Large corporations can devote tens of millions of dollars to radio and TV spots, Internet advertising, giveaways and promotions. But, the majority of small businesses don’t have big budgets to spend on marketing and advertising.
Here are 6 low-cost but highly effective marketing tips from Business Know-How.
Don’t Advertise Like a Big Business
Big businesses advertise to create name recognition and future sales. A small business can’t afford to do that. Instead, design your advertising to produce sales… now. One way to accomplish this is to always include an offer in your advertising – and an easy way for prospective customers to respond to it.
Offer a Cheaper Version
Some prospective customers are not willing to pay the asking price for your product or service. Others are more interested in paying a low price than in getting the best quality. You can avoid losing sales to many of these customers by offering a smaller or stripped down version of your product or service at a lower price.
Offer a Premium Version
Not all customers are looking for a cheap price. Many are willing to pay a higher price to get a premium product or service. You can boost your average size sale and your total revenue by offering a more comprehensive product or service …or by combining several products or services in a special premium package offer for a higher price.
Try Some Unusual Marketing Methods
Look for some unconventional marketing methods your competitors are overlooking. You may discover some highly profitable ways to generate sales and avoid competition. For example, print your best small ad on a postcard and mail it to prospects in your targeted market. A small ad on a postcard can drive a high volume of traffic to your website or generate a flood of sales leads for a very small cost.
Trim Your Ads
Reduce the size of your ads so you can run more ads for the same cost. You may even be surprised to find that some of your short ads generate a better response than their longer versions.
Set up Joint Promotions with Other Small Businesses
Contact some non-competing small businesses serving customers in your market. Offer to publicize their products or services to your customers in exchange for their publicizing your services to their customers. Cross-promotion usually produces a large number of sales for a very low cost.
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