Many times a small business owner draws a blank when it comes to determining how to spend their advertising budget. They often have never purchased ads before, have a small budget to work with, and haven’t a clue as to what’s available to them.
The fact is advertising is essential for a business to prosper, and for small businesses there are many more options than you might imagine.
Let’ get familiar with some of these, and why they might be a good source of leads for your business.
7 Places to spend your small business ad budget
Newspaper and Magazine Ads – While not the most economical type of advertising. A well-placed local ad can still be a lead generator even at a cost of $20-32 per 1000 people reached. These are however, highly targeted leads.
Cable television ads – Costing around $8 per 1000 people reached, if you have a product or service that would lend itself to being showcased in a more visual fashion, this could be for you.
Radio – At $7 per 1000 people reached, a radio ad or interview can bring in many new leads, especially if combined with another promotion.
Facebook Advertising – A terrific bargain at roughly $0.25 per 1000 people reached, Facebook ads can give your business a reach that it wouldn’t be able to generate elsewhere.
Email – For those who have an existing email list, make sure you are using that list to generate income. Giving your list a heads-up on coming sales or promotions is an excellent way to get more sales from customers you already have a relationship with.
Local online ads – An economical way to generate local leads is by advertising on local business directories and on local sites that get a lot of traffic. These are easy to find in your local area.
Search Marketing – While this might seem the most for foreign to local small business owners, it is far and away the best converting source there is. Outbound leads, like those who come from print or direct mail, convert at 1.7%, while search marketing leads convert at around 14.6%.