Do a Survey
Conduct a survey to find out what your customers like and don’t like or what could be improved in your business. But don’t stop there. Post the results of the survey in your newsletter, website, and blog. People are interested in what others have to say and it can increase your visibility.
Create a Frequent Q&A
Put frequent questions and answers in a section on your website to answer customer questions that occur on a regular basis. Not only will this save precious time, but it can increase your traffic. Take it one step further and link it back to blogs about your business.
Volunteer
Volunteer your time to help with local events, such as fundraisers or school events, without getting anything in return. When you foster goodwill in your community, other’s notice it and may be more likely to do business with you in return.
Attire
Create a business t-shirt or polo with your business logo on it. Wear it to charity events and demonstrations. Not only does it look professional and indicate you take your business seriously, it advertises your business to others.
Samples
When you can, hand out samples of your products. Many people will try the samples just to save money and you just may win over a few of them in the process.
Work with Your Competitors
Become allies with your competitors instead of enemies. You can help each other when one of you is overloaded with more work than you can manage. In addition, you can share general insights and tips that benefit everyone.
Even when money is tight there are ways to reduce some of the stress to your business budget. Choose some of the inexpensive ways to market your business found above to help.
