Each year, U. S. companies spend billions of dollars to market
their business. Marketing is the entire process of getting a
product or service into the hands of buyers and it includes
research, development, planning, copywriting, packaging,
pricing, advertising, publicity, sales and delivery.
But if your company is small—like more than half of all
businesses in America— you probably don’t have a large marketing
budget. But you can stretch your marketing dollars by applying
these seven smart marketing strategies:
1. Leverage the Power Of Targeting And Branding - Determine
who’s most likely to buy your product or service, then tailor
your marketing message accordingly. Always send the right
message to the right audience. Also, create a consistent
brand or image for your company, product or service. Branding
involves everything related to your company from your logo
down to your style of customer service. And it can help you
make sales quicker and easier, so you’re able to spend less
on marketing.
2. Choose the Right Tools For The Job - This amounts to doing
it right the first time. You can’t afford to waste energy and
precious dollars by using marketing pieces for the wrong
purpose. For example, if you want to reach a specific market
segment, direct mail is ideal. But a print ad in a
general-interest publication would be a waste of money.
3. Create Versatile Materials - Create marketing materials you
can use for more than one purpose. Instead of a large
brochure, consider printing a small tri-fold piece that can
be mailed inside an envelope, handed out and placed in a
display rack. Similarly, a flier can be slipped inside a
presentation folder or distributed in mass quantities.
4. Be Conservative - Don’t spend any more than is necessary to
get the job done. When printing, choose fewer colors and
pages to cut your cost in half. Opt for graphics software,
stock photography and other tools that allow you to avoid
hiring expensive professionals. Your goal should always be
to produce professional materials, not necessarily the most
expensive ones.
5. Capitalize on “Free” Advertising - Send a press release to
print, radio and broadcast media. It won’t cost you anything
to send in submissions. But what you can gain is free
publicity in the form of a full article or at least a small
brief. Unbiased publicity from a reporter carries a lot of
weight and can help you “advertise” your business better
than any paid advertising can.
6. Form Strategic Alliances - Combine your marketing efforts
and dollars with those of complementary businesses. Swap
customer referrals and split the cost of a postcard mailing
or print ad with trusted business partners. You can also
share exhibit space at trade shows or co-sponsor special
events.
7. Improve and Maximize Customer Relations - Always meet and
exceed your customers’ expectations... so you don’t lose
them. Some estimates say it costs seven times more to
acquire a new customer than to retain an existing one. You
can also save money and time by generating repeat business
from your customers. Contact them with a special offer or
piece of useful information; they’ll probably be happy to
hear from you. Ultimately, you’ll be doing them and yourself
a favor.
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