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Many a small thing has been made large by the right kind of advertising.” But advertising can be expensive. And in a tight economy, many small businesses cut their marketing budgets first because of cash flow concerns. However, when times are tough, it is even more important to keep your business brand front and centre.
During an economic downturn, both businesses and consumers have less money to spend. When they get ready to make a buying decision, you want to make sure your brand is top-of-mind. Plus, you need to demonstrate your product or service offers the best value proposition.
That means you need a marketing strategy that is targeted and consistent.
Fortunately, there are ways in which you can market your business effectively without breaking the bank. To be successful, it takes effort, patience and commitment.
Here are five common-sense strategies that work without breaking the bank. Source
1. Elevator pitch. It would be best if you were marketing all the time — wherever you are. Therefore, you need a compelling elevator pitch. Research shows the average attention span of an adult is about 6 to 8 seconds. That’s all the time you have to grab someone’s attention. If you successfully engage them, then you only have a little over a minute to sell them on your product or service. So you need to invest the time to craft a killer elevator pitch. The return on your investment will pay huge dividends in terms of creating business opportunities.
2. Leverage Community. You don’t have to think big when it comes to your marketing efforts. Think locally. What’s going on in your community? Sponsor a Little League team or a 5k charity walk/run. Print bookmarks and leave them at the local library. If you understand who your ideal customer is, think about how and where they spend their time. Then search for opportunities to be there with your marketing message.
3. Collaborative Marketing. Put together a group of synergistic, non-competitive businesses in your area and agree to cross-promote. You can use coupons, fliers, reciprocal website links or even offer bundled promotions. By collaborating, you can expand your customer base because you’ll reach new people.
4. Networking. I’m a massive fan of networking. I don’t think there is any better way to build a business than to get out there, shake some hands, and get known. Networking requires a time commitment, and it doesn’t provide instant gratification, but a strong network is one of the greatest assets any business person can have.
5. Give a Speech. A lot of people hate public speaking. However, there are many groups you are looking for qualified, subject-matter experts who can present to their groups. So take a deep breath and volunteer. You don’t have to be a pro as long as the information you share is helpful to the audience. And the upside — the more you do it, the easier it gets. Plus, it positions you as a credible authority in your field.
