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Marketing Your Small Business During the Recession

To ensure survival during the 2008-2009 Recession, it is imperative that small businesses reassess their finances in order to allocate funds more efficiently and effectively.

Marketing is not an expense; it is an investment in your business, and should account for about 7% of your income. While many businesses are making the mistake of reducing and even eliminating advertising funds, you have the opportunity to gain an edge over your competitors by simply modifying your marketing budget. By following these guidelines, your business will prosper with a steady return on your investment.

Low-cost to No-cost Marketing Strategies

Create a website immediately. Over six million people log on for services. If you already host a website, now is the time to rework it to meet your current business goals.

Utilize small presses. These unique trade papers are often free to the public. Individuals who read them are in direct need of products and services.

Consistency in key. Save the large splash ads for special events. Stick to frequent strategically placed ads for maximum coverage.

Advertise discounts when clients mention where they saw your ad. This will give you an idea of how far your dollar is stretching.

Broaden your marketing budget. Spread your advertising dollar over several types of media.

Slash prices. Hold a 50% off sale and watch the clientele come pouring in.

Use the 90-day rule. If you have not seen an increase in sales from a particular marketing venue, apportion those funds elsewhere or try a fresh approach.

Utilize community events. Your area should have an online list of upcoming events. This is a great opportunity for free publicity and to reach the public on a personal level.

Build rapport. Make sure you allow a significant amount of time to network with potential clients and associates to maximize growth.

Learn more about this author, TC Crumpton.
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