Today’s economy is forcing business owners to look at their business plan and budget to see where expenses can be trimmed while still working towards your goal.

You might be tempted to cut your advertising budget to save money.

I’ve stated in the past that this is a bad idea and it’s even more dangerous in bad economic times. If your customers don’t know you still exist and are offering great value for the prices you have, your future will be bleak.

It’s more important than ever to track EVERY ad to see how well it is performing. (You’ve been doing this anyway haven’t you?)

You might want to look at new ways of advertising that you hadn’t considered as worthy of your efforts OR as something you didn’t think would fit in with your business.

If you aren’t already, you should be building at least 2 mailing lists. One list is a list of prospects that you can educate about you and your business. This list is important because people buy from people and businesses they know and trust over an unknown competitor.

List number 2 is a list of your buyers. It is MUCH easier to sell to someone that has already bought once because there is a relationship in place.

Why this is important in both good economic times AND bad.

There are MANY ways to build a prospect list on a budget and some of them can become self funded advertising sources or additional profit centers IF you are willing to spend the time and effort promoting them. (This might seem counter-productive to building your primary business but it isn’t because you are working to build your prospect list.)

ViralMoneyList , 1 Million Free Ads and Step 2 Infinity are 3 ways to build a prospect list that could become self liquidating with a little effort.

Instant Cash List is a great way to build a list of buyers while generating some extra capital for your advertising or the holidays.

I’m afraid that too many business owners will see only the expense of advertising and cut it when they should be tracking results and finding ways to increase their exposure. If you are a business owner that chooses to look for innovative ways to get the word out about your business during these trying times, you’ll be in a better position to reap the benefits from your advertising when the economic situation brightens.

Advertising and Your Budget in this Economy

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