Cost-Efficient Ways to Market a Small Business for the First Time

Just because your business has a small budget doesn't mean you need to settle for a second-rate marketing campaign. With modern technology, small business owners have more tools than ever to connect with potential customers from around the world. Here is a look at some of the most cost-efficient ways to market a company on a shoestring budget.

Ask for Referrals

Referrals are not only free, but are also one of the most effective marketing tools to use. Even if you do not plan on offering customers anything in return for referrals, simply asking them to tell their friends and family members about your business might be enough. A follow-up phone call is an excellent way to reach out and ask how satisfied a customer is and if they would consider spreading the word about your business.

Develop an Elevator Pitch

The average consumer has an attention span of around seven or eight seconds, and you could potentially lose a sale if you cannot capture them in those few moments. Whether someone has stepped into your storefront or you are planning on heading to a convention, you should work on a sales pitch that is around two sentences long. If you cannot effectively market your products or services in that amount of time, then you might need to rethink your company's vision and mission statement.

Hire an In-House Advertising Specialist

Every employee on your payroll should be able to fill multiple roles within your company, and that includes advertising. Staff members with the correct training and academic background could make the difference between success and failure in your first few years. That is why you should consider hiring employees who have business administration degrees and other certifications like an online MBA no GMAT that make them qualified to help with everything from social media posts to customer’s complaints.

Rethink Email Marketing

When done correctly, email marketing is one of the most cost-effective ways to reach out to new customers. Once you have an eye-catching layout and great content, you can then send that information to thousands of potential customers for just a few dollars every month. Emails reach your targeted demographics almost instantaneously, but they are not as intrusive as other forms of advertising.

It is now easier than ever to spread the word about a small business as long as you are willing to invest time and energy into your campaign. With the proper online tools and a great team, your new business can begin pulling customers away from some of the biggest companies in the world.

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