What Cost Can You Expect to Include On Advertising in Your Small Business Plan?

November 14, 2009 by Carl Tambeau
Filed under: Internet Business Plan, Online Coaching

: Image by ShashiBellamkonda via Flickr

One of the best advertising models that people fail to realize is the importance of “word of mouth”. In current times, many consumers like giving a company feedback or ratings, literally or figuratively. That is why many consumers tell their friends when they find a nice new store; one that is worth visiting, or a store that they had a poor experience at.

You should never discard the power of the customers that you already have. Not only will keeping your current customers satisfied, increase the chances of them coming back again, it also improves the chances of them recommending your business to those that they know. When working on your small business plan keep this important information in mind when reviewing your advertising costs.

Are you looking to market your business to the general public, or do you have a targeted market in mind?

Your targeted market should be the individuals who are most likely to need what your business has to offer. For instance, if you run an online marketing business, you will want to target those who are currently running a business or those who are looking to run a business and need to get to get noticed. As important as advertising is, it can sometimes get time consuming and costly. The costly part is what often causes many small business owners to cringe. The good news is that there are a number of different ways that you can go about advertising your small business without having to spend more money than you need to.

Another easy and relatively cheap way that you can go about advertising your small business to your targeted market is by carefully choosing where you advertise your business. In keeping with the above mentioned example of running an online marketing business, you may want to think about distributing flyers or business cards to local coffee shops or college campuses. The same can be done for other types of businesses. For instance, if you run a dog grooming salon, you can advertise your business in local pet supply stores, vet offices, and such. Of course, you will need to get permission from other businesses before placing your business cards or flyers on their properties, but you may find that most are willing to assist you.

In addition to handing out traditional business cards or flyers, you may also want to think about giving away free coupons. There are many consumers who like free stuff, even if it is only a few coupons. When a customer has a money saving coupon, they are more likely to buy what you are selling, whether it is a product or a service.

If you are trying to target a specific group of individuals, you may want to carefully choose how you distribute your coupons and how much in savings you give away. If you are just trying to generate as many sales as possible or create a “buzz,” you may want to think about contacting one of your local newspapers to put coupons inside their paper.

Another idea is you may want to think about holding a contest or a drawing for your customers. For instance, if you run a pet supply store, you may want to think about creating a pet gift basket, one that may include food, treats, or grooming supplies. You will want to allow each of your customers, the ones who make a purchase, to enter into your contest. If the prize is nice enough, you may get some customers buying something just to get entered into the contest.

Hosting a contest is a great way to generate sales and business “buzz.” The above mentioned approaches are just a few of the many low-cost, affordable ways that you can go about advertising your business to the general public or even just to your targeted market. The decision as to whether or not you want to use any of the above mentioned methods is yours to make, but they are at least worth looking into. As you finish this particular section in your small business plan make sure you allow yourself time to be creative in your thoughts – you will be surprised what ideas you can come up with. Always remember there are no stupid ideas – Go for it!

Regards,

Carl Tambeau
Founder of Pro Marketing Resource