More often than not, as a small business owner, you will be operating on a shoe string budget. And when cash flow is low and budgets are tight, the first victim of this funds crunch is usually marketing. This is largely because traditional advertising methods like placing ads in the print media and putting up hoardings and banners are quite expensive and strain funds position. Additionally, the benefits accruing from such advertising practices are not tangible and measurable and hence it is not possible to calculate ROI from such marketing strategies.
Now for the good news – there are marketing tools that as a small business owner you can use to work out highly effective strategies that will not dent your funds position. However, choosing the right tools is not easy. There are a large number of them and only some will meet your specific business needs. The common link is that all of them offer measurable results and hence you can know which are maximising your ROI on market spends. If you are not sure on this score, you can always hire a small business consulting firm to create effective marketing strategies for you within a prescribed budget.
Here are a few marketing suggestions that will pay you rich dividends and lead to increased conversions and sales.
Create a catchy tagline
Create a catchy tagline that brings out the essence of your brand and use it in all marketing campaigns. This compelling elevator pitch will increase brand awareness. However, bear in mind that the average attention span of an adult is about six to eight seconds and that is all the time that you will get to capture the attention of existing and potential customers. Hence along with the tagline and ad content, you have less than a minute for your core sales pitch. If you can do it well, it will be a huge fillip for your marketing efforts.
Influence your community
Instead of thinking big for marketing, focus on the local community and the people that fall in the area that you cater to. Get involved in community efforts like sponsoring a local sports team or a charity run. You can print brochures and pamphlets and leave them in the community hall. Research your community, where people spend their time and their primary activities and then weave your marketing campaign around these aspects. All these ideas can be implemented at a reasonable cost.
In today’s digital business environment, you will be losing out on business opportunities if you do not harness the power of the Internet. Hire a digital marketing agency to create a campaign for you. The advantage here is that for fixed costs you get almost unlimited online coverage. You should also optimise your website for local searches since as a small business owner you have a limited population to cater to. Email marketing or Social Media marketing are very effective marketing tools that give high ROI on marketing spend.
These are some of the marketing strategies that you can try out as a small business owner.