If like me you are the owner of a small, young business I’m sure that you can relate to some of the frustrations that I have! Here I am trying to prosper as a fledgling company at the worst possible time. My budgets are tight, my customers are struggling and it’s difficult to secure financial support on any level.
Ever the optimist and as someone who enjoys a challenge, I remain of the opinion that young businesses can grow in this difficult climate and reap the rewards. We just need to be wise in the decisions that we make and careful where we spend.
You must invest some of your resources into marketing activity. Marketing is vital to the success of any company but right now you need it just to stand still. Take heart though, it doesn’t have to be a costly exercise, there is plenty that can be done on the smallest budget.
Plan ahead. This will help you manage expected marketing costs and reduce your outlay on branded materials.
For example, you will be able to advise your agency of the planned activity. Because you know that you intend to send a series of postcards out during the course of the year, you can instruct your agency to design one basic concept that can be used as a template for the other postcards. This will save you the cost of paying for a brand new design for each campaign and also ensure consistency.
Build a network of alliance partners. Working with other companies who offer services that naturally complement your own is a great way to keep your marketing spend down. It will enable both companies to pool their resources and split costs on marketing activity for mutual benefit.
This approach often enables companies to enter into marketing activities that may have otherwise been out of reach. For example, you may wish to buy a stand at a key exhibition. On your own it would have been too expensive but splitting the cost 50/50 with an alliance partner will enable you to secure a stand.
Get yourself out there. Building a strong network of contacts is one of the most powerful tools at your disposal so use it. Whether you choose to attend regular networking meetings or opt for a more informal approach, it doesn’t matter too much. Just putting yourself out there and meeting people is worth its weight in gold. Remember, people buy from people.
Look out for offers. There are some great opportunities to benefit from reduced costs at the moment. Advertising, which is so often written off as an expensive option, is now more affordable than ever.
Keep it targeted. Always consider your target audience and ensure that your marketing campaigns are aimed at them. But keep an eye on the associated costs. I still regularly issue business letters in preference to glossy flyers. A professionally written letter, signed by hand and written 100% with the recipient in mind is such a powerful tool and it’s a lot less expensive than producing a flyer.
If you would like to find out more about marketing on a budget, I am running a series of workshops in Birmingham this Spring. They have been designed especially to help younger businesses gain a practical understanding of marketing. To find out more and to register contact me on 0121 232 4656, email me at clare@initiatemarketing.co.uk or visit my website www.initiatemarketing.co.uk/workshops.