1. Don’t Advertise Big Time – Advertising is actually usually done by big businesses because it helps their business to get known and to have higher opportunities of getting customers. However, advertising is not that good for small businesses because it might drain more money from the company and it is risky because the money that the company will release for advertising might not be cycled to them because of not enough products sold. However, advertising is very effective for marketing companies so it will be good for small businesses to stick with cheap advertising methods.
2. Provide Customers With The Lowest Price Possible – When you have a small business, potential customers who will visit your store will expect that your prices are cheaper compared to big businesses. Also, those customers might not be looking for the best quality but the cheapest price especially today that a lot of people are experiencing financial crisis. So to gain more interested customers and sure buyers, provide them with the cheapest price possible and make sure that the company will still receive something out of that price and if it is still beneficial for the company.
3. Provide Customers With A Premium Or A Higher Version – Eventhough there are a lot of people who are more concerned about the price, there are still several people who are willing to pay a higher price just to get the best quality product. A solution for this is to give them some options such as the cheap one with a moderate quality and the other one is more expensive but has the best quality.
4. Try Setting Joint Promotions With Other Companies – This is a great idea for promotion. However, look for non-competing companies because they will accept the idea of promoting your products and your business will promote their company in exchange.
5. Take Advantage Of Your Existing Customers – Give them special deals or something so that they will maintain being loyal to your business and will keep buying your products. It is easier to sell things to the customers who have already bought from your company.