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Stretch
Your Marketing Dollars
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Small start-up businesses don't usually have the resources to launch huge
advertising blitzes in multiple media formats. If your small business does
not huge resources for promotion, you can stretch your marketing dollars by
using non-advertising approaches to promotion, especially during times of
recession.
by
Steve Ma. Reyna
Power Homebiz Staff Writer
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Small start-up businesses don't usually have the resources to
launch huge advertising blitzes in multiple media formats.
Unlike the big corporation and well-funded dot-coms, small
enterprises do not often have the luxury of buying a full-page
spread in a glossy magazine or a spot on primetime television. For advertising to be effective in creating brand awareness
for your products or services, it needs be done regularly. Given
the high cost of advertising, even large companies find it hard
to develop successful advertising campaigns, despite their deep
pockets and huge marketing budgets. And with the seeming
avalanche of ads everywhere - every imaginable billboard, empty
walls of buildings, and even cars - it has increasingly become
harder to attract the attention of consumers. People are simply
inundated with ads!
If your small business does not have extensive cash
allocation earmarked for promotion, you can stretch your
marketing dollars by using non-advertising approaches to
promotion. They generally require less money to implement and
are often more effective. The only catch is that they require
time and creativity to develop.
1. Start a Contest.
People love contests: it has never failed
to attract people to participate and try their luck to win. Just
witness the phenomenal success of game shows like "Who
Wants to Be a Millionaire." In business, the often used
contest 'You win if you are the 100th, 1000th or 1,000,000th
customer" never fails to attract attention. For your
contests to generate considerable interest both from the media
and the public, you need to infuse it with fun, or even make it
silly. Take for example the contest launched by one dot-com: the
search for "America's Ugliest Office." Contests like
these surely will generate considerable media interest - and
remember, this is essentially free advertising.
2. Gifts.
"Free" is such a powerful word in
marketing that it never fails to attract buyers. Offer free
gifts with your regularly priced items, and chances are the
customers become much more receptive to your products. People
love to receive something for free, even if they have to pay a
premium price for a more expensive item to get the freebie. This
technique has been used most successfully in the beauty and
cosmetics industry, which offers free gifts if you purchase an x
amount of merchandise. It is much easier to entice buyers to
purchase your computer systems if you bundle it with free
printers, for example. Or offer free CDs for every stereo
equipment purchased.
3. Giveaways.
Giveaways never fail to attract customers for
your business. If you know that you have an excellent product or
service, and you know that consumers will love it if they just
see its effectiveness, then the best way to do it is through
giveaways! For consumer service businesses, you may want to
offer your product for free estimates if you are in a
service-oriented business. Retail businesses may hand out
balloons or other novelty items to build traffic or retain
customer interest.
4. Sponsor Events.
Sponsor a community or civic event, or
hosting a special event in your business establishment, such as
a celebrity appearance or a charity fundraises. Not only is this
a terrific way to introduce people to your business or maintain
contact with existing customers, you can also leverage your
sponsorships for community service ads, which are usually free.
It also will create an aura of excitement and goodwill. You may
even obtain media coverage!
5. Exclusive Offerings.
Offering exclusive purchases or
previews or new merchandise to existing customers is a great way
to inspire a feeling of excitement and loyalty. To enhance
participation, you may wish to offer a discount. If the
exclusive offering is in itself extremely attractive, the
discount can be small.
6. New customer offers.
Attracting new customers is one of
the most difficult marketing challenges to achieve even with
powerful advertising or a dedicated sales force. That's why
different businesses - national greeting card manufacturers to
local oil delivery services - offer incentive pricing, freebies,
or extra advertising allowances for new customers. Macy's, for
example, gives an extra 10 percent discount to new customers who
sign up for their charge card. Even lawyers customarily offer a
free first consultation.
About the Author:
Steve Ma. Reyna is a staff
writer of Power Homebiz Guides.
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