Small businesses often times have few or no employees and sometimes it is just the business owners operating alone. This is common depending on the economic situations. Usually, a small business is run on a limited budget.
The secret is to optimize your limited budget. Marketing impact can be greatly improved by using multiple marketing channels. The further you can spread your low budget to reach your target market the higher the impact of your marketing message. Hence, a business owner needs to have a proper marketing plan.
There are several marketing plans that have been proven to work. These marketing techniques include:
1. Finding the right market segment: – an essential element of marketing is targeting the right customer using a low budget that is if your marketing plan is to work. Search for customers who are easy to relate with and affordable to reach.
2. Make your business news worthy: – a mention of your business name in a popular media station can help deliver your marketing message in a low cost manner. This calls for the mastering of the art of self business promotion.
3. Form a joint venture or partnership: – This is a powerful marketing tool that a small business cannot afford to ignore. Forge an alliance with a group of small companies with similar interests. A joint venture will lower your marketing cost, enabling you to enter into new markets and create new distribution opportunities and channels.
4. Maximize referral: – the most cost effective method of reaching new customers is by getting referrals from satisfied customers. Normally referred to as, “word of mouth advertising”. A satisfied customer telling others about your business is more effective than any advertising campaign.
With these few marketing strategies you are bound to create a high impact-marketing plan. Overall, marketing success comes from creativity.