Sometimes it feels like advertising money is just pouring out of the bank account when you’re trying to start something off.
Advertising is usually a very expensive way to promote your small business and it can be really hard to find out if it is working.
But there is an alternative – clever marketing. Yes, there is a cost most of the time but it can be far more cost effective than paid advertising.
Marketing is a term that is often used to capture advertising initiatives, public relations and direct communication with customers and potential customers.
Personally I use the term marketing as something that is separate to paid advertising and that promotes my business.
When I was meeting with a business mentor last year I talked with him about a paid advertising space in a targeted magazine which would cost about $1000 per edition. It was a small space (anything for $1000 would be small) and in amongst other advertisers.
Although the publication was targeted I still didn’t have much control about the audience – it would be a broad shot.
Instead he suggested spending the same advertising budget, $1000, on direct marketing selected shops from a carefully constructed list. The budget would be spent on postage, brochure and pictures. This made so much more sense.
Communicating (marketing) directly with selected customers on a one to one basis could take more time but could also deliver a better result than a blanket advertisement.