Low Budget Marketing Strategies for Small Business

A marketing workshop was conducted recently and someone has discovered that only two to three marketing strategies are used by most of the business owners to create new business. But the fact is there are plenty of innovative and effective strategies to generate new business.

Networking. In most of the cases, the business leaders use networking as the primary marketing strategy to attract new business. The business owners attend many networking functions to get in contact with as many people as they can. Networking will be most effective only when they develop relationships and give referrals to others first. Unless the business leaders understand this phenomenon and execute it, networking will not be a great marketing strategy.

Referrals. Referrals will be of greater benefits to the small business owners when they approach their existing customers proactively than passively. They can explain in detail about the kind of clients that is required for them and ask for such referrals. Referrals from previous customers who purchased our cup holders is a great way to build our client base. Referrals is the second most preferred marketing strategy among many business people next to networking and is universally followed across different sectors.

Writing. This type of marketing strategy is not commonly used by many business owners. But in fact writing is a powerful tool if one puts serious time and effort to publish articles related to their business and trade online as well as on paper. The business owners must be aware of the fact that there are lot of subscribers to e-zines with good content of trade and most of the subscribers are the customers to many businesses.

Newsletters. This is an excellent strategy of marketing to get deep insights on the existing challenges faced by the business and the solutions for them. Business leaders can implement the choice of printed newsletters rather than the online version.

Give free information. Online e-zines are the best place to give free information to the customers about the product/service.

Offer a guarantee. When the existing supplier is not satisfactory, a customer might prefer to go for another supplier. But the concern will be risk involved and this might prevent them from approaching new suppliers. When the business owner offers the guarantee, it will eliminate such concerns and increases the chance of getting new business.

Advertising. Ads can be creative and it must concentrate on resolving the problem the customer is facing. For example, our travel cup holder solves the problem our busy commuters are continuously having. Advertising makes a significant impact for a product or the service in the market.