Title:
Marketing on a budget
Word Count:
816
Summary:
Many business owners put off beginning to market their business until
sales increase. While this may make perfect sense to an accountant, it is
more often than not a poor choice for a business owner to make because
until something is done to increase the sales they will usually stay
where they are or decrease.
Keywords:
marketing on a budget
Article Body:
Many business owners put off beginning to market their business until
sales increase. While this may make perfect sense to an accountant, it is
more often than not a poor choice for a business owner to make because
until something is done to increase the sales they will usually stay
where they are or decrease.
It can often be difficult for established companies to set aside the time
and financial resources necessary to effectively market their company,
and it can seem impossible for a fairly new company. You can solve half
of this equation almost immediately by hiring a professional marketing
company. Now you just need to figure out where to find the financial
resources to complete the other half of the equation. This can be
accomplished with a little bit of research. There are many reputable
marketing companies out there that will be willing to work with a company
that may have limited financial resources but under the circumstances you
will need to be realistic with your expectations.
Most marketing companies probably won't be willing to offer you extended
billing terms. They have to cover themselves financially and if you are
unable to make the investment now they may feel that you will be unable
to pay them in the future. You may have to work with them for a while
before they will be willing to offer you any sort of extended billing
terms. Don't take it personally - you don't expect to walk out of the
grocery store with a cart full of groceries and then pay next week. Until
your marketing company is comfortable with the situation you shouldn't
expect any different. If you don't have the resources available to invest
in your marketing then you may want to consider taking out a personal
loan from your bank or using credit cards.
Some of the marketing companies that you approach may be willing to
reduce the price of their services to help you get started. If this
option is available to you, it can make a significant difference in what
you can accomplish with a particular sum of money. There are some things
to consider in this scenario. If you are paying reduced rates you should
expect that the marketing company may not be able or willing to meet with
you and take your calls at times that are convenient to you. By offering
lower rates they may need to fit you in when they are able to. Most will
also not offer extended billing terms for clients that are already
getting reduced rates.
If you've gone through all of the marketing companies but have been
unable to find one that you felt comfortable with and would work with
your situation, then you may be forced (at least temporarily) to handle
it yourself. This is still a workable situation - you'll just have to be
creative and put a little more time into it. Below are some tips to
stretch your marketing dollars.
1. Produce a co-op brochure or direct mail piece. You can collaborate
with other companies related to your business but in non-competing
niches. For example, if you own a restaurant that specializes in
authentic Mexican cuisine, you could find a grocery store that
specializes in Mexican foods and produce a brochure or direct mail piece
with them. This would cut your cost in half and allow you to expand your
exposure, you would both benefit from a similar clientele, and you could
both immediately benefit from each other's existing customers.
2. Offer to volunteer your services in exchange for recognition. If you
owned a catering company you could offer to cater a networking event in
exchange for them mentioning your company in their handouts. You now have
the opportunity to market your company to all of the attendees of the
event.
3. Offer to do a Q & A session to the public on a local talk radio
channel. They usually discuss various subjects throughout the course of
their radio program and many companies have used this to their advantage.
A mortgage broker using this method of marketing would quickly be
established as a local expert and would remain in their prospects minds
since they would hear them at least once each week.
4. Offer a contest to create a buzz about your business. A great contest
for a car dealership would be to offer contestants the compete to win a
car by simply putting there hand on a part of the car and not allowing
them to move it. As the contestants become fatigued they will move their
hand from the car, becoming disqualified. The last person remaining wins
the car. Many car dealerships have used (and continue to use) this method
with much success because people will usually jump at the chance to win a
car and it's the sort of thing people talk about.