Managing cash flow and controlling the budget is a constant source of challenge for small business owners. But just because you don’t have a lot of capital to invest into your business doesn’t mean that you can’t grow your business. There are numerous no cost or low cost marketing strategies you can use to establish your brand, open up new revenue streams, and gain new business allies.
A joint venture is basically a strategy where you team up with another business for a mutual benefit. One example is a pet obedience training company teaming up with a veterinarian to cross promote each other’s services. Another example is a wedding planner teaming up with a florist. To make this strategy work, you need to find a small business that serves the same audience as you but isn’t direct competing with you. The goal is to set up a win-win business so that both parties can grow their businesses. For more business resources, you may do additional research at the Ontario Centres of Excellence website for more information.
One of the best ways to establish yourself online is through great content. By creating great content and pushing it out to relevant and reputable blogs, you can start to get your name out there and establish your authority while building your brand. To make this strategy work, you really need to create content that wows your target audience. By constantly outing great content, you may even become a regular writer for a blog network or well-known blog.
Social media works synergistically with content marketing as it can serve as a distribution channel to get your work. With social media you can build followers for your brand and get the word out there about your products and services. But what makes social media really powerful is the ability to connect with influencers and teaming up with them to promote your content and consequently, your brand.
Targeted Website Advertising
One of the best ways to promote your website is to find smaller websites to advertise on. There are websites that are getting a respectable amount of traffic with very few sponsors. Finding and contacting the website owners can be one of the most affordable ways to promote your business. You may find that paying a monthly sponsorship fee will help you generate leads at a far lower cost than advertising on Google or Facebook.
Referral and Reward Programs
One of the best ways to bring in new business is to leverage your customers by creating referral and reward programs. You want to make it easy for your customers to refer you and get compensated for bringing in new business. You also want to keep your customers coming back by offering them rewards for their loyalty. What makes these strategies work is ensuring that the compensation and rewards are respectable as opposed to something many people will shrug off.