Three ways your business can save money starting today
- Modern advertising
Getting ahead of your competition and dialling down on expenditure means getting creative with your advertising budget. Here, modern media can be your saviour. Internal marketing is a great way to spread the word at minimal cost. To help your brand to be found and to convert interest into sales, Search Engine Optimisation (SEO) is key. Ideally, you want your website to be found by visitors using Google as their search engine. It needs to rank highly against their search algorithms, so your website should be SEO-friendly for maximum visibility in the Internet fish tank. Be a shark, not plankton!
A blog is an excellent and cost-effective method for raising brand awareness and to harvest new customers. An informative, friendly and even quirky business image backed up with stimulating content can make you stand out against competitors who are not making similar effort.
Social media is another superb option to show your business in a modern light, at minimal expense. You can keep up with the latest industry trends and get the lowdown on what products might interest new audiences. Starting a YouTube channel and showing the world what you can offer is a fabulous way to build a following. You should ensure that your business profile is on LinkedIn, Facebook and Twitter to maximise exposure. Also, increase your local appeal by joining social media groups or sponsor a community event.
- Strategic alliances
Strategic alliances with other companies can keep costs down, if you both benefit from each other’s expertise. Your business likely depends upon external suppliers for core materials and resources to keep production running smoothly. Whilst essential, it is the largest capital expenditure on your balance sheet. It might be worth exploring the possibility of renegotiating the contract terms. If you do not try unconventional approaches, cost savings will not appear. Such an innovative approach often leads to success and creating partnerships with other local businesses is worth your consideration. Such organic partnerships can also cut the cost of advertising and expand the reach of promotional campaigns. For instance, a health store business could tie in with local farms, beauty salons and fitness studios to pool resources and ‘piggyback’ to a wider audience. This could be a more cost-effective marketing strategy than individual radio advertising.
- An 0800 or 0808 number
A great incentive to attract new customers is to offer them a free telephone call to your business. It suggests a ‘nothing to lose’ approach and can be a seductive marketing tool. According to telecommunications provider Planet Numbers, businesses receive a whopping 185% more responses when advertising with an 0800 telephone number. Most people know that 0800 numbers are free and if your sales team are sharp, this steep increase in sales enquiries should lead to a high rate of conversions. Also, investigate the cost of a monthly call-inclusive package from a private supplier, rather than just stick with the national telephone supplier you have used for years. Shop around, as the free phone option could save your business money.
