How to Advertise your Business without Burning a Hole in your Pocket23-01-2018
Advertising cost can form a reasonable component of the total cost of business. It is an area in which marketing managers usually explore for cost reduction opportunities. The cost of advertising is a product of several variables that include the types of media (method) chosen, procurement of relevant services, types of material used, rent, and travelling expenses. The costs can be “hot enough to burn a hole in your pocket”. This makes managers to always want to search for ways of cutting down the costs associated with advertising in order to enhance the profitability of their businesses.
The traditional methods of advertising such as Newspapers and Magazines, Television, Radio, and Out of Home advertising are the main suspects responsible for “burning a hole in your pocket”. As a responsible marketing manager, you just have to find new marketing ideas for your business promotion. It is also important to remember that business promotion ideas change with the times. As the promotion ideas change, the related costs also change accordingly. One of the indicators of the effectiveness of good marketing ideas is cost.
Several low cost marketing ideas are available. A sample of 10 of the ideas is as follows:
1. Consider a wide range of free online promotion options – these include the use of listing services, social media, starting a blog and post amazing content, putting up multimedia on YouTube, SEO your company website, joining a relevant online community and contributing articles to an industry Magazine, creating a Google My Business account, Getting free PR with HARO, Building a free email list, commenting on blog posts, hosting webinars on your site, creating a facebook group, offering a free info-product on your site, taking advantage of Facebook’s and Google’s free ad credits, creating your own inforgraphics, and offering amazing free info on social media.
2. Attending networking forums – the forums help in building relationships, catching up the trends, sourcing for new marketing ideas, connecting with key marketing influencers, and to find motivation from the members of your industry.
3. Co-sponsoring a contest – Cross-promote your business with partners. This brings about a win-win outcome. You are able to reduce competition and at the same time lower cost with your product promotion opportunity.
4. Creating an affiliate marketing program – this is a hands down (off) advertising alternative. You only pay for the advertisements that bring successful sales. The publishers work hard to deliver traffic to their sites because this brings them income.
5. Guest posting on popular niche sites – you don’t bear any cost of advertising under this method because you don’t own the site. Instead you gain some online influence, develop your authority, build your portfolio and credibility, and also increase your exposure and brand awareness.
6. Create eye-catching business cards – this can be an essential and time-honored marketing tool. The cards are cost-effective than most advertising methods.
7. Using Remnant Advertising – this is also called remainder advertising or last minute advertising. It is the advertising space that a company has not been able to sell. You can buy it at a steep discount because it is a perishable commodity.
8. Creating Flyers and Handbills – this is for the purpose of getting information directly into the hands of a target audience. Making them is simple and is almost without cost.
9. Advertising on Cable – this is a lower cost television advertisement alternative suitable for a small budget.
10. Using product supplies – Paper cups, stationery, packaging materials, and poly bags printing is another opportunity for free advertising. Manufacturers can be given an order to customize the supplies for the business.
With the above marketing ideas and many more available, advertising costs should no longer be your source of worry. You should be able to shrink your costs by a reasonable percentage and have your pocket intact. It is also important to remember that new marketing ideas crop up every other time as other ideas become obsolete. Therefore, a review of marketing ideas should be the order of the day.