I just read an excellent post on the StartUpNation.com blog about cost effective ways to market a startup business. The post provides some excellent advice on how to come up with, and implement, a good marketing plan. I use a few similar techniques in my law practice, and have had some success in doing so. You can read a blurb from the post below, or you can read the entire post by clicking here.
How much should I spend on marketing?
The answer is: It depends. What are your revenue goals? What kind of business do you have? For some companies, it might be appropriate to spend more than others. The key is to have a budget and use it wisely. For many smaller companies, low cost and no cost marketing strategies such as networking groups, social media, publicity and direct mail can be very effective.
What marketing strategies should I use?
Again the answer is; it depends. Strategies will differ based on what your business is, who your customers are, and where they are, and what your revenue goals are.
Survey what other companies in your industry have done that has worked and hasn’t worked. Ask your CPA to help you with a budget, and then stick to it. And most importantly, measure the results of your marketing efforts to you can understand what is working and what is not.
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