Top 10 Tips for
Low-Cost Marketing
By Kamala Worthington
If you're a successful small business owner, you know the importance of marketing and advertising your business. Your budget, however, may keep your company from launching the next multi-million dollar advertising campaign. Don't be dismayed! Here are our top 10 tips for low-cost marketing to help your business Survive and Thrive!
Tip 1 - Word-of-Mouth Referrals
Referrals from clients, vendors, family and friends are among the most effective ways to market and promote your business. Why? These resources serve as your "cheerleaders" and provide a testament to your reputation, as well as a reference for your business. They also do the inside leg work to identify the "go to" person, plus they will often agree to pass on your contact information to the right decision maker.
Tip 2 - Network, Network and Network
Done correctly, networking should result in meeting new contacts, building lasting relationships and generating leads. Bring plenty of business cards to these events so that you can exchange with others. Don't forget to collect cards and to note clues on the back of the card regarding common interests and where you met this contact. As soon as you return to your office, make a list of new contacts and begin contacting these new leads. Remember to say where you met him or her and to ask for the opportunity to meet with them and again. Refer to Tip 1 and "ask for the referral."
Tip 3 - Attend Free/Low-Cost Seminars
Do double duty while learning and bring your marketing materials to hand out during breaks and after the seminar. You'll gain new insight by attending the seminar, plus perhaps meet the facilitator who may be able to provide you with leads and advice. Who knows? You could have an opportunity to barter your products or services and form some new business alliances.
Tip 4 - Consider Business-to-Business Bartering
Bartering with other small business owners is a great tool to use to grow your business while exposing your talents or products. "Barter" or trade is the process of trading products, goods or services for other products, goods or services, in lieu of cash payment. Both parties must be willing to trade something of value, i.e., products, goods and/or services that the other party desires. Bartering can help you generate new business, conserve your cash and increase profits.
Tip 5 - Build Business Alliances
The old adage, "two heads are better than one," applies to building alliances. As a small business enterprise you may be short on staff or lack all of the resources to grow your business. By building alliances, each party can bring complementary skills and resources to the table and what could have been viewed as a weakness or lack of resources by a potential client, could turn into strengths through trusted alliances and partnerships.
Tip 6 - Attend Tradeshows and Industry Events
Stay abreast about upcoming tradeshows and industry events. Always have your marketing materials (even samples of products!) to hand out to company representatives in attendance. Be quick and to the point, however, because you may have only a few minutes to shake hands, market your company, ask for their business cards and give them your materials. Refer to Tip 2 and apply the same principles of networking and follow-up promptly with potential leads.
Tip 7 - Write Articles
Find ways to gain exposure for your business. If you are an expert on your subject, let the media and decision makers know. Share your knowledge through written articles. Refer to Tip 4! You'll gain free exposure for your business, free marketing, and possibly, leads and customers. If your writing appeals to a larger audience, companies are willing to pay you to write articles, newsletters, white papers, etc. on a contractual basis.
Tip 8 - Public Speaking
Parlay Tip 7 into Tip 8, "Public Speaking!" If you have good public speaking skills consider being a speaker at the tradeshow or industry events (see Tip 6) and community events. If you consider yourself an expert in your industry, contact the organizers of the event and offer your services. This is where "Tip 4 - Bartering" comes into play. If it costs to attend the event, trade your speaking skills for complimentary admission to the event. You'll have an opportunity to distribute your marketing materials, generate leads and the organizer may become another "cheerleader" for your business.
Tip 9 - Launch an E-mail Marketing Campaign
Take advantage of "free trial periods" from companies such as Constant Contact (www.constantcontact.com) to launch an e-mail marketing campaign. Such companies often allow you to try their services and then you are able to track your results. Such a trial campaign will allow you to evaluate the cost of purchasing the service. This is a great "viral marketing" tool, as well, because you should invite your initial target list of leads to spread the word and pass along or forward the e-mail message to others who may be interested in your business.
Tip 10 - Consider Contracting (local, state and government)
Local, state and government agencies in Charlotte and Mecklenburg County seek small, women-owned and minority enterprises to sell goods and services to them. You can setup your company's profile at no cost and engage in the bidding process for agency contracts. Consider getting your business "certified" with the MWSBE (Minority, Women & Small Business Enterprises) Program. Contact Teresa McDow, the MWSBE program director, for more information at 704.336.6186 or via e-mail at teresa.mcdow@mecklenburgcountync.gov or visit their Web site at www.charmeck.org/departments/mwsbe/home.htm. Find other agencies that may be of interest on the following Web sites:
In closing, step outside your box! As a small business enterprise, you must be juggle many hats if you want your business to succeed. Marketing and sales is an investment in your business that you cannot afford to ignore. Both tasks can seem daunting at times, but the fruits of your labor could result in leads, referrals, new business, alliances and opportunities to barter. If you don't already have a Web presence, consider building one through a company Web site, blogs and/or online newsletters. Good luck in your marketing journey!
© 2008 KW Marketing Consultants. All Rights Reserved.
Kamala Worthington is president of KW Marketing Consultants, which delivers business solutions to meet clients' needs in consulting, marketing communications, creative and technical writing, training, and coaching. KW Marketing Consultants has launched brand and advertising campaigns for some of the nation's largest Fortune 500 and Fortune 1000 companies, in addition to writing and editing financial services copy, features articles and cover stories.
