July 21, 2015

How to market your business on a small budget

When starting a business cash is king and you need to keep an eye on every penny you are spending. Entrepreneurs are typically very passionate people and have a tendency to get carried away – don’t do this with start-up costs! You need to remember that everything you spend comes from your profit, so ask yourself ‘Do you really need it or just want it?’ – You need to be ruthless and protect your ££££.

Letting people know about your idea is key to success, yet every entrepreneur has faced the challenge – how do you create and execute a marketing campaign when you have no money?! Entrepreneurs are resourceful people and are good at creating – and seeking – opportunities.

My top tips for marketing on a minimal budget are below:

• You need to be clear what your business USP is – unique selling point. In a crowded, busy market your communication needs to be simple and shout out why your product is new, different and why people should buy it.
• Target who your customer is and take the time to understand their lifestyle – and thus the right places to communicate to them.
• Use social media as it is free (we like anything that doesn’t cost anything!) and use the right channels appropriate for your target market. For example an older consumer may not use Snapchat.
• Contact your local radio station if you have an interesting angle or story. The producers are always looking for new stories and people to contribute.
• Go networking! There is no better marketing than word of mouth and people talking about your business. As an entrepreneur you are your biggest asset.
• Seek out any collaborative partners if you can work together and you may be able to piggyback some of their marketing exposure.
• Be creative and think of innovative ways for you to talk about your product – consumers like new, interesting and different.
• Take the approach ‘if you don’t ask you don’t get’ – be proactive and be clear about what you would like from people. The worse they can say is no!

Claire Young

Follow Claire on Twitter @ClaireLYoung

Find out more about Claire on her website: www.claireyoung.co.uk