Should a tight budget hinder your small business from producing big results? According to marketing guru Seth Godin, small is the new big. You might be wondering how a small business can make it big. Small business owners are resourceful lot, while they can only afford a small budget for their digital marketing campaigns, their ingenuity when it comes to big and innovative ideas are admirable.
Multitasking also keeps small businesses owners versatile in a number of ways. Most small business owners resort to bootstrapping in order for their business to grow and improve. Bootstrapping makes every small business owner competitive in terms of local marketing. A local cafe owner can easily interact with his customers, can Starbucks do that?
Here 5 ways how bootstrapping can improve your business:
1.) Think Big
Bootstrapping begins with a proper mindset. While you're a mere small business owner, it shouldn't stop you from creating innovative strategies for your product or service. The essence of bootstrapping is how you can make do of what you have. Complaining about not having ample budget to promote your business is a petty excuse. It's an opportunity to build a set of strategies that will make your business stand out from competitors. Your budget might be lean, but your ideas can produce robust results.
2.) Leverage on Customer Feedback
Google AdWords and Facebook Sponsored Ads, these are the tools every small business owner need to increase PR for his product and service, but what if you don't have budget to invest in social ads? Customer feedback is still the best type of promotion there is. You can create a Google listing on Google Maps so customers can find you. You can also ask your current customers to write you a feedback or two on your Google Places listing. Keep in mind that every feedback is either positive or negative, approaching a negative feedback with a polite response and acknowledging your fault will be good PR on your part. Be sure to ask a customer what you can do to make your product or service better.
3.) Encourage Collaboration
Have you asked yourself if you're making your product for yourself or for your customers? Always keep in mind that you're offering your product or service to customers because they need it. Without them, you won't increase product awareness, let alone achieve return of investment. You and your customers can collaborate in a number of ways to make your product or service improve. More often than not, customers know more about your product, it's about approaching them and ask what works and what doesn't. You won't only improve your product offerings but complement your online reputation as well.
4.) Time is Gold
Cliché as it may seem, time is really gold when you know how to use it. A daily Itinerary always help to track progress in all areas of your business. It guides you on how to make certain improvements in crucial areas, it also helps in determining which strategies work and which doesn't. A pen and an organizer should be helpful in making a checklist, creating a spreadsheet in order to track progress is a good practice as well.
5.) Always be Resourceful
Creating an alternative solution is one of the things money can't buy. Being resourceful is one of the best traits a small business owner has to have. Don't be afraid to experiment and test strategies that could work to your advantage. There's a reason why a best practice is called such because one has tried it out and worked well. Remember that a brilliant business strategy can sprung from a small idea.
There's always value in starting a small business by thinking big in areas of customer relations management, PR marketing, and social media marketing. With the help of bootstrapping, small business owners aren't hindered the chance to produce big and substantial results.