There is a common notion that businesses need to spend a lot of money to get new customers and make money. While this holds true particularly in highly competitive industries, there are several ways businesses can effectively market their products and services even with a small budget.
If you have limited funds to spread the word about your new business, you may want to try the following ideas:
Collaborate with Other Businesses
You may want to work with non-competitive businesses in your area to cross promote. You can mention each other on your social media account, launch a joint advertisement, and even split a booth at a trade show, which can help reduce costs.
You can also collaborate for a special offer. You may, for instance, offer a discount if a customer places an order from both your businesses.
Growing your business and networking go hand in hand. One of the best things you can get from networking is referrals you can convert into permanent clients. Through networking, you can connect with potential clients, including influential ones you would not otherwise be able to connect with without the help of others.
You get higher quality leads compared to traditional marketing. Each connection you make may also have several companies or executives that they can introduce to you.
Coupons provide businesses with an effective way to attract new customers. If you give a customer a coupon that gives them a discount they can use on future visits, there is a high chance they will go back. Studies have shown that consumers will go out of the way to use a coupon, proving that this is an effective method in expanding your customer base.
Offer Free Trials for Your Product or Service
People tend to purchase things they were able to try first, so do not be afraid to give a free trial or a sample of your products and services.
Launch a Customer Referral Program
People tend to trust new products and services referred by a family or friend, so you may want to try launching a customer referral program. Instead of spending money to get new customers, allow your existing customers to help you market your business, but give them an incentive to do so.
More than half of businesses rely on referrals to acquire new customers.
Use the Internet
The internet made business marketing far easier and cheaper. Businesses with no budget for print and TV ads can now tap on social media and rely on their website to market their products and services. Facebook, Instagram and YouTube are great sites to promote your business.
You can also set up a website where customers can learn more about you. A digital marketing agency here in Virginia can help you with your online marketing strategy.
It is doable to market a business with little money. You can do this by collaborating with other business, networking, offering free trials, launching a referral program and tapping on the power of the internet, particularly social media to spread the word about your products and services.