Simple Ways to Market a New Business on a Budget

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Starting a new business is less costly today than a decade ago. Technology and rent are less expensive. Many thriving small businesses are home-based. The remaining challenge is the cost of marketing. But even creating brand awareness for a new company is easily achieved on a tight budget.

The objective of a sound marketing plan is assurance that customers remember your brand when they are ready to make a purchase. This means presenting a constant message to the people you target as potential buyers in the near future.

Don’t underestimate the importance of the elevator speech. That’s the attention-grabbing statement about your business that is deliverable during a short elevator ride. You only have about 20 to 30 seconds to succinctly summarize your business. In fact, the first sentence must capture the listener’s attention in about 6 to 8 seconds. The best elevator speeches begin by illustrating a solution you provide to the market. You then transition to describing your product or service.

Look to build a network of contacts in addition to prospective customers. Not everyone you meet will make a purchase from your business. But, many will help spread the word about your enterprise. That creates a strong image because it personalizes the advocacy of your business.

Establishing strong relationships with customers and others is crucial. Use your website and social media to become a source of helpful information. You can even partner with other businesses that are not direct competitors to cross-promote the companies. Use reciprocal website links. Create bundled promotions that entail collaborative discounts for shared customers.

Several ways exist to introduce yourself as an authoritative leader in your profession. By presenting an informative image, your business is remembered when purchasing decisions arise. Deliver speeches to community groups. Write articles containing valuable details and forward links to them using an e-mail campaign. Or, simply volunteer for local service projects. And arrive prepared with that elevator speech.