As important as money is to every business, so is the ability of the business to market itself successfully. If it markets itself unsuccessfully, or does not market itself enough, that business has an extremely low chance of surviving for very long. Big businesses or those with wealthy benefactors/investors typically don’t have to worry about marketing too much because they can afford the best marketing gurus and provide them with a healthy marketing budget. But what about medium to small businesses with not a lot of money available to be put towards marketing? Unfortunately they have to get creative because waiting around for the cash to start flowing isn’t going to happen without, you guessed it, marketing. This article will review how to market your business on a (tight) budget.
Efficiency is going to be one of your greatest allies when marketing on a budget. What exactly does it mean to be efficient in this context? It means to perfect your elevator pitch so much you and/or those responsible for marketing within your company can do it in your sleep. A great elevator pitch is able to grab someone’s attention immediately, which is important, because research shows most people’s attention spans are not long to begin with. The pitch also holds the attention for the necessary amount of time and ultimately convincing the person being pitched that you can back up the claims of the pitch. The best sales people are also ready for whatever questions people will likely have after the pitch by perfecting the answers to said questions.
Being very well-rehearsed with your elevator pitch only goes so far if you never run into anyone fitting to give it to in the first place, aka people that can have a real (positive) impact on your business. Therefore it is very helpful to brainstorm how/where/when to run into such people. Businesses who get involved in their communities can not only find exceptionally talented people to hire and build up the reputation of a company who cares/gives back, but the representatives of such businesses can also meet representatives of other businesses who are trying to do the same thing. Some of these people would be great to give that perfected elevator pitch to.
When you start running into the right people to give your elevator pitches to, if the pitches go well, the best way to guarantee you keep running into the right people is to ask for referrals. It’s best not to be pushy about it, but it typically doesn’t hurt to ask if the person can think of anyone else who would be interested in learning more about your company or could be helped by your company.