While companies can spend millions on promoting their brand, marketing your practice does not have to cost you the earth.
While the saying ‘you have to spend money to make money’ is certainly true, there is also truth to the concept that you can work and spend smarter – not harder. The term marketing tends to be associated with high cost production and blanket branding; however, I believe applying a common sense approach to your business’ marketing strategy can produce some solid results – without breaking the bank.
There are two key elements to developing a marketing strategy for your business:
- Identifying the ‘target market’ – who you want to attract to the business, and;
- Determining the right approach to communicate with your desired audience.
Here are my three tips to marketing your practice for under $100:
1. The tried and tested strategy
Letter box drops are a common marketing approach utilised by businesses both big and small for one reason – they provide results and cost a dime to produce. However it pays to be selective in your approach. For example, if you are in the mortgage business, it may pay to put a direct mail piece in the letter boxes of streets where serious renovations are happening – particularly in affluent suburbs. Human nature says that people want to keep up with the Jones’, so one renovation leads to five more. With this in mind, writing a targeted and professional letter around financing for renovations or new homes is an easy way to generate leads, while keeping costs at a minimum.
2. The mum and dad strategy
If you are an adviser looking for new mum and dad clients, it may be worth advertising in the local primary school newsletter. Often this is the most read media of the week in a household, and the advertisements at the back cost little to nothing – so long as the material is relevant to the parents.
3. The freelance strategy
As an accountant, it may be worthwhile contacting your local newspaper and offering to provide a column on tax tips, or interesting facts about superannuation. Keep the article short and sharp, as well as ensure the content is easy to digest. You’d be surprised just how receptive some newspapers can be to a regular column that offers significant value to their readership. This a simple but effective way to get your expertise out there to your community, just be sure to put your LinkedIn page, as well as any Facebook or Twitter accounts at the base of the article so people can find you.
While these are just three easy and low cost ways to market your practice, I am sure you can think of many others if you set yourself the challenge. Remember, if you keep the enough irons in the fire you will always be in growth mode – so here’s to your marketing success!
Vanessa Stoykov is a leading financial services strategist and recognised commentator on business and communications issues facing organisations in local and international markets.
She is CEO and Strategy Director of evolution media, (creators of No More Practice) a company she founded in 1999. evolution media, a former BRW Fast 100 company, is considered to be at the forefront of digital innovation in communication for the financial services industry.
Vanessa was also a finalist in the 2008 Telstra Young Business Woman of the Year awards.
