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With the economy weakening, many companies are looking for ways to cut costs. Unfortunately, advertising and marketing budgets are usually among the first areas to be cut. While this is often necessary to protect profits, it is important to keep promoting your business. After all, it is during these tough times that building your brand and staying in touch with current and potential customers is imperative. The good news is that it doesn't take endless monetary or personnel resources to promote your company. Here are five ways to promote your business without breaking your budget.
 Newspaper/Magazine Articles
. - Most daily newspapers, business journals, and trade magazines profile businesses, new products and other announcements. You can check with your local newspaper or industry trade journal to find out the proper format for submitting information. If you see a business profile section, it often takes only a quick phone call to learn what to do for your company to be profiled. For more general announcements such as new products, new personnel, or other changes, sending a press release is the most common way to deliver information to a newspaper. If at first your press releases are not accepted, don't despair. Keep trying. If you're submitting press releases to a specific person at the newspaper, you shouldn't hesitate to ask for feedback. When you call your local newspaper or business journal, inquire about whether articles from guest columnists are accepted. Although you cannot write about your own company (that would be an ad), you can write about your industry or expertise in a general sense. At the end of the article the author will receive a byline in which his or her title and company name can be included. This is an excellent plug for your company, demonstrating that your business has proven expertise in a given field.
Email Marketing . - This often overlooked advertising venue can be very cost-effective. Not only is it considerably less expensive than traditional direct marketing, it is timely and results are tracked real-time. Plus, you can create and send an email advertising campaign within one week, unlike with traditional direct mail marketing, which can take several weeks or even a month to implement. There are several reputable email marketing providers who have targeted, opt-in business and consumer-oriented lists. Be sure to ask for samples, and average open and click-through rates. The industry standard is a 10 percent open rate (percentage of people who open the email) and a one percent click-through rate (percentage of people who click on the links). For only one to five cents per name, this is a viable low-cost, high results option.
Newsletters . - Sending a monthly or quarterly newsletter to current and prospective clients is a great way to promote your business. Just be sure that you are imparting useful information in the newsletter. Instead of talking about how great your company is, include articles about product improvements that discuss why the product was improved and how this will benefit customers. You can also highlight new employees who will add value to your clients, or industry trends that may affect your clients. When it comes to delivery, there are two options, traditional mail and email. Email is much more cost-effective, but can be cumbersome to manage in-house. You can always hire a third-party to manage your distribution list and send your email (and even write and design the newsletter). Compare this cost to paying a graphic designer, or printing and sending a hard copy newsletter via traditional mail, and you will likely find that email is less expensive.
Event Sponsorship . - This is a great way to build your brand, both within your local community and in your target market. Sponsorship options range from park cleanups and fun runs to seminars and technical conferences. The best option is to combine both community-based sponsorships with those that are related to your target market. That way, you will position yourself as a good corporate neighbor and receive market exposure as well. These sponsorships can cost anywhere from a few hundred to several thousand pounds. Generally, for anywhere from a £100 to a £1,000 sponsorship, your name will appear on signage, t-shirts and other standard materials for the event. If you donate more money, you will receive more exposure such as your own sign or even a booth or table where you can promote your products or services.
Increase Your Sales Force Without Spending Any Money . - Every employee should be a sales person for your company. From the mailroom to the boardroom, all employees should be about to answer the question, "What does your company do?" in one very clear sentence. From there, employees should know the particulars of the company such as product or service details, who the company's clients are, the company's size, and the names of its management team.
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