8 Inexpensive Marketing Strategies

Most business owners rely only on two or three marketing strategies to attract new business. However, there is a multitude of ways to drive new business to your door.

Here are a few:

1. Networking
Networking is perhaps the most commonly used approach by small business owners. However, it is often poorly executed. Many people attend a networking function and take the wrong approach by trying to meet as many people as they can. They bounce from person to person, handing out business cards like it is an Olympic event and they are vying for the gold medal. They fail to realize that the most effective way to network is to cultivate relationships and give referrals to other members first.

2. Referrals
This marketing strategy places a close second in preferred methods of generating new business leads. The key here is to ensure that you take a proactive approach rather than a passive one. Instead of assuming that a satisfied client will refer someone to you, ask for that referral. Tell people who your ideal client is and ask for their help in finding these types of clients.

3. Writing
This often under-utilized marketing strategy is an excellent way to become recognized as an industry expert. Every industry has trade magazines and most are hungry for good content. The Internet is also filled with websites and e-zines looking for material to send to their subscribers and customers. This marketing strategy alone helps drive more traffic to websites more than anything else. It is sometimes challenging to come up with ideas and to write an 800 word article but the investment of time and effort is definitely worth it.

4. Newsletters
This is another powerful marketing strategy to keep your name in front of your customers and prospects. Provide key insight into business challenges and offer solutions to them. In other words, help your prospects and customers solve problems. Some newsletters are nothing more than advertising so be sure to provide valuable information to your customer. Although it is less expensive to send a newsletter electronically, you can issue in in paper format.

5. Cold calling
Without a doubt, this is usually the most challenging way to market a business, even if only a few people actually enjoy cold calling. However, it can be a good way to uncover qualified prospects in a relatively short period of time. Be sure to start your conversation with a good opening to capture the other person’s attention.

6. Give free information
Using this marketing strategy on your website, you can quadruple the number of subscribers to your newsletter in just a year. You do not need to give away all the information relevant to your product or service. Instead, offer information that will help your target market with their problems.

7. Offer a guarantee
A concern many people have when changing is the risk associated with the change. They may not be completely satisfied with their existing supplier but the risk of choosing a supplier who may be worse can prevent them from changing. Eliminate this concern and offer a guarantee.

8. Advertising
This can be a great marketing strategy if you know how to create a good ad. The best marketers know that great sales copy is what makes the difference. Glance through the ads in your trade magazine and you will quickly notice that most ads focus on the company’s product features instead of on the customer’s problem. Create a great ad by concentrating on the problem you can solve.

There are many other ways to market your business and generate new business leads. However, the marketing strategies I mention in this article are effective low-or no-cost options. Use them consistently and watch your sales grow.


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