Some of the highest expenses that small business owners often incur are related to advertising. The costs of TV ads, flyers, billboards and marketing personnel can quickly add up. And, without targeted efforts, advertising dollars can be quickly wasted. Further, many Modesto entrepreneurs find themselves struggling with the choice between spending money on advertising and paying their bills.
In order to reach a large segment of potential customers, it's important to be able to advertise effectively, yet within your means. If mounting debt is putting your business at risk, here are some ways to reduce advertising expenses while still reaching out to your target audience:
1. Use social networking sites like Facebook, LinkedIn, Twitter and MySpace to connect with people who would likely buy your goods/services. Create a page for your business and offer special deals to people who "follow" you.
2. Rely on word-of-mouth to drive customers to your business. Offer your current clients discounts for bringing in referrals and make an effort to know the names and buying habits of all your customers.
3. Incentivize your current clients by offering returning customer deals that require them to shop frequently.
4. Stop spending money on expensive TV ads if you're not seeing any return on that investment. Instead, focus your efforts on creating free email newsletters and mobile text blasts at little or no cost to you.
If you're still having trouble making ends meet, you might consider filing for Chapter 13 or Chapter 11 bankruptcy to save your business. In Modesto, the ailing economy has made it difficult for many small businesses to stay open, but there is help. Contact a Modesto bankruptcy lawyer to discuss your concerns.