NFIB

Advertising When Your Budget is Zip, Zero or Less
03/ 31/ 2003

It's a fact that many new businesses start on a shoestring, with no budget for advertising. If you're in this situation, take heart. Even when you don't have money for advertising, you have to get the word out about your business. In today's article, Jeffrey Moses offers suggestions for accomplishing this when you can't afford to spend even a penny doing so.

1. Networking is a time-honored way to bring in new business.

Attend meetings, conferences or other get-togethers where people in your profession meet. This can put you in touch with potential customers--and with people who can refer customers to you. And don't overlook former associates, friends you used to work with and even the owners of businesses you've worked for. These contacts can be instrumental in getting you started.

2. Ask for referrals.

Every person you speak with--whether a customer, potential customer, or supplier--may be able to refer you to new customers. When you get a referral, follow up on it immediately. Introduce yourself as having been referred by the mutual acquaintance--and you'll be immediately accepted as a viable business contact.

3. Pick up the phone and call potential customers, using the phone book, lists of previous customers or lists provided by industry sources.

This is, in effect, cold calling. Many businesses have been built using this technique, and you too can contact many people who eventually become customers. The success of cold calling depends almost entirely on speaking with the decision maker. You can talk all day with someone who can't make the ultimate decision to send business your way, but it probably won't do you much good. And don't depend on someone you speak with to pass the message on to the decision maker. Even if they do, they won't be as compelling as you would be.

4. Don't underestimate the power of your business card.

They are your least expensive form of advertising. They're not free, but are extremely cheap per unit. Hand them to everyone you meet. Leave them on counters in stores wherever you can, and check back to replenish when they're gone. When designing your card, use all the available space. Put a description of your services/products on the back. Think of your card as a miniature billboard.

5. Give talks to groups of potential customers.

Financial advisers and stockbrokers do this all the time, and so can you. Secure a free room for speaking at a local library, then place a press release in the paper announcing your talk. Don't oversell yourself during the presentation. Instead, give useful information, presenting yourself as an expert. This will encourage members of the audience to contact you.

6. Contact local newspapers and magazines offering to write articles about your profession.

This will position you as someone in the know. Ask the editor to include your name, your company name and your phone number at the bottom of the article so customers can easily contact you.

7. Contact successful companies in your field and make your services available.

In times of overload, they might need an outsource vendor to help them meet deadlines. The key to successfully using this technique is to not flinch at any deadline, no matter how many nights or weekends you have to work. When you prove yourself valuable, you'll be called again.

8. Offer to barter your services/products for an advertisement in a newspaper or magazine.

You'll end up doing some work without actual financial remuneration, but this will enable you to start advertising, without any actual money changing hands. Consult with your financial adviser about any potential tax liability bartering may bring.

9. If you have a Web site, trade links with other like-minded sites.

This will help attract customers free of charge.

10. Send press releases to every media contact you have, and keep sending them (this includes newspapers, magazines, radio and industry journals).

However, don't send trivial bits of information and pass them off as important industry developments. If you keep contacting editors with mundane announcements, they'll begin to tune you out. Any time you have something of real interest to note, write a press release and send it off (new staff, large projects secured, charitable work completed, etc.).

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