Anyone who’s looking to start a new business or has recently set up a company will understand how important budgeting is. You’ve got to buy equipment; you may have employees and then there is marketing.
Decades ago, marketing used to be a barrier to entry for new firms, however, online platforms have completely changed the way companies target customers. Traditional forms of advertising can be expensive and hard to track, fortunately small businesses can use cost-effective modern marketing tools to reach potential clients and customers. One way to increase your business’ marketing budget is to find clever ways to save money on existing costs. Online comparison sites such as Utility Saving Expert can help you find the best deals on business energy and a wide variety of commercial insurance policies. You could be saving hundreds of pounds annually, and it takes less than 10 minutes to obtain a free no obligation quote.
There are a number of digital tools available to companies of all sizes, we’ll be focusing on 8 tips that small businesses can make use of to give them a competitive edge. Here’s how you can market your firm on a budget.
1. Create an elevator pitch.
Companies should be actively marketing all the time, no matter where they are. To do this, you will need an elevator pitch that is compelling and gets potential clients and customers interested. Psychologists believe that the average adult’s attention span is between six and eight seconds. That’s what you’ll be working with to capture someone’s attention. Once you have their attention, you will gain additional time to sell them on your product or service. Take the time to create a pitch that leaves a solid impression, this will help you create ample business opportunities.
2. Get involved in the community.
When trying to reach new customers, you don’t necessarily have to search far and wide. Start by finding out what’s happening in your local community and get involved. You may decide to sponsor a local sports team or charity event. Think about who your target customer is and find out what interests them, this will help you understand where they spend their time, making it easier for you to understand what areas you need to reach.
3. Work with other businesses.
Search for a number of businesses in your town/city that are not competing directly with you and find creative ways on how you could collaborate in your promotional efforts. This would greatly benefit all parties involved, helping you to save money and reach a bigger audience. Smart ways of cross promoting businesses include printing leaflets, promotional offers, reciprocal website links and sharing of each other’s content on social media networks.
4. Network to increase your net worth.
It’s often said that there is no better way to build a business than networking with others. This old tradition is still highly relevant in the modern world. Afterall, people buy products and services from those they know and trust. Get to know people in your community, schedule meetings and attend business conferences. Most of the time, you won’t be able to sell a product or service to someone new on the spot as it takes a time commitment, but you may be rewarded later down the line. Furthermore, if you’re looking for a specific product or service for your own business, you’ll know who to turn to in the future through making these valuable new connections.
5. Public speaking.
Presenting a speech at a public event can be daunting, however you’ll need to get over this hurdle. There are a number of organisations out there that are searching for experts in specific fields to give a talk or presentation. If you know what you’re talking about, give it a go. At the very least, you’ll make new contacts. Put yourself forward, no one is expecting you to be a world class professional, you just need to provide helpful information to your listeners.
6. Request a referral.
You shouldn’t feel nervous about asking a customer for a referral, especially if you’ve done an excellent job for them. Most people will be happy to provide a referral when asked, although not many will undertake this task without being prompted. Essentially, a referral helps you reach new customers and can create numerous business opportunities for you in the future.
7. Nurture customer relationships.
It costs a lot more to attract new customers in comparison to building relationships with existing ones. Strengthening your business relationship with existing customers is of utmost importance. This can be done by staying in contact through email marketing. You want your customer base to anticipate your next email, ensure these provide useful information.
8. Offer a free sample.
If you’re able to, offer customers a free sample or trial of your product or service. If they’re satisfied, they will return to you for more. People feel more comfortable hitting the buy button if they’ve had time to experience what’s on offer.
In summary, each one of these marketing tips can be used effectively on a small budget. These will help you reach more customers, build relationships and strengthen your brand.