Marketing is paramount in these times of economic change.
So how do you keep your marketing efforts alive despite a dwindling fund?
There are many marketing initiatives available that are free of cost or have a minimal cash outlay with a relatively high return that small businesses can effectively employ to remain competitive.
Here are 9 such techniques to help you survive and thrive through the present tough times:
1. Networking – Networking with local business groups, local ‘service’ groups such as Round Table, Lions etc, or even at your children’s school or the church, etc. can be a great marketing technique that does not cost a thing.
2. Referral Policy– 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.
3. Targeted Direct Mail– A carefully written letter sent to a targeted list and then followed up to increase response rate can work wonders for your business.
4. “A” Board– An “A” board in front of your premises.
5. Improved Signage– Improve your signage to cover the services you offer.
6. Marketing Collateral– Leaflets promoting all your services sent out with invoices or direct to your customer base is a cost-effective marketing technique.
7. Email Newsletters– While it can cost a bit to set up a template, 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 these are free to send.
8. Free Poster Signs– Post signs on your vehicles – you have a free poster site, why not use it!
9. Internet/Online Marketing– There are a plethora of free/low cost options available online, such as blogs, social media, membership communities like Facebook, MySpace, Twitter, 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 axing your marketing budget does not mean that you also minimize your marketing initiatives.
The biggest mistake businesses make during a recession is to cut down on their marketing activities. Using these free, low cost marketing techniques will help your company stay afloat during these tumultuous times.
