Marketing or promoting your own family business is a necessary requirement to ensure success. This need not necessarily mean spending huge amounts of money on marketing; there are several ways in which you can promote your family-owned business with a modest budget. Some of these methods are discussed in this article.
Word-of-mouth. This is an excellent way of marketing your family business without spending too much money. Spread the word among your circle of family, friends and other peers, about your business and the products or services you sell. Your family and close associates will usually be able to showcase you and your business in a positive light and the best part about such promotion is that it costs you nothing!
Customer testimonials. Nothing promotes your business better than the testimonials of satisfied customers. Keeping your customers as the prime focus in working your business always pays off in great word-of-mouth advertising. A satisfied and loyal customer will help in spreading the word about your family business and quality service provided. It is, therefore, important, that you work at building long term relationships with customers, rather than conducting business transactions in volume.
Traditional advertising and marketing. This one will cost you a bit of money, but consider it money well spent. Use the print and online media to market your family business though ads, press releases, product descriptions, outdoor advertising such as billboards, banners, etc. Online, you can list your business in the various Yellow Pages and business directories, build your own firm website, and submit articles related to your business to various e-zines and article directories. You copy should be short, eye-catching and free of grammatical and spelling errors. If you budget allows it, hire a professional ad agency to prepare your marketing campaigns. As professional, the agency will be aware of the best ways to promote a business using as many effective resources as required.
Providing freebies and discounts. This is a good way to herald the arrival of your business, give away freebies to the first 100 or so customers and they will definitely spread the word. Running various annual or holiday sales, during which you sell at heavily discounted prices is another way to market your family business. Loyalty programs for long-time or profitable customers are another method.
Networking. All of us know the value of active networking; this is true also as a means of promoting your business. Seek out and connect with others who run similar businesses as yours or run family business; join local trade associations in your town or city and the local chapters of trade and commerce bureaus. Networking is also a method which may not require too much monetary investment on your part, it also helps you build new associations with a similar set of professionals, keeps you updated on industry and market news and developments and allows you to explore new ideas and means of business expansion and a profitable bottom-line.
Any or all of the methods listed above will help you easily market your family-owned business. You will need to weigh the pros and cons of business promotion and do your homework as thoroughly as you would have when you first planned the business.