7 Ways To Market Your Business on a Budget
Finding new customers and retaining existing ones is a challenge for any business. If you have a limited budget for marketing it can make things even harder. If options like television advertising or placing ads in glossy magazines are out of your reach, you have to be smarter in the ways you reach your customers. Read on to find out me favorite ways to Market Your Business on a Budget.
1) Social media.
It’s not just large brands and corporations that use social media for marketing. Having a Facebook or Twitter account for your business is a great way to start. Sharing industry news, photographs of your products and updates about special offers are easy ways to generate interest in your business.
2) Prize draws and promotions.
Offering a prize for a raffle or competition is a great way of capturing customer information. If possible make the prize relevant to your business. For example, a restaurant owner could offer a free meal to promote the launch of a new menu.
It may not have the impact of receiving a postcard or other physical item, but email is a quick and cost effective way of keeping in touch with your customers. Encourage them to sign up to your mailing list in return for news of special offers and promotions.
4) Partner with other local businesses.
There are opportunities for joint ventures all around you if you think creatively. What other local businesses deal with similar types of customers as yours? For example, a photographer could partner with a dog grooming business to offer pet portraits.
5) Customer referral program.
In spite of changes in technology, so called ‘word of mouth’ advertising is still one of the most powerful ways to attract new customers. If a happy customer recommends your business to a friend there’s a very strong chance they will contact you. Customer referral programs can be automated using email and website tools, but you can start by making it easier for existing customers to share your contact details. Incentivizing customers to recommend you or contribute reviews of your product or services are simple techniques for generating referrals.
6) Build a LinkedIn page.
LinkedIn is a fantastic resource for networking with other business owners and finding new customers. Posting articles and content on the site can establish you as an expert and go-to person in your trade or industry.
7) Host an event.
Invite customers and prospects to an event and you have a captive audience to promote your business to. For example, a kitchen retailer could host a cookery school evening. Give people the opportunity to test your products and speak to satisfied customers and they will soon be ready to buy from you.