It’s no surprise that marketing can be a huge and inevitable cost when starting a business. It is also an expense that many businesses cut when the money starts to get tight. However, there are cost-effective marketing methods you can adopt whether or not you’re trying to save money. Here are a few tips on how to market your business on a budget.
We bring up email marketing first because of the amazing return on investment – an average return of $38 for every dollar you spend. There’s a fair chance you already have customer emails to send marketing messages to, and it isn’t hard to solicit this information in exchange for coupon codes and discounts. You should also promote your business every time you communicate with your customers, such as putting a signature line on the bottom of emails that includes your web address and company social media profiles.
Social Media Marketing
Social media marketing is free apart from your time. You can create social media profiles for your business on every social media site your current and ideal customers are located on. Put a description of your business in the description and include a link to your business website in the social media profile. Mention sales and promotions on social media. This is a free way to market the business, and it could generate social media buzz that helps you reach a far wider audience.
Business cards are an excellent way to share contact information and market your business during any interaction. You could give them to prospects you meet after an elevator pitch, place them on a service counter for customers to take whenever they wish or include them in orders. If you don’t have the money to have a card professionally designed for you, you can make your own business card with an online business card maker.
Word of mouth marketing is free, and it is incredibly effective because of the social proof aspect. Don’t be afraid to ask your customers to refer friends and family to your firm. The majority of them will be fine with the request, though many business owners are afraid to ask. You could incentivize referrals by offering them coupons for doing so.
Hold a Seminar
If you like to work with people directly, you could hold a seminar. You could answer common questions regarding your industry or demonstrate things to do-it-yourself enthusiasts. You’ll turn a lot of attendees into customers if you offer discounts if they sign up for your service or buy your product. If there isn’t a direct tie-in between the seminar topic and your business, you could still use the opportunity to distribute business cards and mention it on social media.
There are a number easy of ways you could promote your business for little or no money out of pocket. These strategies have a demonstrated track record of success and a strong return on investment.