The chances are that if you run a small business, your budget is going to be tight. If things are a bit more stretched right now, you may be tempted to start cutting expenses, and your marketing allocation may be the first thing to go.
However, it doesn’t have to be this way. Remember the adage; you’ve got to spend money to make money? Your budget should always have room for marketing, no matter how tight it is. Let’s take a look at five ways to market your small business, even when things are frugal.
1. Make Sure You Have a Killer Elevator Pitch
One way to market your small business that’s not going to cost you anything is having a killer elevator pitch. This is a pitch that you have memorized to recite on the fly when you’re out there networking.
Once you have successfully engaged the person you’re talking to with your elevator pitch, you’ll be able to try and sell them on your product or service. Remember, marketing your small business this way costs nothing, except a bit of time learning how to create the best elevator pitch you can come up with.
2. Network AND Collaborate
It’s all very well to network and get your pitch out there to market your business. Still, if you’re not seeking fellow businesses in the same industry to collaborate with, then you’re missing out on countless opportunities to get your brand’s name out there.
Bringing together a group of non-competitive businesses in your area that can agree to cross-promote is a great way to market your business with very little budget. You’ll be using their resources in return for yours, and reaching new people.
3. Consider a Short-Term Loan
If you have no hope of increasing your budget at all in the near future, and you’re feeling the pressure to get your business out there more, then perhaps you may want to consider applying for a short term loan.
Instead of putting it on the credit card, why not opt for a low-risk loan that can be paid back in your own time? There are plenty of ways to get an accurate title loan quote or even a personal loan quote to see just how much you can borrow for your business’s marketing needs.
4. Make the Most of Community
Just like you can collaborate with other businesses in your community, you can also use locality to leverage your business marketing even more.
From sponsoring a charity run/walk to putting on a raffle at the next town fair, there are plenty of ways to get your name out there. This is also a great way to get to know your target market, too.
5. Give Something Away
Just like you have to spend money to make money, sometimes you’ve got to give a little first to get a lot back. If someone has the opportunity to experience your service or product before committing to anything, there’s a good chance that they will become a paying customer.
Don’t hold back from giving away free samples or a free trial. Most of the time, people respond better to a business if they get the opportunity to try the product or service for free first.
Small business = small budget, but this doesn’t have to mean that you lose out on bigger revenue. Apply these practical tips today and see the difference you can make to your business growth, without compromising too much on budget.