Low cost ways to market your business
Many times business owners fall back on the same old marketing strategies time after time. This is true even when these marketing strategies could be costing their business to much money. Most businesses have a limited marketing budget so savvy business owners will understand that the key to marketing successfully is to not try and outspend their competition but instead make sure that they are spending their marketing dollars in the most effective way possible. If you take the time to plan and are creative low cost marketing can mean that you not only save money on your marketing but it is more effective, as well. Here is what you need to know about low cost ways to market your business-
- Network, network, network-One of the lowest costs ways to market your business is by networking. The best part of networking is not just that it cost no money but that you can virtually do it anywhere. Business owners who want to network should always be prepared to talk about their business wherever they are. This means that you should also have material (business cards, brochures etc), to hand out to anyone who is interested in your business. Savvy business owners will never miss an opportunity to network for their business whether they are standing in line at the bank, working out at the gym, or attending a Business Alliance or Chamber of Commerce meeting. Remember though that you want to focus on being assertive and never be aggressive.Finally, keep in mind that even if the person you are talking to isn't interested in what your business has to offer they might know someone who is so don't be afraid to ask for referrals.
- Ask for referrals-Another low cost marketing method has to do with asking your current customers to provide referrals and recommendations for your business. This is one of the easiest ways to generate marketing for your business. However, you will need to be proactive in order for this to work. You cannot be betting that your current customers will be recommending you to others (though good customer service will improve those odds). Keep in mind that when your customers have just made a purchase and they are happy with their experience that is the right time to ask them for a referral. Finally, you can also offer incentives for customers who give you referrals that generate new sales for your business.
- Send out a newsletters-Another very low cost way to market your business is through the use of a newsletter. This can be a very effective way to keep your business in the attention of your customers and other key contacts. You can use your newsletter to let your customers know what you have to offer but you can also use it to bring to light certain business challenges that are unique to your business and offer solutions on how to solve them.You can also educate your customers about your industry and how your business plays a part in it. When you are able to show your customers that you are the expert in your field they will view your business with more credibility and trust. Keep in mind that it is crucial that you offer something of value to your customers. You should not use your newsletter simply to advertise or push sales. Finally, you will need to determine if you are going to send out an online newsletter or a printed one. The bottom line is that it will be less costly to send out a newsletter electronically rather then print up one.