I want to promote my new business but it seems so expensive how can I do this in a way that doesn’t cost this much?
I have sales reps from radio magazines, newspapers, Web companies all telling me they can make me money through advertising but it is so expensive and really does it work?
Do you have your own basic promotional material sorted, vouchers, flyers, website, business cards, loyalty program? Sometimes it is better to focus on these things before going for the expensive option.
In fact who are you targeting and why? Give this some thought and make sure before you sign-up to any advertising you know exactly who your targeting – did you know the average number of deals, adverts and promotional messages the average person faces every day now exceeds 5000 messages! So you are right to think are you may wasting your money advertising.
In fact, research also shows we are more likely to trust a business or brand if it is recommended to us by someone we trust. Have you explored how you tap into this opportunity? You have a loyalty program right?
We often review businesses loyalty programs to find that actually all they really do is cut margin and yes of course keep the regular customer happy, but do they actually drive the extra opportunity of new customers – if the research is true the best source of new customers can actually come from your existing customers, who already like what you do.
Take a look at your loyalty program and see if it drives this behaviour, or actually is it just a thank you to an existing customer? Don’t get me wrong this is actually really important, but why not hit two birds with one stone and get some new business as well!
Check out this article we found, it is not rocket science, actually that is why we liked it, but it gives you the top 6 reasons businesses fail.
Test your business against them and see if you need to focus on any one of them. The Top 6 reasons new businesses fail.