4 Marketing Strategies for a Business on a Tight Budget

marketing strategiesAs an entrepreneur, learning how to market your business is vital.  If people don’t know about your business and can’t purchase from you, the business will soon go belly up.  Effective marketing helps you spread the word about your business and garner new customers and additional revenue.

When you’re just starting out, you may think you don’t have money to market your business, but the truth is, you don’t have the option not to do some marketing.  The good news is that effective marketing doesn’t have to cost a great deal.

Consider the following strategies:

 

1. Rewards for Referrals

Give existing clients a reward for referring new clients.  If one of your clients refers a new client to you, offer them a percentage discount on their next purchase or give them a cash bonus.  Option one is preferable because then you also get the existing customer’s business again.  Either way, setting up a system like this can encourage your satisfied clients to spread the word about your business.

 

2. Logo Stuff

Invest in marketing tools.  Spend the money to buy pens with your company logo and contact information on them.  You’ll be amazed how many hands these pens might go through, and each time is an opportunity for you to passively market your business.  Likewise, consider other means of marketing like printed plastic cards.  These can be loyalty cards or even cards that go on your customer’s key chain or luggage.  Best of all, just like pens, they are durable and long lasting.

 

3. Web Discounts

Include a discount on your website.  If a new customer takes the time to look for your website, they are interested in doing business with you.  Offer a 10% discount on your website for new customers.  If they are already considering doing business with you, they’ll be more interested after they realize they can save money.

 

4. Be the Best in the Community

Sponsor an activity.  As your marketing budget increases, you may consider sponsoring a local kids’ sports team or advertising at your local church.  This type of advertising will get your company’s name in front of many people every week.

As a new business owner, you may think you don’t have money to market.  However, there are plenty of low cost marketing strategies you can utilize to get customers through the door.  As your business grows, you can add on more expensive marketing strategies that will help grow your business even more.

What other marketing strategies can you think of for a small business on a tight budget?

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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