If an expensive and complicated marketing campaign was a requirement for small business success, there would be many entrepreneurs out of work. Many businesses have a small-to-nonexistent budget for advertising and marketing, but the key the lies in leveraging any amount of money in a smart and practical way. Marketing on a shoestring budget, while possible, requires careful planning and smart strategies. Consider the following tips:
- Work with the right team. Small business owners may believe their budget is too small to designate a portion of it to a marketing team. In actuality, working with an experienced marketing team can help a small business owner maximize the impact of a small budget in ways that he or she never imagined. The key is to work with a team that understands and respects budget restraints.
- Invest in the community. Small business owners will find significant benefit in wisely investing in their local community. Setting up a booth at a community event, sponsoring a charity run or partnering with other local businesses can be inexpensive ventures that may attract positive attention from local patrons.
- Be a people person. Business experts of all kinds acknowledge the benefits of networking. Meeting new people and initiating personal conversations can actually be a free marketing tool. For small business owners looking to grow their business and turn a profit, there can be great value in simply talking and connecting with people.
- Attract attention. People love free stuff and a good bargain, which is why you see throngs of consumers camped outside stores on Thanksgiving night and people lining up for free food when a new restaurant opens. One of the least expensive, yet most impactful, ways to garner attention is to offer an incentive. A coupon, discounts for loyal customers or a free gift with purchase can boost traffic and get potential customers inside a store or visiting a website.
Success in the small business world does not, thankfully, depend on having a huge marketing budget. However, it is important to use money, time and other resources wisely in order to maximize impact and spur new growth. At Virtue Marketing, we can work with any budget and will develop a plan that keeps your business and brand front and center. Our goal is to help you develop new, exciting and inexpensive ways to engage customers.