Thu 21 Feb 2008
If you have a growing small business, or even if your business is well established, today's competitive market dictates that you spend a certain amount of your earnings on promoting your products and maintaining your presence in the marketplace.
Here's how you can ensure that you get your piece of the pie.
Allocate Funds According To Your Business Needs
If you have just started your small business, then you should allocate a bigger amount for marketing purposes. Once your sales pick up and you start earning decent profits, you can scale back on your marketing expenses.
However, always ensure that you keep some funds reserved permanently for your marketing efforts. In this competitive world, out of sight could easily result in out of sales.
Use All Available Media to Market Your Products
Use different media such as newspapers, flyers and the Internet to gain as much coverage for your small business as you possibly can. Use flyers or send out business cards if your business is local. If you are on a limited budget, you should consider using the Internet extensively since it is not only comparatively cheaper, but also reaches out to a wider audience.
Find an advertising method that matches your budget and provides the highest response - and stick to it.
Respond To Your Competitors' Advertisements
This method is employed by many businesses that want to piggyback on their competitors' advertisements and turn it to their advantage. You can check out your competitors' advertisements regarding their products advantages and release your own advertisement listing any additional advantages that your product offers over theirs.
This type of advertising turns your competitor's advantage into yours. This also ensures that you are spending roughly the same amount on marketing that your competitors are spending.
Marketing is the base of any small business. Make sure that your marketing efforts are funded adequately.