Starting a business is extremely challenging in the first year. It’s not about making a profit, but about building a solid customer base that will enable you to have a long and fulfilling career. A marketing strategy that introduces your business to many people is the most effective. It builds a strong customer base essential to keep a business running.
Some might think that the success of any business depends purely on the value of the product. However, that is only half the battle. It is imperative that your company has a good cash flow so that it can prosper. Even if your product is in high demand, you’ll be unable to produce it without funding. A solid promotional strategy is key to ensuring you attract enough regular customers to keep your business afloat.
Increase your reach quickly with giveaways and discounts
If you are just starting, giving away free stuff might seem like an unwise move, but it can be an excellent way to build brand loyalty. With free samples, you even attract an audience that may have been difficult to reach. For example, if you plan to start a bakery, offer mini cookies for free. Since everyone loves food, your reach will increase quickly.
You can also offer merchandise with your company’s logo on it. Giving away items like hoodies, personalized stickers, water bottles, or wristbands with your brand logo at the top will serve as walking billboards for your business.
Selling your merchandise is an option if you are concerned about the cost of the product. Include a voucher for a discount with each purchase. It is an effective strategy to raise awareness without spending money on targeted ads.
Use Affiliate Links to Partner with Influencers
Affiliate links are an alternative to sponsoring an influencer if you don’t have the money to pay them directly. Basically, you’re making a deal with a social media influencer to promote your product or service without paying anything upfront. Influencers will use affiliate links to direct people to your website in exchange for commissions on sales made through those links. Make sure that you have a standard business website.
Influencers on social media often receive trust, so people rely on their product recommendations. It is also an excellent way to engage with your target audience. If you’re a clothing brand, you can find influencers who match your brand’s niche, whether casual, formal, gothic, hipster, etc.
Build PR Relations
Social media is a great strategy when you want to maximize your audience, but it isn’t your only option. Newspaper advertisements have become less costly in recent years. If you have connections in the media, you can have your product launch published in a newspaper at a reduced price. Distribution service is an economical way to get your press release seen by many different publications at once.
Generally speaking, older generations are more likely to purchase physical papers and typically have more disposable income than the younger audience. Even if your product or service doesn’t cater to that specific age group, it may entice them to buy for their children.
Attend Conventions and Trade Shows
A new product always raises a lot of questions. When it comes to building confidence, nothing beats holding a product in hand and trying it out before purchasing. It is common for even big companies with loyal followings to have events and introduce their new products.
You can reach out to bloggers, influencers, and reporters and invite them to the event to test your product. Depending on their opinion of you or your product, they may be willing to speak about it on their platforms free of cost. Getting the right word out can ensure your brand has interested customers even before it launches.
Moreover, an expo can serve as a pre-launch event for your company. You can use these expos to sell your product and introduce yourself to the masses before opening a retail store, paying utilities and rent, and hiring employees. Attending local or regional trade shows instead of traveling across the country to the biggest expos will save you money.
Signage on sidewalks and vehicles
You might be surprised to learn that pamphlet marketing still works. Unless your business is located right on the main road, easily visible to pedestrians, consider promoting it with pamphlets. You can use signage and brand pamphlets to market your product. Put them on the boards of popular grocery stores or on the sidewalk poles near bus stops. When people walk by or wait for the bus, they will notice and be sure to reach out to you. To catch the attention of customers, you can also print large letters for sales and discounts.
You can also go around displaying your company’s logo, information, or discount offers on a vehicle you regularly drive around. If you don’t want to paint the entire surface, opt for magnets that stick to the sides or use window decals to decorate your way around them.
Use Pre-Order Campaigns
People are always on the lookout for good deals. With promotion for preorders, you have a better chance of convincing a customer to try your product. It could involve limited editions of your products, free merch, store credits, etc.
For instance, when Sony launches a new flagship phone, it offers some secondary products, such as headphones, for free. You can use this strategy to offload your unsold products and make the new product seem more enticing.
Additionally, the strategy pairs well with the other tips on the list. Take advantage of the hype generated by the pre-order to get press and social media coverage. Another benefit of running pre-order campaigns is that you get a good estimate of how many units you will ship. Therefore, you can adjust production accordingly in case you are sourcing the products from private manufacturers.
Final Thoughts
When it comes to attracting new customers, there are many factors to consider. An effective business strategy combines business savvy, PR connections, tactical moves, and common sense. Although some of these methods aren’t entirely free, they are aimed at new businesses to keep costs down while still expanding their reach. You’ll have to put in some effort. But if your bottom line improves, you’ll know you’re making the right move.