Small businesses do not have a lot of cash. This is why they typically avoid marketing. That’s a HUGE MISTAKE! Managing marketing expenses is the SMART WAY to go.
START WITH STRATEGY. The way to save money is to plan to save money. What do I mean? If you are going on a road trip and you understand how to take the most efficient route, then you will save time and money. Efficiency in marketing saves you time and money. Developing a strategy keeps on the right course to connect with the right customer who will buy the right product or service.
DEVELOP AD/Flier TEMPLATES. I always inform my clients to create several ad/flier templates for various occasions. Why? You will constantly receive requests to place ads in publications, on websites and in souvenir booklets. If you create the ad template in advance, then you will save money by not having to rush later. Your ad template will instantly become a Return On Investment!
Use Social Media WISELY! Social media is the wild card for most small businesses. But, they struggle with how to utilize it effectively. First, you should determine which platform works best for your company. Then, you should put together a social media strategy that makes sense and connects with your target audience. Finally, you can use a small ad budget to increase exposure to a global audience on social media. On some platforms you can be more targeted for a special interest audience.
DIRECT MAIL is still a good option based on how you position your database. For example, a child care should consider utilizing direct mail to send parents Easter postcards, summer safety tips, birthday cards and holiday gifts. This would create loyalty throughout the year to its customer base. It’s very strategic. And it won’t cost a lot of money.
Internet Marketing, including e-blasts, newsletters and videos are very affordable to create. However, once again, it goes back to a strategy and schedule. If you use the marketing strategy to create a schedule, then you will save time by doing tasks in advance. This will also save your company money. E-blasts can be used for prospective and current customers. Newsletters are great for establishing relationships within the community through stories and pertinent information. Videos allow the company to ad personality to its brand visually.
The bottom line is the bottom line. Keeping costs low is a mindset. Marketing dollars are saved by creating efficiencies, working a strategy and utilizing tools effectively.
“We must accept finite disappointment, but never lose infinite hope.”
Dr. Martin Luther King Jr.
Although Dr. Martin Luther King Jr. was not talking about entrepreneurship when he made this statement I believe it applies appropriately to the world of the small business owner. We have to accept failure to experience success.
Optimism is probably the greatest asset and the greatest liability to small business dreamers. We want to keep everything positive to produce energy to our company. But we must also take the time to learn from the negative challenges to our business. Don’t’ get too high and don’t get too low. Keep the faith and learn lessons. But never lose hope. Have you ever felt like losing hope with your business?