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Get the most out of your advertising budget
Most small businesses shy away from paid advertising for the obvious reason; it is just too expensive. However, it is a well-known fact that advertising brings in business. ‘Front of mind’ is a well heeded mantra. Even previously happy customers may, in time, forget about your operation. Depending on the industry and competition, a general thought is to spend 7% to 8% of gross revenue on advertising; no small amount for small businesses. The suggested percentage increases to 10% for larger businesses!! If wisely thought through, this can pay off. To the right demographic, in the right season and in the right venue you can reach many interested clients and customers.
Budget, however, is a very real and limiting factor.
Alternative ways of reaching out to the public is both paid and/or free advertising.
Some free advertising ideas are:
- Blogs on your website shared on your social media pages [Facebook, LinkedIn. Twitter]
- Facebook, Tweeting and Instagram [new ideas and products]
- Google front of line [may have some expense to it]
- Testimonials on your website
- Local newspapers [people still like to browse good stories in print]
- Radio and TV interviews [human interest stories especially those with ‘value added’ for the local community such as local charities]
- Your demographic and professional periodicals [may have an expense to it]
- Local businesses that may have synergy with yours and allow you to place flyers, pamphlets, cards, give talks, refer your business; a win-win situation for both
- Networking with and giving talks to business groups. Attend these as a participant regularly. [Meetups, Chamber of Commerce and Board of Trade]
Do not be afraid of trying free sources. Many of these are looking for a story of interest. Make yours a good one.
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