How can you do great marketing on a budget? If you find yourself cutting back heavily on your marketing budget because of the need to reduce costs, it does not mean that you also need to cut back on your marketing activities. Marketing is paramount in times of economic distress.
How then can you keep your marketing efforts alive despite a dwindling fund?
There are many marketing initiatives available that are free of hard costs or have a minimal cash outlay with a relatively high return that small businesses can effectively employ to remain competitive.
Here are nine such techniques that can help you survive and thrive through tough times.
- Networking – Networking with local business groups, local ‘service’ groups such as Round Table, Lions, local business associations etc, or even at your children’s school or the church, etc. can be a great marketing technique that does not cost a thing.
- Referral Program – Ask your existing customers to recommend you to a friend and, if necessary, give them some form of reward (high perceived value to them, low cost to you) for doing this.
- Targeted Direct Mail – A carefully written letter sent to a tightly targeted list and then followed up by phone to increase response rate can work wonders for your business.
- “A” Board – An “A” board in front of your premises if you have a retail location.
- Improved Signage – Improve your signage to cover more of the services you offer or be more visible.
- Marketing Collateral – A small brochure or flyer promoting all of your services sent out with invoices (some of your customers may not be aware of everything you offer) or direct to your customer base is a cost-effective marketing technique.
- Email Newsletters – While it can cost a small amount to set up a template or get an email service, email newsletters come with only a small cost to use as long as you have the time to write the content yourself. There is no postage associated and they are typically free to send.
- Vehicle Signs – Post signs on your vehicles – you have a free poster site, why not use it! Car signs can be made relatively inexpensively.
- Internet/Online Marketing – There are a plethora of free/low cost options available online, such as blogs, social media, membership communities like LinkedIN, Facebook, Twitter, Blogs, Meetup, Yelp etc. where you can market your products and services. YouTube can be used effectively to demonstrate your product and with the help of social media tools, these videos can reach a newer, wider audience.
It is important to remember that reducing your marketing budget does not mean that you must also minimize your marketing initiatives. The biggest mistake businesses make during a downturn is to cut down on their marketing activities. Using these free, or low cost marketing techniques will help your company stay afloat during rocky times. Get in touch with me if you want more ideas.