How To Promote A Small Business When Budget Is Low

Whenever the budget is low, it is marketing that suffers as it is an expense that is eliminated. This is not at all a good idea since the only way to get over a bad situation is to increase income, which is exactly what marketing is supposed to do.

The truth is there are numerous traditional advertising methods that exist but most of them are really costly. Small businesses need to focus on options that are more cost-effective. This is exactly what we will talk about. Every single service provider from trusted plumbers in Frankston to pastry shops in London can take advantage of the following options.

Use An Elevator Pitch

Marketing should be done all the time. This is why you need a strong elevator pitch. According to research, the adult’s average attention span is just around 7 seconds. This is how much time is available to grab attention. After you manage to engage, you just have around one minute in order to sell something. Your time should thus be spent to create a highly effective elevator pitch. This will surely create a really large return on the investment made.

Leverage The Community

It is not always necessary to think really big when referring to great marketing efforts. Local thinking is definitely something that can be considered. The idea is to be aware of what is happening and what the community is interested in. Then, you can start looking for low-cost marketing opportunities. For instance, you can sponsor a local charity event or even a kids team. It is possible to print bookmarks and then let them be used at a local library. Basically, you want to think like the ideal customer and figure out where time is spent. This is where you want to pop up.

Collaboration And Bartering

It is always a great value brought into a marketing campaign when more businesses can work together. Bartering and collaboration deals can so easily be signed to help promote to more people at the same time. It is easy to use reciprocal website links, flyers, coupons, social media platforms and bundled promotions to increase sales for all businesses involved in the partnership deal. Customer base is practically expanded since you can reach the customers of another business as they reach yours.

Networking

Networking is a wonderful option available for smaller businesses that is so often simply not used. Building the business is so much easier when there is a strong network of connections available. The only problem is that this requires time commitment. Instant gratification does not appear. However, in the long run, as the strong network is created, the business ends up growing much faster than without it.

Asking For Referrals

One of the easiest things that you can do is to ask for referrals when you talk to your customers. Most people will offer referrals when asked and satisfied with the services offered. However, people rarely take this initiative without someone telling them to. Working with your customers and helping them become aware of the fact that they can refer new customers to you is something that helps much more than what many small business owners think.

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Author: Eddy

Eddy is the editorial columnist in Business Fundas, and oversees partner relationships. He posts articles of partners on various topics related to strategy, marketing, supply chain, technology management, social media, e-business, finance, economics and operations management. The articles posted are copyrighted under a Creative Commons unported license 4.0. To contact him, please direct your emails to editor.webposts@gmail.com.