BUDGET IDEAS for Marketing

Effective Marketing...on a Budget

You don't need a huge budget to snare new customers—just effective marketing.

Getting the world to beat a path to your door requires more than just a great idea. You need to let potential customers know about your services or products—and why they should buy. But the whole idea of marketing can give you heartburn. How can you compete with all the slick ads on TV, billboards, and in glossy magazines?

Relax. You don't need to worry about the high-profile marketing that comes from big corporations. These companies probably aren't your competition, and there are lots of ways to attract customers without breaking the bank. Put a marketing plan together and find your USP !!

Like much of business, marketing requires planning, and putting a marketing plan together is the best place to start when you're thinking about attracting customers.

Even if your plan is just an outline, it will give you a profile of the people who are most likely to buy your products or services: who they are, where they're located, what they like, and how much they're likely to spend on the products or services you offer.

That's why a Basic Marketing Plan Includes:

The things that make your business different—and better—than the competition
How you'll get customers to notice what you have to offer
But it's the first point—what makes your business different and better—that you need to start with. Why? Your Business Whisperer drills new business owners in the importance of USP. No, not the University of Solve Problems, but Your Unique Selling Proposition and Unique Value Proposition. This means having a very clear idea why your product or service is better than the competition and what value you provide to your customers. Once you figure this out, the rest of your marketing plan will become easier to outline. Plus, you'll be able to recite what is often called "the elevator speech," which is a quick 30-second summary of what makes your company great.

Your USP should be simple and to the point—and something you can use as a tag line that follows your business name in advertisements, listings, and on your business cards. Perhaps affordability is what differentiates you from other plumbers, which is why you use the phrase, "plumbing fit for a king and priced for the rest of us." Or if your creativity is what's most important, you might add "one-of-a-kind weddings designed just for you."

Getting people in the door takes advertising—and more - Read Our Advertising Section for some additional wisdom and advice.

Once you have your USP, you'll want to think about advertising—and getting the most bang for the buck. This means things like buying a listing in the Yellow Pages, printing coupons, and advertising in local newspapers. An additional item to consider before embarking on expensive marketing campaigns is to be certain that the trademark associated with your product or service is not already being used by a third party. You don't want to spend a lot of money advertising when a competitor may already be using your trademark, or a similar trademark, in commerce. Make sure you have registered your company trademark federally (with the U.S. Patent & Trademark Office) before investing significant business dollars in marketing.

To learn more about Trademark Search & Registration see our link on the bottom of this page.

There are other advertising opportunities out there, too. If you've put some thought into who your customers are, you'll probably know whether they read trade or special interest publications. If ad rates seem too high in these magazines, you can often get great exposure by listing in the classified sections of the very same publications.

While an ad can make people interested in your business, don't forget the power of word-of-mouth marketing. If you have happy customers, use these people as a way to get more happy customers. There's absolutely nothing wrong with asking satisfied customers to mention your products and services to their friends. And if you have a Web site or brochure, see if you can include a quote or two from your customers that sing your praises.

Use a short press release to get local or trade press coverage

Aside from the obituaries, we all like the idea of seeing our names in print. While a front-page story in The Wall Street Journal is a long shot when you're first starting out, there are other places where you can get press coverage. Your first press release—a simple announcement that goes to reporters—should announce that you've started a business in a certain location to sell particular products or services.

Once you've completed the press release, get in touch with local and neighborhood newspapers to find out which editors or reporters might be interested in your announcement. And if your business is in an industry that has its own specialized trade magazines, get in touch with those publications, too. While press coverage isn't guaranteed like advertising, getting your business mentioned by a newspaper or magazine can be very effective in attracting customers.

ESSENTIAL: Have information readily available with a brochure and Web site

What kind of information do you want people to know about your business? Advertising and public relations provide the basics, but you'll probably also want customers to understand a little more about what makes your business unique. A simple two- or four-page brochure can nicely explain things like services, products, and prices with both pictures and text. Your local printer may be able to help you create an effective brochure.

Keep in mind, though, that a good brochure is straightforward and explains the benefits of what you have to offer, rather than going into exhausting detail about the products or services you provide. That's where your Web site can come into play. On your site, you can start where the brochure ends and provide as many details as you think your customers will find interesting. Also keep in mind that just having a Web site doesn't mean people will find you. So unless you want to feel like you're running a lemonade stand by the side of an abandoned road, talk to your Web hosting company about how to get the most out of search engines.

ALWAYS: Keep marketing to your existing customers

One of the exciting things about running a business is happy customers—particularly those who keep coming back because they find value in what you have to offer. Make sure you stay in touch with these people! Ask customers if they'd like to be on your mailing list so you can keep them up-to-date with special offers. Remember: a direct mailing campaign has a higher success rate when it goes to existing customers who agree that you can contact them.

You'll want to keep track of these people in a database or spreadsheet. Sound like a chore? Hardly. It will be proof that the world is beating a path to your doorstep.

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Comments

[Thomas Faulkner]

I would very much agree with this viewpoint. The most inexpensive form of marketing and advertising is word-of-mouth. It is also the most effective. And great word-of-mouth comes from excellent service, good products, and really caring about your customers.
Postcards and websites are also very low cost ways of marketing a business. It is getting harder and harder to get by nowadays without some kind of website. The saying "People judge you by your website" is a definite truism. Although driving trafic to websites can be a complicated issue, that still should not stop the business owner from putting up some kind of site, even if it is an inexpensive one. The key is to start somewhere. One can always get more sophisticated as time goes on.
I do recomend postcards, however, as a cheap way to drive web traffic to websites as well as a highly cost effective way of drumming up business. Postcards are a form of direct mail that can be highly targeted to a particular group of potential customers. Although not as sexy as other forms of marketing and advertising, research has found that over the past 50 years, postcards have actually out-performed all other forms of advertising in terms of rate of response.
At any rate, excellent article. Keep up the good work.

[Your Business Whisperer]

Thomas, makes an excellent point regarding postcards. They are a fantastic means for reaching out to your customers and prospects. We will be giving a full posting in the near future on how to use postcards.

Thanks Thomas,
Your Business Whisperer