Do you have ambitious growth plans for your
company, but a limited marketing budget? There's no
need to compromise your goals. There are lots of
great, budget-smart tactics that will put your
business on the fast track--even if you don't have
deep pockets. Here's a list of eight proven
marketing tools and tactics specially created for
the budget-conscious entrepreneur.
1. Customer rewards: Since it may cost as
much as five times more to win a new customer than
to retain an old one, customer reward programs are a
lower-cost alternative to acquisition marketing.
Create and actively promote a loyalty program that
rewards on enrollment and then provides graduated
incentives to your best customers. To keep customers
coming back, provide in-kind rewards rather than
gifts from other vendors.
2. Opt-in e-mail: E-mail is a low-cost,
high-return way to enhance customer relationships
and increase sales. E-mail campaigns can be
conducted for a fraction of the cost of other
tactics and can be executed in weeks, not months.
The key is to e-mail as often as twice monthly, but
only to an in-house list of members who have agreed
to receive e-mail from you. Keep the content
extremely relevant, and you'll see response rates
climb.
3. Local paid search: The vast majority of
American shoppers do research online before making a
purchase. They already know what they want to
buy-they're just looking for the right place to buy
it. Google and Yahoo!, among others, offer services
for local advertisers, and Yahoo!'s Local Sponsored
Search program provides a locator page that will
drive traffic to your store even if you don't have
your own website. Visit
http://smallbusiness.yahoo.com
and click on "Market Your Business Online" to
find out more.
4. Marriage mail: Trying to reach consumer
households in specific market areas? Your own
direct-mail campaign could cost a small fortune.
Instead, use "marriage mail"--send your ad or coupon
in a joint mailing with other advertisers. A leading
provider is Valpak, which designs, prints and mails
more than 20 billion ads each year, providing an
affordable alternative to stand-alone direct mail.
5. Media relations: Do-it-yourself PR is a
lower-cost alternative to advertising, but it
requires know-how and time. For best results, tailor
your stories to the needs of the individual media
outlets on your list. Then send a release or pitch
letter, and follow up by phone. These initial
contacts should lay the groundwork for ongoing
relationships with key members of the press.
6. Grass-roots advocacy: Word-of-mouth is
often the most desirable form of marketing. To get
people talking, run a contest, stage an event, or
assemble a group of "influencers." The creator of a
series of books and products for preteen girls, for
example, has used its website to enroll several
hundred girls to act as advisors on everything from
book characters to plots. The members are also the
first to receive information on new products. You
can bet these influencers share their inside news
with friends.
7. Marketing partnerships: When money is
tight, it often pays to partner with another company
that targets the same audience. You can forge
marketing partnerships with businesses that offer
complementary services and pool your prospect lists
or share advertising costs. A kitchen appliance
retailer could partner with a remodeling contractor
to market full-service kitchen upgrades, for
example, or neighboring technology companies might
jointly promote their region as a tech corridor.
8. Cinema advertising: Over 27,000 movie
screens run advertisements.
Screenvision Direct works with local advertisers
to produce advertising slides that run during the
pre-show entertainment. And with rates as low as $25
per week per screen, you'll pay just $1,000 a month
to reach nearly everyone who sees any movie at your
neighborhood 10-screen multiplex.
Contact marketing expert Kim T. Gordon,
author of Maximum Marketing, Minimum
Dollars: The Top 50 Ways to Grow Your Small
Business, at
www.smallbusinessnow.com.