It’s a buyers’ market—no question about it. There is a glut of products and services available for consumption. That makes it essential for sellers to focus on meaningful product distinctions and reasons why their companies are better than or different from the competition. But regardless of whether it’s a buyers’ or sellers’ marketplace, there are always opportunities to drive more sales and earn more profits. Here are four suggestions for capitalizing on the low hanging fruit that won’t break the budget yet will help the sales team accelerate business growth.
4 Low Cost Marketing Opportunities
1. Review your marketing materials to make sure content is current, compelling and captivating. Ask these questions of each marketing piece:
- Does it engage audiences in a way that motivates them to read or watch it immediately?
- Is it believable?
- Is it professional?
- Does it make the business case for buying your products or services?
Educate, entertain, inform, persuade and remind others about your business or value proposition. Make it clear what the next step is and easy for prospects and customers to buy.
2. Increase the frequency with which you communicate with your prospects and customers. If you’re sending out bi-monthly emails, consider adding a press release, a new case study, an updated white paper or additional blog posts in between regularly scheduled email campaigns. By moving from six times per year to twelve times, you can generate more name recognition and increase engagement with your target market(s). In the process, ask for feedback and update contact information as appropriate.
3. Reach out to prospects and customers on a personal level. While it’s often difficult to contact busy professionals by phone, leave a voice mail to let them know you are thinking about them. Send them a birthday, holiday or thinking-of-you greeting card. Reference an event or shared experience you discussed in your last conversation or meeting. Ask what they need. Offer to do something special, above and beyond the call of duty. Remember, people don’t care about how much you know until they know how much you care.
4. Use as many external mediums or channels that are available to you. Determine what your prospects and customers read and watch, and think about how they like to receive information. While radio, television and some traditional marketing channels are more expensive, low-cost channels are expanding all the time. These include social media, websites, email, blogging, telemarketing, referrals and more. Use the mix that works for you.
Accelerating Business Growth
Marketing on a tight budget can be tough, but low-cost marketing opportunities are available with a little creativity and effort. Listen. Look. Learn. Then explore the significance of “tipping the fulcrum” in your favor in order to produce new revenue and profit streams to stimulate your company’s business growth.