There are plenty of challenges that face small
business owners who are trying to survive and thrive in what is now a very
difficult economic climate. Foremost among these challenges is the difficulty
of getting your name out there, attracting people’s attention and earning new
business.
This can seem like a
near insurmountable task for newer small business, who risk being blown out of
the water by the marketing budgets of their larger competitors. There are a
number of key things, however, that newer small businesses can consider and undertake,
in order to help them get themselves noticed and earn the new business which
they crave.
Treat your Existing
Customers Well
It is crucial as a small
business that you are not so pre-occupied with gaining new business that you
neglect your current customers. This isn’t just general bad business practice,
but it is also counter-productive, as your current customers can be, and often
are, your best source for future business too. This can come in the shape of
repeat business from themselves, through their recommendation to their friends
or colleagues, or ideally both, and is an excellent and free way in which you
can earn new business. Therefore, it is crucial as a small business to do
everything possible to keep your current customers happy, for their sake and
more importantly for your sake too.
Loss Leaders and Special
Offers
In business, it often
pays to look long term and this can mean taking a hit initially to improve your
chances of success in the future. What we mean by this is that it can pay to
offer a loss leader product or service, which is an item on which you don’t
make any margin, or even may lose a little, in order to bring more people into
your customer base, in the hope that they will return to you in the future with
more orders.
This can be a little
risky, however, so a slightly more conservative option is to create special
offers or promotions, which limit your profit margins, but don’t diminish them
altogether and can still have the same effect.
Network, Boast and Call
in Favours
Throughout your life,
both business related and in your social sphere, you are likely to have built
up a wide range of friends, colleagues and contacts, and the chances are that
at least a few of them will know someone who might be interested in what your
business is offering.
It is, thus, important
to make the most of the connections that you already have and to not be afraid
to tell people about your business and get them to tell others. This is
essentially free advertising and, whilst it may not be the most effective form
of marketing, any results that you do get from it come from zero expenditure.
Advertising Isn’t Always
Expensive
As a small business, you
may think that advertising is something that is not within your budget,
especially if you are a new start up. If you’re smart about it, however, it
doesn’t have to be, as some forms of marketing can offer great value for money.
Leaflet distribution
companies, like http://leafletlondon.co.uk, can provide
great value location targeted advertising, and pay per click advertising online
can be strictly budget controlled and monitored to ensure that it remains cost
effective