Small Business Marketing Strategies
5 most cost efficient marketing strategies for small businesses
In this technologically advanced world where competition is always on the rise especially for small businesses, it is imperative to search and come up with a marketing plan that is not only cost effective but also reaches your desired target audience. This should be done in order to generate high sales and a sustainable competitive advantage over other businesses. Thus we would like to present a few guidelines that may help your business to generate profit and attract more customers in the most economical way. These five cost efficient marketing strategies would not only help small businesses but also medium and large businesses.
- Industry Trade Publications and Magazines: It is obvious for every single market or industry to have its own journal or magazine that helps in summarizing the events in the market or educate the audience about the recent developments. Customers are always in search of free and unique content in the form of an article or document that may assist them in getting the relevant knowledge of the market. Thus by writing an article for an industry trade magazine you may get an opportunity to promote and advertise your product in that industry journal; it will also affirm that you are an expert in your field.
- Work with Your Local Chamber of Commerce: This is another marketing technique through which you can promote your services and products. However in order to work with your local chamber of commerce you have to be a member of it. After that you need to secure a link on their website or blog back to your business website.
- Social Media: This is probably the most common and widely used platform for marketing a product or service. However it is imperative to make sure that the platform or social media network that you have used on is in relation with your business’s goal and market. At times social media is an extremely difficult platform to navigate, as there are a number of other businesses adopting this same marketing strategy.
Although it is a good strategy to attract customers on informal social media networks like Facebook. But when you want business to business interaction then you must need a more professional and sophisticated social media website like LinkedIn in order to market your product. Here you may reach engineers and field service technicians etc. Thus it is essential to choose a social media platform that matches the type of market you are trying to capture and serves your business’s purpose.
- SMS Marketing: This is probably the most easily accessible market for every individual due to the use of cell phones on a daily basis. Research has indicated that ‘sms marketing’ has a 90% open rate, as people who have cell phones stay connected with their family and friends at all times. Thus ‘sms marketing’ allows you to deliver a focused message directly to those customers who are most interested in buying your business’s product or service. While using this strategy or technique it is necessary to add the information in the sms that is new so that customers do not dismiss it as being redundant.
- Email Marketing: Just like ‘sms marketing’, email marketing also has a very high open rate as people have a continuous access to the internet through devices like I pads and laptops. However in order for this strategy to work you must have customer ‘buy in’, which means that you have to attract customers who are interested in receiving information about latest discounts and offers through an email. However they should agree to receiving those messages through an email otherwise you would not reach your target audience.