5 Low Cost Marketing Ideas
If you’re a new business or and established business whose expenses are out performing your revenue, marketing and selling should be on your list today and every day until you start to see a profit.
Finding clients for your business, converting them to customers, and keeping them happy is why you’re in business. You have a great product or service and you’re great at what you do but you need customers to be a sustainable business.
If you’re a business owner, you probably know a little about marketing -- the action of promoting products and services.
But maybe you didn’t start your business because you were good at marketing. It might have started because you were good at or passionate about something and marketing became a thing you needed to learn to get customers to buy your products or services.
There are many different ways to go about promoting your business that at times it can be overwhelming.
Following are 5 low cost marketing efforts you can put in place in your business this week. Pick one to focus on, and when you’ve systematize it, move on to another one.
Everyone in your company should have business cards with their name, title, and contact information (no fax number please!) Carry your business cards with you wherever you go and hand them out to anyone you’re having a conversation with. When you get a business card, enter them into your contact list and add them to your newsletter list.
Create a Newsletter
Newsletters with valuable content can bring more people into your business. Newsletters are an easy, inexpensive way for people to get to know you and your business. Schedule your newsletter so it goes out the same day and time every week. Each newsletter can have a different topic. Use your newsletters for promotion sparingly -- Gary Vaynerchuk refers to this as jab, jab, jab, hook. Content to consider are employee introductions, how to use your product of service, new products in the pipeline, surveys, and testimonials.
Social Media is the fastest way to get your message out to the most people quickly. When you’re deciding on where to focus your efforts, think about where you customers are hanging out. Facebook, Instagram, Linked, and Twitter are all viable options for promoting your business. Pick one and start building a following. Your goal for social media is to be helpful and social -- respond to posts from other people, let your expertise be known and use the 80/20 rule. 80% of your posts should be educational and establish you as an authority. 20% should be promotional.
Social Media Advertising
In addition to “FREE” promotion on social media, paid advertising is a great way to grow your email list, inform people of groups and events, and get new clients. Tracking your spend and conversion rates on social media is relatively easy. When you start advertising on Facebook, Instagram, or Linkedin, set a budget high enough to give your ads time to perform. If you’re new to advertising on social media and have time to learn how to do it, you’ll save a lot of money. But if you’re technically challenged, find a social media expert and have them create and track the ads for you. If you hire someone, hold them accountable for weekly reporting and don’t enter into a long term contract until they prove the ads they’ve created are converting.
Networking and Speaking Engagements
Getting in front of people to talk about your business, products and services is still a great way to generate leads and sales in your business. We still like to “meet” the people were doing business with and put a name to a face. Sometimes there’s no substitute for getting out of the office and engaging in a good conversation over a beverage. Be sure to have your business cards handy.
These are 5 easy ways to market your business and of course there are many more -- join the local chamber, create a website built to convert, write a blog, write a book, meetup groups -- the list is endless.
Whatever you decide to do, make sure you do it consistently and measure the return.
Once you see a profit in your business, marketing doesn’t stop. Reinvest in your marketing efforts by increasing your marketing budget or hiring someone to handle the marketing department.
As business owners, promoting the business is your responsibility. To make sure your efforts are showing a return, find the key metrics, track and review them weekly so you can make any course corrections necessary.
If you need help creating your marketing plan or the metrics for measurement, SCHEDULE A CALL with me and we'll create a roadmap to keep you leads constant and your conversion rates high.