Stretch Your Marketing Budget
If you think you have to have a multi-million- or multi-thousand-dollar marketing budget to draw in customers, think again. Yes, you do have to spend some money – marketing is an investment. You just need to make smart marketing decisions and make the most of your marketing budget, whatever it may be.
Here are seven ideas on how to broaden your marketing budget and boost your bottom line:
1. Employ free publicity. Free publicity in the form of newspaper articles and stories on the local television station builds awareness and credibility. So look for opportunities to be involved with community activities.
2. Use local organizations as forums. Local organizations have monthly meetings and are usually looking hard for speakers. You can lend your expertise to these audiences, talking about how to build a successful business and use your business and products as examples. You’ll get community exposure and may meet potential customers. Utilize flyer printing services by printing flyers that sum up key points of your talk with your contact information and Web site address. Also be sure to bring business cards and other tchotchkes with your logo or name on them. People like free things!
3. Write articles for newsletters, newspapers, industry journals, magazines and your own Web site. Authoring articles shows that you are an expert on something and could bring in potential customers – the people that read the media you used. If people have seen your name in print before, and they recognize it later when you contact them, they’ll feel more open to you because your name is familiar.
4. Build a Web site. Everyone has a Web site these days, and if you don’t you’re missing out on a great opportunity. When people look for products and services, they look to the Web first. A Web site is an inexpensive way to let people know about you and your products and services. You can find free Web site hosting sites that will run ads on your site, or you can pay any number of hosting sites for an ad-free site.
5. Look for complementary businesses to partner with. Swap flyers, brochures and other marketing materials with a business that complements yours. This costs nothing to build a relationship with another business and get to its customers. You can even have special sales that include both of your products in a package deal.
6. Get involved in the organizations you already work with. Volunteer your products or services to an industry or local organization. Again, your name will be more recognizable by the community and industry if you get more involved. Recognizable, familiar people are trusted people that customers will work with and buy from.
7. Network, network, network. People like to do business with people they know. Networking takes some time and little money. Make sure you get to any trade shows or conferences that you can to get your name out there and pass out business cards.
Make sure that the marketing tactics you use have a purpose. If you just randomly pick marketing activities or are marketing like your competitor because it’s working for them, that most likely won’t work for you. You need to choose your marketing activities carefully, considering the cost and benefit to you. If you choose something thinking about price only, it could end up costing you your profits in the long run.
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