Effective advertising is an essential practice for any fledgling business, often contributing majorly to the long-term health of a company. However, just because advertising can have a large effect, this doesn’t mean that it needs to, or even necessarily should, take a large chunk out of the budget.
Choosing to incorporate free or low-cost advertising tactics is not a strategy exclusively used out of necessity, in fact, some of the market’s biggest players have found great success with these methods. For example, a spokesperson for Krispy Kreme told the HuffPost that the brand does not engage with paid advertising at all, preferring instead to rely on free resources, such as social media, to promote their products.
Below are three of the most effective methods of low-cost advertising that can be used to promote a variety of different products and services:
In 2020, it is near impossible to find a brand that does not have some sort of presence on social media, and for good reason. Social media platforms are free resources which can be used to increase brand awareness, drive website traffic and sales, and generate engagement, with potential to reach over 3 billion social media users worldwide.
Since all social media platforms are so saturated with content, it is necessary to work out a clear strategy before diving in. Firstly, consider the target audience: a business that is marketing itself to a more mature age range would be more successful on platforms such as Twitter, Facebook and Instagram, rather than those with younger users such as TikTok and Tumblr.
It is also crucial to research the best form of content to attract the target audience — e.g. do entertaining or educational posts garner a better response, for example. Lastly, monitoring engagement is a really useful way of ensuring that the social media campaign is continuing to be successful. Most sites offer free analytic tools to make this simple.
Sometimes making that one right connection can have a much greater effect than wide-scale marketing campaigns. Especially in the early days of a business venture, meeting the right people and making a memorable impression is imperative.
Sites like LinkedIn are really great resources as they are free to use and enable contact with individuals across the world. However, it is not recommended to rely on these exclusively, a face-to-face interaction can allow relationships to build up much more quickly. Attending groups such as the local Chamber of Commerce, Rotary Club or civic associations are common in most cities and the perfect way of building more local connections.
Make sure to talk to as many attendees as possible in a manner that is genuine and interested. It is recommended you have a business card at the ready, and why not try custom printed business cards to really make an impression. After the meetings, follow up the attendees on LinkedIn or by email.
Taking advantage of a partnership opportunity can enable businesses to offer supplementary services that they cannot provide. For example, real estate agents often have partnerships with architects, so when the estate agent is selling a house to someone who wants to extend or alter it, the agent can recommend the architect.
Partnerships are a great way of increasing consumer satisfaction, decreasing customer churn, while also providing exceptional advertising opportunities.
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