When times are tough the temptation for many businesses is to cut their marketing and advertising budget. But it is in the tough times that if anything you have to increase your marketing efforts. You have to fight for every scrap of business that is out there. If you have a fledgling start-up of a company perhaps your marketing budget is not very large, but do not worry there are ways that you can promote your brand and increase sales. In this blog we look at way to market your business on a shoestring budget.
With so many digital tools and social media fully available it is possible to have a coherent marketing strategy that is effective. Perhaps traditional advertising is above your budget but there are some really cost effective ways to stay in the game.
Use an Elevator Pitch Strategy
No matter what your business is about or how big your budget is, the fact is that you should be marketing all the time. There has been research that shows the average attention span of a person is between six and eight seconds. Therefore you have to create an elevator pitch strategy to grab customer’s attention. Invest your attention in developing a short Segway of a sales pitch that can be effectively used online and in social media. It should be punchy and effective, forget about branding for the time being and hit the product or service hard.
Leverage your own community, you don’t always have to think global in your marketing efforts. What is going on locally in your community? Perhaps sponsor a charity run, or a local kid’s football team. Print a load of bookmarks off and leave them in your local bookstore or library. Perhaps engage in community events, anything to keep your brand name going. From small acorns big trees grow and never forget that.
Collaborate with Like-Minded People
If you find things tough going it alone then form a non-competitive group of sympathetic businesses that will help to promote each other’s brands. This can be done in many ways to be successful. By getting together with other entrepreneurs you will have a chance to reach even more different possible customers groups. There are many ways to collaborate, through reciprocal website linking, sharing groups on social media and perhaps joint bundled promotions.
Networking is not suitable to everybody, to be honest you have to be a fairly gregarious character and like socializing. Most entrepreneurs do fall into this bracket so it is fairly easy to get out there and do it.
By getting to know as many people as possible you are creating more opportunities to reach a wider audience. To network effectively you have to devote time and commitment to it and it is hard work going to many events, exhibitions etc. But the end result can be great and it is a chance to show yourself and your business off. In part two of how to market your business on a shoestring we look at even more great idea.