How to Market with Minimal Money
Okay, I admit it — marketing in general, and advertising in particular, is expensive. Even big companies are often squeezed to budget the kind of money it takes to break through into people's consciousness and precipitate an action. So what's a small company to do?
Well, start with the premise that you can't do nothing, then consider some of these low-cost techniques:
Cross-promote: What other businesses in your town could you partner with for your mutual benefit? Could you offer customers tickets to the movie theater, coupons for a car wash, a massage, a dozen roses? Chances are potential cross-promotional partners may offer you deep discounts in order to have access to your customer base.
Host an event: Hosting a special event such as a charity fundraiser in your business establishment is a great way to raise awareness, introduce new people to your business and maintain contact with existing customers. It also will create an aura of excitement and, if you play your cards right, may even get you some media coverage.
Trade for media: Some media outlets are willing to trade goods or services for advertising space or time. Since this is an inexpensive way to leverage your assets, it's worth looking into with your media rep.
Pass out coupons: You don't have to distribute coupons in print advertising or in big direct mail campaigns; you can hand them out on the street corner, at trade shows, or just about anyplace else. If you wish, you can send a few to your best customers or include "next purchase" coupons in with customer orders. Coupons don't necessarily have to be fancy or expensive, because their selling point is more about price than image. One caveat: to boost your chances of getting an additional sale or establishing an ongoing relationship with your customers, don't cheap out — make your coupon offer generous.
Reward customer loyalty: It's less expensive to keep customers you already have than to go after new ones. Perhaps you can institute a "frequent buyers" program that rewards customers for repeated purchases or visits. Maybe a small gift would be appropriate for key customers. If you're introducing a new product or have limited availability on something in high demand, it's worth it to offer it first to your A-list customers in a "special showing."
You don't necessarily need a ton of money to successfully promote your business, but you do need to approach your customer communications in a thoughtful and deliberate way. If you'd like help planning your strategic communications program, we'd be pleased to arrange a no-obligation meeting at your convenience.
This month's columnist is Phil Soreide. Mr. Soreide is a 30-year business-to-business advertising veteran and an associate of Wise Women Communications.