Business Promotion

Best Ways to Reduce Costs of Business Promotion

Reduce Costs of Business Promotion

It goes without saying that if you want your product or service to reach people, you have to let them know about it. While you’re letting them know about the existence of a product or service, you should also use the opportunity to provide the most important information about your offer, focusing on what makes it more favorable than what your competitors have to offer.

Well-established companies with substantial advertising budgets have many options at their disposal. Hiring the most renowned experts in the field of advertising, to spending enormous amounts of money if they want people watching prime-time TV to be reminded of a particular product or service. Their commercials of some companies are talked about even before their premiere, as it is the case with all those able and willing to spend huge amounts on placing an ad during Super Bowl for example.

Unfortunately, small businesses can’t afford such a luxury as their resources are usually quite limited. However, that doesn’t mean those companies should just give up. The fact that their hands are tied should inspire them to be more creative and careful when it comes to selecting a target audience, methods, and frequency of approach.

Luckily, many strategies can be employed in an attempt to reach clients without breaking the bank, and some of them might be just the thing a small company needs on its way to the top. Needless to say, there’s not a universal solution. Each company needs to make a decision based on the specific circumstances in which it operates, which is the key to success when it comes to advertising your product or service.

Website

The emergence of social network platform as one of the cheapest, yet most potent advertising tools has brought about many changes to advertising strategies all over the world. Some companies prefer to share most information through such channels, while others opt to use them simply to attract existing and potential customers to the company’s website.

Having a well-designed and informative website is of great importance. If you’ve managed to attract people to visit your site, it means they are interested in your offer. That’s why your website should be extremely user-friendly and provide the information a potential customer is looking for. Investing in designing a site is not only obligatory in today’s competitive world, but it can also be very lucrative.

Email Marketing

This is a very good idea to implement if you’re trying to cut your advertising costs. This method of advertising is particularly interesting when it comes to retaining customers. Namely, it’s much cheaper to keep the existing customer than to attract a new one. Repeat customers spend half as much new ones. 

Therefore, you should build a database containing your customers’ emails and keep them regularly informed about special discounts or events. By offering a special incentive in your email, such as a code for the discount available only to the subscribers to your mailing list, you’ll be able to track exactly how many people responded to your email. You’re likely to see that this is one of the cheapest, yet most efficient tools at your disposal.

Social Media

This is a fantastic, yet inexpensive way of attracting new customers, and keeping in touch with returning ones. Though advertising campaigns on social media usually don’t require much money, they definitely require your dedication and time. Instead of having rare postings, you need to become more involved on a regular basis.

The content should be carefully planned, informative and relevant, but you still can’t expect it to be successful overnight. It usually takes time, i.e. patience before sufficient interest and trust are built amongst new customers. However, once it happens, you will have a pool of new customers with only your time spent along the way.

Traditional Advertising

The Internet offers some great ways to reduce your advertising costs. Without having to sacrifice either the reach or frequency, there are still people who respond best to the traditional advertising tools. These people live in your neighborhood. They rather see what kind of product or service you’re offering them.

In order to reduce costs, you should reduce the size of your ad by using one color instead of full color. Hiring one graphic designer will also offer you a discount for long term business. This will develop an understanding of your ideas and concepts to create great designs.

Increasingly affordable digital printing has allowed us to print high-quality images on a wide range of products. People are always happy to receive a practical gift, this could be just the thing for your company.

To attract new customers, you could share advertising costs with a company in a different field. If you buy ad space, invite a reputable company to share that space with you. This will cost expenditure for both parties. You can also choose whose logo appears next to yours. This way a competitor’s ad will not be next to yours.

Public Relations

You can also get more exposure by running an article in a local newspaper or an appearance on a local TV channel, but don’t expect to be invited unless you keep local media outlets informed about your activities. Those activities can be anything from major sales or expansions to a charity work your company does.

Make sure you build good relationships with your community and take part in local and regional events. This will increase your visibility and help achieve your goal at no cost while doing something you truly believe in.

There are quite a few ways of reducing costs of business promotion, without having a negative impact on the results. However, to save money on advertising, you’ll have to invest more time and energy if you want your attempts to be successful.