As the owner of a small business you may think that your marketing options are limited by the size of your company. Most large companies and corporations have a sizeable marketing budget and a marketing director who monitors the progress of marketing strategies – but you can harness the power of marketing no matter how small your business is. Here are a few simple and affordable marketing strategies that will increase your customer base and raise your revenues:
Keep an Eye on Your Competitors
If you need some marketing ideas for your business but don’t know where to start, try having a look at what the competition is doing. The idea behind this strategy is not to imitate your competitors’ marketing campaigns, but to improve on them. Your competitors marketing strategy can tell you several things – what type of marketing media they are using, what target market they are focussing on, and how much they are likely to be spending on marketing. As a smart entrepreneur, you’ll be able to improve on their efforts, focusing your marketing campaign on the right audience with a cost-effective campaign that produces great results.
Explore Digital Marketing
The internet has become the place where many people look for new products and services. To take advantage of the market in cyberspace you should ensure that your company website is up to date, easy to navigate, and equipped for taking orders and enquiries and receiving payments if you are serious about increasing your revenues through internet sales. When it comes to attracting new customers, a digital marketing campaign can go beyond your company’s website and include email marketing and online advertising. By communicating with existing and new customers via email, you can grow your client base and inform your customers about specials, new products, and general news about your business.
You may opt to advertise your business using the traditional media – print, radio or even television. Print media carries the lowest advertising cost compared to radio and TV ads, and if you advertising in a publication that is circulated to your target market you could benefit from an increase in sales and new customers. If you are interested in producing a radio or TV advertisement, remember that the cost of doing this may be quite high for a small business. In general, you should produce the best ad you can afford, be it a newspaper or magazine ad, a radio ad, or a television ad. Don’t be tempted to place an ad on radio or TV without the right budget, because a low budget ad may not have a positive impact on radio listeners or TV viewers who could be potential customers.