I present to you the College Entrepreneur’s guide to marketing on, not a shoestring, but half a shoestring. That’s right folks! Marketing on a college student’s budget.We all know that, in general, college kids have no money. It is a true fact, probably even scientifically proven by some professor with a PhD, at some college that has a lot of broke students.
I am often faced with the problem of marketing on a ridiculously small budget. Why such a small budget you ask? I haven’t had the privilege to obtain some large sum of money (i.e. winning the lottery, or more realistically, getting a decent-paying part-time job) quite yet. Basically, I am still running off the money I got from my Bar Mitzvah when I was thirteen. Well, not really. I have had an hourly-wage job since I was sixteen, but the money I made quickly dwindled once I had to pay for a year’s worth of college textbooks (It’s highway robbery as far as I am concerned).
After many months of marketing with a tiny budget, I have decided to let out my secrets, so that maybe, just maybe, a big company will catch on and say, “Hey! That’s a great idea, and it’s cheap too!” That probably won’t happen, but nonetheless, here is my list of things you and I can do to market on half of a shoestring:
Word of Mouth-form a supportive network
God didn’t create mouths for no reason. People are meant to talk to other people, so go ahead and tell them about your product or service. Make sure you carry your business cards with you everywhere you go. Chances are if they aren’t interested, they will know someone who is, and will let them know about your fantastic company. If you’re young, play the teen card. Everyone is impressed when I tell them that I am 19 and I run an established energy bar business, Eddie’s Energy Bars. WOM is probably the most effective type of free marketing, but be careful. If your company has a bad product or service, the customer will tell 30 people about how the dislike your company, but if they like your company, they will let 10 people know, and those will hopefully be 10 future customers.
Press Releases
I love press releases because, once again, they are free. Press releases should be written when your company does something newsworthy. For example, when your business starts, launches a new product, or donates to a great cause–all of these are reason for a press release. With a press release, you probably won’t land on the TODAY Show, but you are likely to land in your local paper because writers are always looking for stories to publish. Press releases are how Eddie’s Energy Bars landed a spot in WCAX Channel 3’s “Made in Vermont” segment. For tips on writing a press release, click here.
Free Samples of Your Product or Service
Although this is not free to you, it is certainly not expensive. I offer free samples of my homemade healthy energy bars all the time. I do it because I know that consumers in the store are hesitant to buying a product they have yet to try. Once they enjoy the product, they will always come back for more. The same could ring true for your business. If you own a car detailing business, detail your neighbors car for free, and give them some business cards to distribute when their friends ask why your neighbor’s car is so shiny.
Create Long-lasting Customer Relationships
Marketing in the 21st century is all about forming relationships. Once you have the customer, you need to keep them around, having them constantly thinking about your company. This can be done be simply following up with a phone call or an e-mail asking if the product arrived OK, or if they were satisfied with the service you provided. You could also create a e-newsletter if you had the time, and send that to customers once of twice a month, but newsletters are a whole other story.
I hope these tips will help you market your company on half a shoestring. Let me know how it works out.
Michael
Eddie’s Energy Bars