Many
start-ups have a challenge in common - money. As you know, money is the
oil on which the engine of your business runs, and grows. Money helps
you develop usable products, advertise and make revenues from the
business.
Developing a product or service is as good as the number of people who know of its existence. Today, therefore, I want to share simple tips that will help you maximize your company’s budget, as well as its growth.
Partnerships
Remember the old saying that goes “if you want to go fast, go alone, if you want to go far, go together”? That’s what partnerships does. By seeking out companies that provide complementary services/products to you, you could find a way to go farther, together. For instance, you could partner with a digital media company by providing something they would need in exchange for a service that you require. At the end of the day, it is a win win situation.
Have friends in the media
I cannot overemphasise this point, really. Having spent about a decade in Nigeria’s media industry, I can tell you this, having a friend or two in the industry will help you a great deal. The indispensable advice these media experts give you can, in the long run, help your business grow faster than you would have imagined. For instance, if I were to advise a small business owner on ad placements, I’d suggest they place smaller ads frequently as against blowing their ad budget once. As you know, ads are costly and placing them just once is hardly enough to get the sales you need. So instead of buying a space for an X amount, try breaking the same amount down into 10 places and see how it goes.
Ask your customers to market your products/services
Word of mouth strategy is one of the most effective strategies to get sales, you know this already. Some of your customers probably are doing this already too. You could politely ask them to go a step further by submitting a short (two minutes) video on your website, writing a testimonial or help share links with their friends. Note that you have to give them an incentive to keep doing this, therefore, you may want to create a system to rewards them with freebies and occasional promotional discounts.
Developing a product or service is as good as the number of people who know of its existence. Today, therefore, I want to share simple tips that will help you maximize your company’s budget, as well as its growth.
Partnerships
Remember the old saying that goes “if you want to go fast, go alone, if you want to go far, go together”? That’s what partnerships does. By seeking out companies that provide complementary services/products to you, you could find a way to go farther, together. For instance, you could partner with a digital media company by providing something they would need in exchange for a service that you require. At the end of the day, it is a win win situation.
Have friends in the media
I cannot overemphasise this point, really. Having spent about a decade in Nigeria’s media industry, I can tell you this, having a friend or two in the industry will help you a great deal. The indispensable advice these media experts give you can, in the long run, help your business grow faster than you would have imagined. For instance, if I were to advise a small business owner on ad placements, I’d suggest they place smaller ads frequently as against blowing their ad budget once. As you know, ads are costly and placing them just once is hardly enough to get the sales you need. So instead of buying a space for an X amount, try breaking the same amount down into 10 places and see how it goes.
Ask your customers to market your products/services
Word of mouth strategy is one of the most effective strategies to get sales, you know this already. Some of your customers probably are doing this already too. You could politely ask them to go a step further by submitting a short (two minutes) video on your website, writing a testimonial or help share links with their friends. Note that you have to give them an incentive to keep doing this, therefore, you may want to create a system to rewards them with freebies and occasional promotional discounts.
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