Marketing on a Tight Budget
Here's a catch-22 situation: When business is slowing down and funds are scarce, it becomes mandatory to focus your attentions on marketing. However, these are the times when you have the least money to invest in marketing. What inexpensive techniques may a business owner implement? The following are a few cost-effective techniques our clients have implemented:
Build Customer Loyalty: During a recession or any other external factors, client retention is key. How is client retention achieved?
"Develop a business strategy based on service excellence and you've got a recipe for success," explains Victor Ruso of Salon Soho. "At our salon, we provide a unique blend of creative hair styling, personal attention, and a courteous staff, which are factors that consistently earn us accolades from our clients." The goal at Salon Soho is to make every client's experience a memorable one. Whether it's by accommodating busy schedules or taking a few extra minutes with a client, the objective is to build client loyalty. And finally, they always follow up and make sure that their client's experience was more than satisfactory.
Get a Toll-Free Number: Although long distance is pretty cheap these days, most people will still hesitate to call a long distance number. "When you have a toll-free number, there is nothing standing between you and your potential customers," explains Dave McCullough, founding member of The McCullough Group in Barrie. "The calls increased almost overnight and I find my clients more relaxed and less impatient since they are no longer paying the long distance charges." Being accessible is a key factor in any relationship building process. Make sure you always make it easy for customers to reach you or they may end up reaching for the competition instead.
Get on Talk Radio: There are talk radio stations in every community across Canada, and most radio stations feature at least one talk program each week. These shows need a steady stream of interesting guests and experts to add content to the program and get their listening audience to call in. Some radio hosts may be interested in offering your business, product or service some free exposure. "When the Centre for Business Development was interested in promoting their entrepreneurial programs, we turned to Talk 640 and their 'Growing Business' program," recounts Nicholas Di Pietro, marketing director of ImageQuest. "We received valuable exposure at no cost to us." Take the time to identify and research the various talk radio stations in your area. Listen to individual shows to learn more about the topics discussed. Contact the station and ask to talk to the host or show producer, then tell them about your expertise and how your product or service can benefit their listeners. You'll find that most are more than willing to listen to your proposal.
Advertise in Specialty and Neighbourhood Newspapers: These papers are usually lying around for anyone to pick up, which means they are picked up frequently. Thomas Gunawan, president of Gunawan Group of Companies in London explains, "Whenever someone is stuck waiting for a friend at a coffee shop, or in the line at the post office, they will flip through these newspapers and see your ad. It's not necessarily about convincing customers to use your product or service at that moment; it's about burning your brand into their subconscious until they automatically relate your company to their specific needs." Compare rates for various newspapers and meet with the sales representative. The more knowledge you have about the publication's circulation, demographics, current advertisers, etc. - the more secure you will feel about your advertising investment.
The Last Word: There are always going to be rough times in any business. But those business owners who take a passive role by decreasing their promotional efforts may never rebound from dismal sales. The wise business owner will take a proactive approach towards preventing a downward spiral. The best strategy is to prepare a marketing budget based on what you can afford and, if need be, obtain professional advise on maximizing your marketing dollars.
Victor Ruso is a managing director for Soho Salon and Spa in Sherway Gardens. For more information on their services, please visit: www.sohosalonspa.com.
Dave McCullough is the founding member of the McCullough Group, which specializes in consulting and management services for
professional practices. For more information on their services, please visit: www.mcculloughgroup.com.
Nicholas Di Pietro is the marketing director of ImageQuest.
For more information regarding brand marketing and communication design strategies or to arrange a complimentary initial consultation,
please contact him at 905.850.9994.