If, as a result of the current economic times, you find yourself heavily cutting back on your marketing budget, it does not mean that you also need to cut back on your marketing campaigns. Marketing is paramount in these times of economic distress.
How do you keep your marketing efforts alive despite a dwindling budget?
“That’s a good question, Ralph…”
There are many marketing activities available that are free or have a minimal cost with a relatively high return that businesses can effectively employ to remain in front of customers and keep competitive.
Here are my top seven low/ no cost marketing ideas that can help you survive and even thrive through these times.
1. Networking – Networking with local business groups, local ‘service’ groups such as The local Chamber of Commerce, Round Tables, Lions etc, or even at your children’s school or the church, etc. is a great marketing technique that does not cost a thing.
2. Referral policy– Ask your existing customers to recommend you to a friend and, if necessary, give them some form of reward (high perceived value to them, low cost to you) for doing this.
3. Targeted Direct Mail – A carefully written letter sent to a targeted list and then followed up to increase response rate can work wonders for your business.
4. Marketing Collateral– Leaflets promoting all your services included with invoices or direct to your customer base is a cost-effective marketing technique.
5. Email Newsletters– While it can cost a bit to set up a template, email newsletters come with only a small cost to use as long as you have the time to write the content yourself. There is no postage associated and these are free to send.
6. Free Poster Signs– Post signs on your vehicles – you have a free poster site, why not use it!
7. Internet/Online Marketing: There are a plethora of free/ low cost options available online, such as blogs, social media, membership communities like Facebook, MySpace, Twitter, etc. where you can market your products and services. YouTube can be used effectively to demonstrate your product and with the help of social media tools, these videos can reach a newer, wider audience.
It is important to remember that “axing” your marketing budget does not mean that you also stop your marketing activities. The biggest mistake business owners make during a recession is to cut or stop their marketing activities. Using these free, low cost marketing techniques will help you and your company stay afloat during these chaotic times.
If you would like to learn more about maximizing the performance of your business call Ralph Berge, 440-838-0991, Ohio Business Coach
