Running a business in today’s economy can be very hard. According to Forbes, eight out of ten new businesses fail within the first year and a half.
In such a harsh climate, every small business owner must find ways to cut costs and keep revenues high. This should also include marketing. Below are seven cost effective strategies for promoting your business you should consider.
1. Harness the Power of Social Media
Whether it is print, radio or television, most traditional forms of advertising can be extremely expensive to use. As a small business, you need to consider alternatives. Social media is one option that can give you national reach and allow you to build networks of customers. Signing up for social media accounts with Twitter, Facebook, Instagram and more is also completely free.
2. Use Google My Business
Another thing you will need to promote your business in today’s marketplace is a good presence on the major search engines. Thankfully, you don’t have to pay money to get good local listings. One way you can make sure that customers can find your business on Google, Google Maps and other Google services is by creating an account on Google My Business.
While print advertising can be expensive, you can cut some of the costs by printing some materials in house. Create some flyers. These can then be distributed to the visitor’s center in your area as well as other local businesses. This way, people that visit those places can be informed of your company.
4. Sell Gift Cards
According to the New York Post, $750 million on gift cards went unused in 2014. The profit margin for supplying gift cards is ridiculously high. It’s also one way to promote your business. Gift cards force new customers to buy your products and services.
5. Use Strategically Designed Coupons
Coupons are one assured way to bring in new business. However, be careful about the coupons you offer. Coupons that force the customer to buy a second product to receive a discount are preferable to coupons that give a discount on the first item.
6. Obtain Good Online Reviews
These days, most people don’t visit a new business without reading reviews first. This is especially the case in the customer service industry. Having a good review on sites like Yelp, Urban Spoon and Trip Advisor can drive new customers to your company all year long. However, to obtain good reviews, you will obviously need to provide high quality products and service.
7. Use Targeted Direct Mail
Direct mail is a strategy in which a business advertises its products and services by sending mail directly to people’s mail boxes. While direct mail can be expensive, you can cut most of the cost by doing the work yourself. Design an effective ad for your business and print it out on your own printers. Next, choose what neighborhoods would be most likely to visit your business and then go around with your car and place the ad into mailboxes.