By Andrew Hinkle, Director of Consulting

Pop quiz, what is the average annual marketing budget of a small business in the U.S.? Queue the Jeopardy theme…(you can listen here)

Ok time’s up, your answer?

Did you say, “What is less than $10,000?” Then you’d be our winner!

That’s right, according to a 2017 Statista study 47% of small businesses in the U.S. had an annual marketing budget of $10k or less. That breaks downs to $833 spent on marketing each month, at most.
With almost half of small businesses operating on such a thin means, we thought we’d provide a few tactics that can help to gain more visibility and referrals without requiring a huge dollar investment. Plus, these suggestions will almost certainly bolster any existing marketing strategy, no matter your budget.

Build a Network
Having COI’s (Centers Of Influence) and other non-competitive businesses that promote your services is invaluable. Their recommendations provide instant credibility and can lead to a shortened sales process. In creating a network, think through your clients needs. Who are others within your community that provide complimentary services to your own? What can you do collectively to cross-promote each other’s services? Often times, you may want to create cobranded sales materials, web pages, as well as hosting events for the public that showcase a closed loop solution that includes each business in your network.

Referral Sources
The biggest marketing advantage you can have is a client base that speaks well of you and that speaks often. Raving fans can have a reach well beyond any paid marketing. To ensure that your client relationships are strong, make sure that you regularly communicate and provide a mechanism to gather feedback. In today’s world, clients need to feel a sense of connectivity to the businesses they decide to work with. If you don’t have an existing communication strategy, now’s the time to start one. This can include a combination of printed materials, emails, blogs, video content and social media posts.

Local Visibility
Look around your community, where and how do your clients spend their time? Once you know this answer, then you can create your own visibility in that space. That can involve sponsoring local charitable events, youth sports league teams, participating in community goodwill projects along with more creative efforts such as speaking to civic groups or teaching classes at local education centers.

As you embark on implementing these different strategies, here’s one last piece of advice. Hone your message! Create a quick 10 second definition for your business that focuses on the value you deliver for clients. Repeat and refine this message along with the 3 tactics above and you’ll be on your way to gaining more clients without busting your purse strings.