The term "Guerrilla marketing" was coined in the 80's to describe this innovative approach and it fits most small businesses perfectly. Instead of spending money on big advertising campaigns, you spend time keeping your existing customers happy and getting new ones through careful and narrowly focused campaigns. Instead of designing your product to satisfy a large range of different types of customers you try to satisfy a particular segment better than anyone else. Instead of going for high volume at low prices you go for high quality at fair prices and high value for money. Instead of trying to sell your product, you offer your product as a problem-solver to people who need it.
Once you have the above strategies in place, you'll still need to target your campaigns and find the people who need you. One approach is to look for growth through your existing customers. This is innovative (how often have you heard from the guy who sold you your car or from your software suppliers, even though you registered?), low cost and low risk. It is especially lucrative if you have a product which wears out and needs to be replaced or one which is used up. You can then generate business by selling new products to existing customers as well as to referrals.
A site which explores Guerrilla marketing and which presents a lot of free articles while trying to sell you books and courses is Guerrilla Marketing On-line . This link will take you to the page with past articles, each with a clearly presented idea, some of which are innovative and very useful.
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