Marketing thats that really expensive thing that seems to drain money right?
Actually the answer is somewhat different, especially when it is done right. Of course there is a cost involved, but for any business as long as there is a return on the expenditure then it should be seen as an investment rather than a cost.
The world of marketing is incredibly dynamic with lots of people trying to attract new business. Add to this the development of new technologies and marketing channels (Social Media for example) and it can quickly become confusing for business owners who want to focus on their business.
With this back drop in mind, here are seven low-cost tips that can help small businesses find customers and generate sales quicker:
Big businesses have large advertising budgets with campaigns that create name recognition, brand value and future sales. As a small business you probably wont be able to compete ..so dont!
Instead, design your advertising campaigns to generate more immediate sales. One way to accomplish this is to always include an offer in your advertising and an easy way for prospective customers to respond to it.
Some prospective customers are not willing to pay the asking price for your product or service maybe because they place more value in a low price than in getting the best quality. You can avoid losing sales to many of these customers by offering a smaller or stripped down version of your product or service at a lower price.
Whilst this may not always be possible it is worth considering.
The converse of tip number 2 is also true. Some potential customers are not motivated by a cheap price. Many are willing to pay a higher price to get a premium product or service. You can boost your average size sale and your total revenue by offering a more comprehensive product or service or by combining several products or services in a special premium package offer for a higher price.
Look for some unconventional marketing methods your competitors are overlooking. You may discover some highly profitable ways to generate sales and avoid competition. For example, print your best small ad on a postcard and mail it to prospects in your targeted market. A small ad on a postcard can drive a high volume of traffic to your website or generate a flood of sales leads for a very small cost.
Reduce the size of your ads so you can run more ads for the same cost.
You may even be surprised to find that some of your short ads generate a better response than their longer versions. One of the main reasons is that very often small businesses try and convey too much information in an advert. Keep the message simple with 1 or 2 key points and remember to make the copy customer benefit driven. Rather than focusing on what your selling and how good it is spend time instead on how it will improve the customers experience.
By working with non-competing small businesses that serve customers in your market you are able to open up new doors for little outlay. This works best if they are a symbiotic relationship between your services/products. This might not always be the right way forward for everyone but it is better to rule it out than never consider it.
Your customers already know and trust you. Its easier to get more business from them than to get any business from somebody who has never bought from you. Take advantage of this by creating some special deals just for your existing customers and announce new products and services to them before you announce them to the general market.
Also, convert your customers into publicity agents for your business. Develop an incentive for them to tell associates and friends about the value of your products or services. An endorsement from them is more effective than any amount of advertising and it is much cheaper.