Marketing with no budget
In business school I had a few classes on marketing and how best to approach the subject. Many of the classes were incredibly insightful and I learned all the basics of identifying customer segments, targeting the most profitable customers, positioning, pricing, etc. It gave me a strong foundation for building the brand at Coup de Taco. However, here at Coup de Taco we are spend-thrifts and do everything we can to bring great, healthy food to our customers at a low price point. We also decided not to raise more capital than was absolutely necessary during our start up years. What this has meant so far is that we don’t have much to spend on traditional marketing. Our policy to date has been that we spend literally zero on marketing other than in things like price discounts for coupons, revenue sharing for fund raisers, and the occasional discount for a catered charity event.
We have not spent a cent on traditional advertising like print or even digital media. We know that certain online media would allow us to deliver highly targeted impressions but we’re skeptical that people viewing our ad or even being re-directed to our website or blog will actually become customers. A few people have suggested that we do a day when we give away free tacos all day. Chipotle does it at least once a year (clearly I’m a big fan) on the Penn campus and people flock to their restaurant delivering a line around the corner and probably a good number of customer acquisitions. Certainly a free taco would cost us more than an online ad impression (in fact, more than 1,000 impressions depending on which site they come from) but I still have a feeling that the free taco will be more likely to bring us a new customer than even a highly targeted ad impression. My partners and I are in a back and forth debate and need some advice…