Most entrepreneurs have a misconception that marketing is an expensive strategy and requires additional funding. Though marketing is an essential ingredient of any business; there are varied methods to market goods and services in an economical yet effective way.
Given below are some low-cost marketing ideas that are easy to follow and very effective:
This is perhaps one of the most used and easiest marketing techniques effective in retaining prospective customers. Mobile marketing includes text messaging, mobile coupons, QR codes etc. and is a great way to retain loyal customers and generate new ones. According to statistics, there are nearly 4 billion mobile phone users worldwide. According to relevant studies by Nielson Mobile, 97% of mobile subscribers usually read a text message within 15 minutes of receiving it; and 84% usually respond within an hour. Businesses can market through mobile in various different ways. For e.g. retail stores can gather information from regular customers regarding birth date or anniversary dates and send a message on that particular day with a 15% or 20% discount on purchases. Restaurants can also follow the same procedure and increase sales.
Marketing businesses through social media channels is the recent trend. Sites such as Twitter, Facebook and Foursquare are inexpensive and allow businesses to advertise new launches, events, provide information and send out coupons. Social marketing is the best way to build brand awareness globally and in a very short span of time. It is a quite effective means of communication to advertise as well as build a strong bond with consumers. But social media can also attract negative comments therefore be sure to be active on your social media site and try to appease dissatisfied customers with proper explanations. This is also a great way to improve business.
You can use your business as a commercial sponsor for community events. The events can be something that matches your business or even if it doesn’t community sponsorships should have an impact on your target audience.
Contests or Sweepstakes
Organizing fun and interactive contests or sweepstakes through social media can be fun and fruitful for business. This will help retain existing clients and attract new customers.