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What our members have to say...
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"DONE DEAL - Microtest Matrices has developed a novel, proprietary technology platform to allow fully-automated, reliable and inexpensive in vitro diagnostic multiplex tests. Their first system, about to receive CE marking and ready for worldwide commercialisation, provides full allergy profiles."
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Five Tips for Marketing Your Startup Business on a Shoestring
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There are a myriad of different ways to market your business these days because there are so many different ways to reach people. With the fragmentation in media channels it makes it difficult to target the demographic you seek. In addition, there are certain channels that are almost off limits to bootstrapping entrepreneurs either because of their overall expense or because they do not target the types of people you may wish to target. So, there are a number of things entrepreneurs can do with very little capital to get their business off the ground quickly and profitably.
Word-of-Mouth
Generating buzz about your product is not only good. It is necessary. And, with today’s technology there are a number of different things you can do to help expand your business using buzz. Blogging and micro-blogging, social networking and creating hype at public events and tradeshows will allow you to expand more quickly.
However, you must keep in mind that anything you do must be done regularly. There is no such thing as “get rich quick,” even when it comes to creating buzz. You must experiment, try new things and continue your word-of-mouth efforts. Buzz can happen quickly, but it rarely happens by accident. People finally nail the proper way to market their specific business.
Grass Roots
Hit the streets running. I recognize time is money, but sometimes you will need to spend your time working and selling directly to potential clients. It doesn’t matter whether you are B2B or B2C, often direct sales are the best way to get people interested and involved in the products you will be offering.
Some entrepreneurs find it difficult to perform direct sales. However, they are often essential for success. In fact, some of the greatest entrepreneurs of all time have been excellent salespeople. Door-to-door and business sales are often the way you must go to ensure your company not only survives, but thrives.
Resellers and Contractors
If you have problems with the grass roots area of your business and do not wish to do it yourself a good plan might be to outsource (we’ll talk about outsourcing a bit more in depth shortly). Outsourcing can be effective for a number of reasons. First, you will not have to pay for anything until a product sells. This means that
Much like outsourcing to a reseller or another third party, hiring a contractor to do what you may not want to do is a good option as well. It’s a pay-by-performance track. Again, your margins may decrease a bit, but you’re not out some huge salary in the end because you will not have him/her on your payroll.
Give it Away Free
Find some media mogul and give your product to them for free. There was a woman some time ago who had a consumer product she would sell to mothers of small children. She would ship ten free items to famous people each month. Eventually her sales exploded because people saw her product on babies in People magazine and other famous publications. Giving your product away for free to a famous mogul within your chosen demographic could be the best thing you ever do for your particular brand.
Outsource
Similar to the cost-saving actions of resellers, outsourcing or even off-shoring your marketing efforts overseas could provide you with revenues and large cost savings. For instance, you can outsource people who would manage your social media, blogging and even your phone support. I know, I have done it in the past. It not only saves you money, but you can expand your reach with the help of skilled, but less-expensive labor.
When it comes time for your business, no one knows it better than you. And, when it comes to your money, no one knows what your limitations on spending it may be like you. Following the advice mentioned above will help you market your business inexpensively and effectively, allowing you to expand your business and retain capital for reinvestment at the same time. |
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