Can I market on a shoestring?

I’m keen to grow my profitable design business and offer new services. However, my plans have been disrupted by a lack of finance, as the banks won’t lend us anything. I have enough money to get most of the back end moving, but I’ll have little left for marketing. How can I make a big impact on a shoestring?

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A. Andrew Pearce writes:

Before spending anything, look to your customer base. Assess the level of business they provide, what other functions they outsource and any extra services they have shown interest in. Then analyse your competitors, including who they are, what services they offer, how they engage with their customers and how they market themselves.

If you have identified a service that few competitors offer, and it is something your clients need, invest in this alone. One new revenue stream that you can execute to a high standard may be more beneficial than several that will need more time and money.

Once you’re confident with your new proposition, develop low-cost customer acquisition tactics. For example, your existing customers will be the easiest to convert, so discuss your new offering with them in person, and ask them to recommend you to their contacts, perhaps via social networking sites such as LinkedIn. By joining independent bodies within your industry or a network of agencies offering non-conflicting services, you may also be able to broaden your client base.

Invest time in boosting your search engine optimisation (SEO). Posting on forums where you can link back to your site, or setting up a blog to discuss your new venture are both easy, cost-effective ways to do this without having to invest in online advertising.

You could also use your in-house creative talent to help develop an ambient media or direct marketing campaign, which will not only showcase your expertise to potential clients, but also help you to stand out from your competitors.