Every entrepreneur knows that a successful business needs to increase revenue and control costs however, many new business owners are unsure of some of the most effective ways to do this.
While you may already be aware of some of the common overspending mistakes new business owners make, there is another area where you can actually reduce your costs and increase your revenue at the same time – advertising.
It’s a no-brainer that the reason businesses advertise is to gain new customers and increase revenue. What’s not so obvious to new business owners is that you can achieve spectacular results for a fraction of the cost of traditional advertising outlets.
Here are three ways to advertise your business that will help you increase revenue and control costs.
We’ve all seen someone walking around in a custom tshirt or hat with a company logo printed on it. That’s because it’s a highly effective, yet relatively inexpensive means of advertising. And do you know the best part? It can be just as effective as word-of-mouth. Wearers of custom apparel are silently placing their stamp of approval on the company almost as if they were going around telling everyone about the great experience they had dealing with that business.
When choosing this form of advertising there are a few things to keep in mind.
- The more elaborate or colorful your design, the higher your cost will be.
- Practically every supplier offers discounts for bulk orders. The majority of their time and effort goes into creating the initial design but once that’s done they can put that design on multiple items with very little additional work or cost. If you are creating an elaborate design with multiple colors then ordering larger quantities helps to offset the increased cost of the design.
- Shop around. There are literally thousands of suppliers available, both traditional brick and mortar stores and online. Determine your needs and your budget and then compare suppliers before making your final decision.
Flyers and door hangers
If your business services a specific geography then distributing flyers and door hangers can be a great way to get the word out about your product or service. Flyers and door hangers also give you the ability to offer discounts or coupons which can be helpful in building value for your customers as well as providing a way to track the effectiveness of your advertising efforts.
If you choose to use flyers or door hangers you have a wide range of possibilities available from producing them in-house using standard desktop publishing software to having them professionally designed and produced. When using a professional printing company be sure to keep in mind the same things as apparel suppliers; shop around, order in bulk and keep the design as simple as possible to reduce costs.
Donate products or volunteer services
Large companies like Walmart, Target, and Krispy-Kreme all know the benefit of giving back to the community but even the smallest of businesses can do it too. By donating products or services to the community you will be helping to improve the community and cultivate relationships with current and future customers.
This translates to great public relations and helps to boost your company image. It can also help your business compete with your larger competitors because many customers will take that community relationship into consideration when choosing where to shop.
Do you want to get really creative? Purchase a bulk order of customized apparel and then donate it to a local clothing bank, homeless shelter, or church. How about creating a line yourself, supporting charitable causes? Now you’ve not only put your business name out there but you’ve also helped the community; and it might even be tax deductible!
What other ways do you have of saving money on your advertising? Let us know in the comments.