With the recent downturn in the economy, everyone is feeling the crunch. The US dollar hasn't been worth so little since the great depression in 1929.

So what can we, as business owners, do to ensure our continued success? How can we market our wares in a way that will be cost effective? Creative thinking and cost efficient techniques are what are called for.

Since acquiring a new customer costs six to seven times more than keeping them, this is the group you should consider targeting with your marketing budget. Begin by asking yourself, "How can I best serve their needs?" How do you find that information out if you don't have it already? The easy answer is to ask them. Two things can happen when you ask. First, you will get the answers you seek and second you may stimulate additional income. The mere act of getting your name in front of your customer may remind them of their need for your product or service, or it may result in a referral. Either way everyone is better off.

Here are a three cost-effective ways to get those queries out there:

1. Phone
2. E-mail/Surveys
3. Mailings

If you are like most people, your fear of the phone is greater than your fear of failure. Realize you're not alone. Most of us either have, or have dealt with, this malady. Seek help to overcome this fear as soon as you can. Once overcome, you will enjoy an added measure of success that you never dreamed possible. If this is the case and you can't talk yourself into picking up the phone, for now, try one of the other less aggressive contact means. Surveys and emails, both, are good options if this is your plight.

Ensure that they are both eye appealing and copy edited. One misspelling can cause your reader to discredit your whole business - not just the piece. Even a missing link can do hefty damage so be sure to check and recheck before you send out the final piece. You may want to consider hiring an editor to assist you. The money spent on a copy writer/editor is money well spent.

Never, ever, under any circumstances should you attempt to edit your own writing. I can't stress enough how imperative it is to get someone else to edit your copy. Even I, a professional copy writer/editor, have missed a typo now and then when proof reading my work. This happens due to Repetition Blindness. This is the mind reading what you know should be there but isn't. For this reason, I always have someone else proofread my copy and the text on my design work before I call it press-ready.

Another option to consider in these lean times is postcard marketing. For several reasons this is truly a impactful and affordable marketing strategy. Receiving a beautiful card in the mail is something that we all appreciate. The tangible card is more likely to generate results than e-mail, not by a huge margin but enough to consider the cost of design and mailing to be of value. In addition, there is the fact that postcards cost less to mail than letters or greeting cards so you can save a little here too.

Another thing to consider is the retention factor. A beautifully designed postcard may gain the coveted refrigerator space, keeping your name in front of your customer/client several times per day. Talk about the ‘shelf-life' of a marketing piece!

If your piece is branded to your business, so much the better. Hire a competent designer to ensure your piece is both attractive and professional. Don't try to do this yourself unless you have the skill and experience to produce a professional looking brand image. Remember, what you put out there, whether branded to your business or not, is a direct reflection of the quality of products and services you provide.

Another cost effective e tool is the all-important eBook. The costs involved here are time, copy editing, layout and design. If you want to cut your costs here, utilize eBooks that offer re-sell rights. One really good source for these is through Digital Mom Team (DMT). They offer both low cost eBooks by the piece and membership options. Rhonda of DMT has this to say, "DMT is a cost effective way to have tools at your fingertips for growing your knowledge, as well as adding to your income!"

Submitting articles and press releases are one last idea I would like to offer you to market your business as a cost efficient and effective strategy. The well-written article or press release could easily generate free publicity when submitted to the right sources. We all know how valuable media coverage can be. Cost cutting here is in direct relation to the assistance you require. The more you do yourself the less it will cost you monetarily. However, if you don't know where to submit them or how to write them the money you save will be in direct proportion of the response you receive. So consider wisely how best to monetize here.

If you are willing to invest the time, you can save a lot of green. Nevertheless, be sure you evaluate thoroughly your time, talent and skill prior to deciding where and how to cut your costs.

© Copyright 2008 Ginger Marks