How do business enterprises make money? It’s quite simple. They sell their products and services to the targeted customers at a percentage of profit and earn the desired revenue. For that, you need to attract your targeted customers. Till the time your customers aren’t willing to buy your products and services, till that time you won’t be able to convince the profits to fill your bank accounts.
The problem of generating profits is generally faced by small businesses. The major reason to it is that the customers don’t buy the required products from small enterprise. This is not because the customers don’t want to buy from there; instead, they aren’t aware about that such type of enterprises does exist. So basically, an awareness about the existence should be made and then about the nature and quality of the product.
Many small businesses acknowledge cost as a major barrier when it comes down to marketing and advertising of their business and products. Many of the popular methods like radio, TV, magazines and newspapers are often too expensive as per the budget of small businesses. For a 15 seconds ad, they charge thousands of bucks. They always can’t afford it and that is why they continuously stand at the place of being a small business.
So, upon the basis of above analysis, here are some tips which can be adopted by small business to maintain their survival in the market:
- Traditional Marketing: Undoubtedly, it’s an oldest form of marketing but it does have an impact. Also, it may have slower results as compared to other forms of marketing, but still traditional marketing happens to work well and authentically.
In this, when a customer is satisfied with the quality and price of your products then there’s a human tendency that he will share every single detail of his experience in the society he lives in. This is also known as word of mouth. This creates an influence in the minds of other people who are being narrated with the whole scene. A customer who is satisfied tends to be the best traditional marketer.
Network Marketing Business tends to be the best example of the same.
In old days, there were very large books known as ‘the Yellow Pages’ which are also known by the name Directories. Every person and business usually registers their telephone numbers and addresses in the Yellow Pages so that people could locate them. So, you may also get your business registered in the famous local directories.
Some of the popular directories on internet are Google Places, Yahoo Localand Bing Places.
- Offer good Discounts and Deals: Customers view new deals and discounts as the best way to save and invest their money. They feel the same as an opportunity and even buy those products which aren’t yet required or demanded by them.
Also, giving some products and services for free will make them feel privileged. It provides your customer a risk free test of your product. If any of your customers likes the product then he/she may purchase it for the next time.
An example of an engaging deal can be, ‘Buy one get one free.’
- Lucky Draws and Contests: You can organise a lucky draw or any other contests which might create recognition in the minds of customers and further on, they will happen to visit your store. This will lead to an increase in your engagements and customer reach. Through this way, they will come to know about your products and services and consequently, they also purchase the ones which attract them the most.
While organising such contests, make sure that you can easily afford the price of the gifts you are planning to give out. For that, prepare a budget that creates feasibility in limiting your choices. If you aren’t able to cover up the costs by the sales during the time of contest, then simply it makes no sense to invest a valuable amount on running such type of contest.
- Online Advertising: Internet is a major source of information on which our today’s generation completely rely upon. More people tend to see YouTube in compare to Television and more people tend to read blog in spite of newspapers and books.
You can create a website where online surveyors can locate you easily. There you should provide your contacts, address, email and every other source of information through which the customers can contact you.
Advertise your business through ads which are displayed on websites, videos and so on. It definitely creates a wider reach and recognition amongst the audience.
How can we forget Social Media? Create an account on Facebook, Instagram and every other source through which you can be viewed feasibly.