When the going gets tough and cutting costs becomes essential, one of the first areas most retailers slash their budget is advertisement. The main essence of advertisement is to make your retail customer know that you are in the market ready to sell products that your customers may desire at an affordable price. However, your decision to cut cost or not to advertise is most likely going to take you off the minds of your potential retail customers, slowing down your cash flow further, making survival tough for you.
So how to you keep yourself in your retail customers mind when the financials are not that permitting. You will need to be a bit creative and use all your available resources in order to advertise in tough economic times.
Phone call
If you are maintaining retail customer database now is the time to pick up your phone and start making courtesy calls to them. Just don't hang up by saying hello.... Make a point to include an incentive in your conversation that will benefit them if they come to your store and make a purchase say within next 15 days. Make a special offer of some kind on their purchase.
Postcards
This is although simple, but is certainly a very effective advertising tool. Experience shows that a larger 6x9 postcard servers the purpose better than the smaller ones. Try to design the postcard yourself putting your retail business logo and a catchy slogan that customers can relate to their desired product whenever they think of buying one. See also Retail Promotions for some great ideas.
Remnant Ads
Many a times newspaper face late cancellation of advertisements and extra ad space becomes available. These extra ad spaces can be availed at great bargain rates. Talk to your local newspaper and ask them to keep you in mind whenever such a space becomes available.
People Signs
Almost always when you pass by an intersection and see a person standing with a larger than life sign displaying the sale it catches your attention. This gives the effect of a Billboard but at a much cheaper rate. Try using a people sign closer to your store. This will definitely prove effective and attract more customers.
There is no way you can cut down on your advertisement. If the economic conditions are tough you will need to improvise and come up with creative ways to draw people's attention towards your store.