As a business owner, when cash flow is tight, your marketing budget is often one of the first areas you look to cut back.
Marketing your lingerie business is an important aspect of building your customer base, but it can also be one of the most expensive. Fortunately, there are ways to cut your marketing costs while still attracting new customers.
Here are seven strategies for cutting marketing costs for your lingerie business.
1. Get Social
As an entrepreneur, you know you need to go where your customers are. If your customer base is active on social media, you should be, too. The allure of marketing via social media is easy to see. Setting up accounts on Facebook, Twitter, and Instagram doesn’t cost a penny and you can be reaching millions of users in mere minutes.
What is the average cost of social media marketing? It varies – A LOT. Social media marketing can be totally free, costing you only the time you or your employees put into posting. But time is money, so many small business owners look to outsource their social media management. Depending on the experience level of the agency and the package you choose, outsourcing your social media marketing can cost anywhere from $1,000 to $20,000 per month. Prices are dependent on what type of services you are looking for and how many social media channels you are using.
You may also opt to run your own ads and target customers through social media – the budget for this can be as small as $50 per month or as large as thousands of dollars. Sites like Facebook will always provide analytics from your spending so you can see if putting the money in is paying off.
2. Maintain a Blog
If you don’t already host a blog for your lingerie business, it may be time to start one. A blog can be an additional online representation of your business, and it can help new customers find you. By engaging with your blog readers on a more personal level, you build an ongoing connection that will lead to new loyal customers. Make sure you link to your ecommerce site and ask blog readers to subscribe to your lingerie business newsletter.
3. Ask Customers to Post Reviews
New customers are looking for a business with a good reputation. Claim your business listing on Google Place, Yahoo, and Yelp. Monitor the sites and respond to reviews as they are posted. Ask your customers to post a positive review to help boost your business. You could even run a contest or promotion to encourage your loyal shoppers to go online and tell why they keep coming back. Word-of-mouth marketing is so powerful – and in the case of online reviews, completely free.
4. Choose What You Promote Wisely
Highlight newer products or services that may engage new customers. Don’t spend time, money, and energy marketing items that appeal to very few or products that customers are already familiar with. Instead, build enthusiasm for a new offering, which will bring additional customers through your doors.
5. Get Involved in Your Community
Sponsoring local events, races, or programs is a low cost, high profile way to win the hearts and minds of customers. One reason many shoppers return to a small business over a chain store or online retailer is the personal connection they feel to the people who work there. Extend these positive relationships by getting involved in your hometown events.
6. Have Your Products or Service Reviewed
Put the word out about a new product you carry or a special service you offer. Send out emails to niche blogs and local publications offering them the opportunity to review your new item. Don’t hesitate to offer free products, as one positive review by a blogger or columnist can be enough to set off an avalanche of business, at very little cost to you.
7. Focus on Your Niche
The truth is, you don’t have to attract a wide audience. You just need to advertise to the right audience who Is looking for the lingerie items you sell. Put a lot of thought into where you want to cast your net, and put your resources into that subset of consumers.
Marketing your small business can be an expensive and time consuming part of building your brand, but technology is making it easier than ever before to cut costs. By focusing on the customers you want to attract and the new products you want to promote you can save money without sacrificing sales.