Is business slow right now? Are you looking for ways to cut back on certain business expenses, like marketing? We all know that advertising is critical for generating new customers and sales as well as reminding old clients of our existence. However, there are ways to get the word out about your business and still cut expenses without ruining potential and existing customer relationships. Here are 5 tips you can start implementing today that can help you slash your marketing budget while continuing to market effectively.
(1) Focus on your most profitable products/services, customers and forms of advertising
When you are on a limited budget, it is especially important that you focus your efforts. You can’t afford to waste your time and money on trying to sell unprofitable products and services, cater to time-wasting customers, or spend your precious marketing dollars on ineffective advertising. Make sure you focus on what you do best and track your advertising campaigns to know which areas are the most profitable for you. Then focus your time, money and energy into those areas.
(2) Test inexpensive but effective forms of online advertising
Some of the best forms of marketing are free or inexpensive. For example, having a business presence on the major social networking sites like Facebook, LinkedIn and Twitter can be a very effective way to network and find customers. You can also sign up for free business listings with the major search engines (Google, Bing and Yahoo). Other online methods include writing articles, uploading videos to video-sharing sites like Youtube and hosting your own blog to further spread the word about your business. All of these methods are either free or very inexpensive and also can be very effective. Make an effort to genuinely engage with prospects and customers. Hold contests, engage in conversations and run promotions to keep them interested and coming back.
(3) Network in your local community
Becoming an active member in local B2B networking groups can be another very effective way to network and meet potential clients.
(4) Stop unprofitable advertising campaigns
Some of the more traditional forms of advertising like newspaper and magazine ads tend to be among the most expensive and are often less effective marketing methods these days. If you are still utilizing print and other mass media advertising, make sure you carefully track these campaigns to make sure they are indeed generating profits.
(5) Ask for referrals
Getting referrals is one of the best forms of advertising and it is free. Be sure to ask family members, friends, customers and vendors to help spread the word about your business. If you do this on a consistent basis, you will see your business continue to grow without having to spend a lot of money.
As you can see, there are ways to market your business that don’t require a lot of money. Creativity and consistency can go a long way in effectively marketing your business to potential and current customers. Cutting your marketing budget does not mean stop advertising. You must continue to market your business in order for your business to grow and prosper. You just don’t necessarily need to spend lots of money to do it.
About the Author
Carly Lance is employed by Personal Bankruptcy Canada, a company of bankruptcy trustees. Her experience at this company and her own company in the past has given her great financial insights to financial happiness, which is why she loves to blog to help others achieve the thing.