If you’re starting a new business, you’re probably wondering the best way to advertise. Most advertising costs money. At the same time, running out of cash is ranked the #2 reason why new businesses fail in an analysis by CBInsights. Even if you have a lot of capital, you don’t want to throw your money away. To find success, you need to spend on the advertising you need.
Overspending on flashy business cards and expensive radio ads might not be the best or most economical way to reach your customers.
To find out what you should spend marketing money on, you need to:
- Know how to reach your customers
- Find out the cost of acquiring a customer
- Test the market to see if you’re right
In the early stages of your business, you might be able to advertise for nothing or at a low cost through free resources like social media and online forums. However, if no one knows your name, you’re going to need to get it out there somehow.
Find Out How to Reach Your Customers
For an entrepreneur with limited resources, every dollar counts. To get customers, you need to know what types of advertising to use. Today, there are many free and low-cost resources to help you get off the ground.
Are your customers on Facebook? Having your own business page costs nothing and gives you a place to establish an online presence. Similarly, you can build a website and advertise on Google for a relatively low cost depending on your market and method. Are your customers more traditional? Try door hangers and deliver them yourself or have one of your partners do it to save money.
When advertising a new business, don’t go for the most expensive options at launch. Be mindful. As your business grows, you can explore new ways to advertise. Your priority is getting customers and providing them with a service or product of value.
It doesn’t matter if the advertising is “ugly” or lackluster if it works.