You can offer the best product or service for your small business’s industry, but it’s not going to drive sales unless your target audience knows about it. While you can always promote your products or services using paid advertising solutions like TV and radio commercials, there are other, cheaper ways to reach your audience.
Even if your small business operates locally, it can still benefit from having a website. When someone searches for your business online, they’ll see your website listed in the search results. Here, they can learn more about your business, including what it offers, when it opens and closes, where it’s located and more.
#2) Logo Exposure:
Your business’s logo is a powerful marketing tool that can attract customers and drive sales. Over time, customers will associate your business’s logo with what it offers. To take advantage of the marketing power of logo recognition, though, you must convey it to the public. Tech companies like LinkedIn and Amazon proudly display their respective logos in their workplace. Another idea is to include your business’s logo on t-shirts, hats and other products, which you can give away as part of a contest.
#3) Word of Mouth:
Don’t underestimate the marketing power of word of mouth. If customers enjoy your product or service and believe it’s worth the cost, they’ll share their thoughts with friends and family. And each word-of-mouth referral is free marketing for your small business. To encourage referrals such as this, offer exceptional customer service that exceeds customers’ expectations.
#4) Sell to Existing Customers:
Assuming your business already has customers, consider marketing to them instead of seeking only new customers. According to a study cited by Harvard Business Review, marketing to existing customers costs businesses up to 25 times less than marketing to new customers. Existing customers have already given you their seal of approval, so they are more willing to buy your products or services than new customers.
#5) Contact Local News Companies:
Advertising your small business in a nationally distributed newspaper can be expensive. And while it may offer more exposure than locally distributed publications, it’s usually not worth the cost. Local city or county newspapers offer an inexpensive alternative that may actually drive more customers to your business. Many local publications have segments dedicated to local businesses. Here, they interview local business owners, talking about their business and the products or services they offer.
Finally, signage is always an effective, inexpensive way to promote a small business. Purchasing a large, professionally designed sign with your business’s name and slogan can attract countless new customers to your business.
Don’t let the high cost of marketing hurt your small business’s finances. Consider the ideas described here to promote your business on a budget.
Edward Schinik has been with the Investment Manager since 2009 and has been with one Affiliated Investment Manager since 2005.