Most small business owners and/or marketing departments face the challenge of growing sales with a budget that forces them to maximize every dime. Too many times I’ve heard some version of “We have no money for marketing” uttered by a client, and my answer is always the same “That’s no excuse.”
For one, it’s rarely true. Often they don’t have MUCH money, but that’s not the same as having none. If you truly have none, shut your doors now. If we’re honest about your limited budget, we have somewhere to start. Of course the first thing you need if you don’t have it is product literature – a business card and brochure at the minimum. I know, we do live in the world of online connecting, but you need to give the people you meet in real life something concrete to walk away with that convinces them that you are actually in business. After that, you need a plan that involves little dough and lots of ‘go’ on your part.
Networking is the keystone of your low budget marketing efforts, and sales is right there with it. Too many people get hung up on the difference between Sales & Marketing, and to that I say “Hogwash.” The line is and should be blurred beyond visibility. Marketing is creating the message and keeping your brand in the forefront of people’s mind; Sales is closing the deal. If done properly your networking (marketing) will blur itself right into a sale. If you don’t know where to start, start here:
- Your local Chamber of Commerce: often maligned as cliquey time wasters, I can tell you that a Chamber is what you make it. For a fee of usually under $300 you can gain access to hundreds if not thousands of other business owners, and very often inexpensive or free ways to market your business. If you want to explore how to effectively use your chamber, check out Frank Kenny. At the minimum, go to the events they offer, join a committee and get to know the directors. Actively seek out business by asking for it.
- Community Involvement: joining a charitable organization, the PTA, or any other community based group that has a mission is a great way to get to know a lot of people in a non-threatening environment. Of course you already know that nobody likes to be sold, but people DO want to buy from people they know. Make sure they all know what you do if they ever need your services.
- Cold Calling: and stop rolling your eyes, gagging, or whatever the idea of cold calling makes you do. I used to turn my nose up at it too, until I got turned onto S. Anthony Iannarino‘s philosophy. The truth is that there was a time when most salespeople were dependent upon cold calling. Now, in the internet age we’ve all become a little soft. It’s so much easier to be rejected via email or LinkedIn, and we can at least tell ourselves we tried. Cold calling works, and I would argue even more effectively because so few people do it. You need to have a plan when you call, and be simultaneously interesting and delicate, but by using it you can at least get a meeting to introduce your company.
- Surgical Marketing: In order for cold calling to really work, you have to have both a target AND a plan of action. You need to be able to tell that target in a matter of seconds how you will help them, not what you can sell them. If you haven’t created a target list, do it, and then figure out the best way to approach each individual target.
- Referral Requests: You have friends, former co-workers, and professional connections. Use them. Again, your request must be delicate and it wouldn’t hurt to offer a referral reward alongside it. Nearly every business starts out by leaning heavily on the circle of people that know and care about the founders. Every person you know well should understand what you do, how passionate you are about it, and what the perfect referral is.
- Social Media: It isn’t free because it costs a lot of TIME, and it has the potential to be a huge time suck, but managing a Social Media page properly allows you to illustrate what you do and how it helps your potential customers. It can open up an entirely new stream of lead generation. (You didn’t think we’d make a low budget marketing list without it, did you?) Eventually you’ll have to pony up money to measure its effectiveness, but in the early days it will take lots of your time and analysis to see what works.
All of the above will cost you minimal amounts of money and tons of sweat equity, but it is the way out of your low budget marketing scenario. You will have to network to create opportunities and then sell the deal by persistently following up on genuine leads. You’ll have to be able to identify those worthy leads and close the deal; at the end of the day it will always be about your ability to sell. Do the above consistently, keeping your goals in mind and remaining undeterred no matter how many rejections you encounter, and you’ll work you way out of the low budget marketing scenario and earn yourself the ability to become truly strategic about how to market and grow your business.
Do you have a story about building sales on a shoe string budget? We’d love to hear it.