How to Promote My Business without Spending Much

October 21, 2015
How to Promote My Business without Spending Much

Marketing and public relations strategies you should consider.

The groundwork has been laid for your business opening. This is a stage of discovery and adjustments in which you will need a lot of support and help while all the pieces for your new business fall in to place.

Advertising and promoting your business to attract customers is an important part of this phase, as is the management of the economic resources. Profits during the first days, weeks and months will be modest as clients start knocking at your door. This is the time for you to supervise your new employees in order to make sure they are well trained and capacitaded to help you run your business. Learn more about this topic by reading our article How to choose the best candidates.

Your company may offer the best product or service in the world, but if your potential customers do not know about it, the business will not last for a long time. When it comes to advertising and promotion, traditional media such as newspapers, radio and television are still excellent options, but their cost can be prohibitive for a startup business.

In this era of the Internet and social networks such as Facebook, there are cost-effective alternatives to promote your company without incurring in too many expenses. Following are several alternatives to advertise your business with minimum investment:

Take advantage of social networks
Social networks such as Facebook, Twitter, and Instagram are increasingly popular in Puerto Rico and have become an indispensable tool for the promotion of all types of businesses. Establishing a fan page of your business on Facebook costs nothing and opens a promotional venue to communicate directly with your existing or potential clients. You might only pay a small fee if you want to promote it. Also, ask your customers for their email addresses and develop a contact list to announce your latest business news without spending a penny.

The power of the “word of mouth”
A satisfied customer is the best spokesperson any company can have. No matter the type of business, if customers are happy with the service or product purchased, the odds are that they will recommend it to others. Don’t be afraid to ask your customers to spread the word about your services; you should even encourage them to do so by means of simple discount referral programs (for every 10 referred clients, offer a 10% discount). The “word of mouth” costs nothing and is a great way to generate immediate credibility for your company.

Your business is the news
During times of economic difficulty, opening your new business is not only good news for you and your family, but also for the community. When you are ready for the opening, do not hesitate to contact the media directly to get a story about your business. This will cost you nothing and will give your business great exposure. Editors and reporters are always looking for news to report, and they publish their phone numbers and e-mail addresses in the media just to be contacted for possible stories.

Sponsor events in your community
From Little League teams to professional associations related to your industry, there are entities and activities in your community that need sponsorship from private companies. Discover possible events, community or professional activities that can give good exposure for your business, and try to negotiate sponsorships based on the exchange of products or services. That way, you will receive the desired promotion without impacting the business cash flow. Furthermore, the sponsorship of these events will help you fulfill your company’s social responsibility program.

Flyers and banners
Sometimes businesses have potential customers at their fingertips, but entrepreneurs fail to attract them due to basic promotional flaws. Make sure that in your advertising strategy you include keeping your closest customers informed. Thanks to the competition in the printing industry in Puerto Rico, you can find excellent offers in printing flyers, street banners and other economic promotional items that you could use to distribute easily in the surroundings of your business. Remember, the main thing about a business is to provide excellent service so satisfied customers return and refer prospect customers to your business or at least to your social media outlets in order to learn more about your business. Contact us today to check out how we can help you.

This article is for informational purposes only and does not constitute an endorsement or guarantee of accuracy or applicability for any particular purpose. Neither Popular nor any of its affiliates, subsidiaries, or related companies shall be liable for any special, direct, or indirect harm stemming from the information contained in this article. Should you require further information or guidance on the subject of this article, you should always seek the advice of a competent professional of your choice.

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