It’s a new year and maybe you’re struggling with the challenges of a new business, too!
Sadly, one of the first things small businesses cut in tough economic conditions is marketing. And yet, this is when you need it most!
Sometimes, faced with the rising costs of doing business, owners see marketing as a discretionary expense rather than a core function.
This is understandable to a degree, but it is also shortsighted as this can lead to a loss of visibility, market share, and long-term growth.
Businesses that work to maintain or strategically adjust their marketing plans will always emerge stronger.
When your budget is tight, you need to think outside the square. It’s not about how much you spend – but how you spend it.
Think Creatively
Go into it with a positive, practical attitude and think cleverly and creatively.
It will pay to narrow your focus; choose the most effective medium to reach the best audience.
Smart businesses will adopt the 3-3-3 Rule. Focus on three core messages about your product or brand, choose three key market to target, and choose the three marketing channels your audience is likely to see.
You can also leverage low-cost or even free digital marketing strategies, such as building your social media presence with regular and valuable content.
And don’t forget about the community you have already built! Your current clients and customers are your most valuable commodity, so consider launching a customer referral program to boost your sales – and reward their loyalty.
Build Trust and Credibility
While you’re at it, be sure to make the most of your testimonials and good reviews.
Positive reviews build trust and credibility leading to higher conversion rates and increased revenue.
Products with positive reviews are far more likely to be bought, with one study finding a 270% increase in purchase likelihood for items with five reviews compared to none.
Partnering with other local businesses and clubs is another great idea. Not only are you reducing your marketing costs, but you are also setting up strong networks for the future.
Have you claimed your free Google Business Profile yet? If not, why not? Not only is it free, but it is also very effective.
Local Sponsorship
Statistics suggest that over 50% of Google Business Profiles receive more than 1,000 views each month. Even better, around 60% of those interactions lead to a website visit.
Another way to build both trust and local presence is to sponsor a local club or event. Remember, that doesn’t necessarily mean handing over hard cash; rather you can provide support in kind or hands-on help.
These are just a few ideas on how to boost your sales without spending a fortune on paid advertising.