As a small business owner I have been tightening the business belt for the last two years, and wonder like all business owners when will these economically hard time turn around. A recent study published by the U.S. Federation of Small Businesses shows how many small businesses are cutting back to stay in the game.
- 23% of respondents have cut staff
- 36% of respondents have decreased business travel
- 36% of respondents have minimized marketing efforts
- 29% of respondents have put a freeze on bonuses and raises
Being in the promotional products industry with a marketing and advertising background the third most popular cut, minimizing marketing, raised my eyebrows for sure. I am amazed that any business would even consider cutting their marketing and advertising in a slow economy.
Marketing has never been more important for a businesses survival, if you are not marketing your business consumers may forget about you or assume that you have fallen victim to back economic times and gone out of business. Keeping in touch with current customers takes even more marketing dollars for the same reason.
Beefing up your advertising and marketing lets your current customers and potential customers know that you are a strong company and ready to service their needs in these rollercoaster times.
If you still find your marketing budget needs to be cut here are 8 low-cost or no-cost money saving tips that any business can use.
1. Word-of-mouth marketing, ask for referrals – better yet, give referrals and you will get them in return.
2. Generate an eNewsletter, market to current customers.
3. Create YouTube Videos. Video is a very strong and free way to get your business noticed.
4. Post on forums and message boards. Posting valuable comments will build your reputation and lead to more business.
5. Start a Blog. A business Blog is a must these days, you can advertise, review your offerings and give free tips as often as you’d like without worrying about running up your budget all while building traffic to your brand.
6. Get your clients to advertise for you. Trade blog posts or email blasts with customers.
7. Join trade associations. You’ll get industry-specific information, advice, sales opportunities and other member benefits.
8. Double Up. Include advertising material in all your mailings such as invoices. You can also drop a small ad into every email you send.
To Your Success!
Tim Somers
Bizarre Promotions, Inc.
We’re Listed On The Detroit Business List
