There is an old adage that says “you have to spend money to make money.” However, this is easier said than done for many small business owners faced with uncertain revenue projections, operational challenges, and little flexibility between revenue and expenses. So how do you balance the need to invest in your business without over spending on marketing? Below are four proven strategies
to keep more money in your pocket and still get your company’s message out:
1. Take advantage of the internet.
If you already have a website, be sure to promote the address on all your sales materials, on social media, and in your email signature to drive traffic to your site. If you don’t already have a website, invest in a basic website so you can promote your business 24/7. If you want to build it yourself, there are several inexpensive or free web builders online or you might be able to hire a college student to build one for a few hundred dollars, cheaper than a full page ad in the daily newspaper. Also, take advantage of social media, such as Facebook, Twitter, and LinkedIn. These are all free.
Attend networking events where you can gain free marketing and business advice from other professionals as well as build business relationships. If you ask any successful entrepreneur how they started their business, they will likely tell you through hard work and networking.
3. Keep It Simple.
Don’t try to advertise everywhere at the same time. This is a classic and expensive mistake made by first time marketers. If your marketing budget is a concern, limit your spending by focusing only on one campaign at a time. Be sure your message is clear and reaching your target audience. Not only will this save money, it will also help you better evaluate the effectiveness of your campaign.
4. Be Consistent.
Most advertisers get bored with their advertising well before their audience. If the ad is working, stick with it. The more a potential customer sees your ad, the more likely they will act when they want what you are selling. Also by using the same ad, you reduce your “creative” costs.
Do you have tips for saving money on marketing while still reaping the rewards?
If so, please share them in the comments area.