The budget is getting thin, customers aren’t coming through the doors, and the bank is looking for the payment. Small business owners think that they must always spend a lot of money in order to make a lot of money. However, spending money doesn’t always mean that money is being spent effectively.
First of all, before you spend money on marketing you must know your niche. If not you’re going to spend money on an audience that won’t be opening their wallet in your store. Defining your niche can help you advertise to a group more likely to be returning customers. This means more bang for your buck.
Secondly, timing is everything. If your ad is released after a big event you have failed to bring in the big audience you have been looking for. This means you spent dollars ineffectively and lost money that could have been spent better elsewhere. Timing isn’t just about advertising a particular event; it is also about when your ad or press release will be released to the public. You want ads to drop on a day of high volume and unless you have a huge event or a big image in your community I would suggest you send press releases out on quiet news days. This thought came in mind after seeing a press conference overshadowed by bad weather and sports teams in the area making big announcements.
Next, try thinking outside the box when firstnewswallet marketing. Seth Godin advertised his book, Free Prize Inside, inside a cereal box. This is an innovative idea sure to grab attention in the book industry. This means you should market your ideas in a place not so sought out by the competition. For instance, I saw a gentleman put his website address on the top of his black shoes, the text was in a bold white font. Have you ever noticed how many people look at your shoes? It was the first thing I noticed and I couldn’t get my mind around his tactic. What a great idea, but I couldn’t understand a word he said after I looked at his shoes.
One more quick point to take a moment to ponder is how long your marketing tool will exist. A newspaper ad is a one day event, park benches last about 30 days, and T-shirts last long enough to be worn with holes. There is nothing wrong with spending money on ads or billboards, but why not spend a small amount of money on tote bags or T-shirts? A creative looking T-shirt that people will wear is like having a bunch of walking billboards.