Tuesday, January 1, 2013

You get what you pay for? With marketing strategy, not always.

Marketing tactics that are the most expensive will not necessarily yield the best results. Sometimes the free marketing through word-of-mouth and/or public relations efforts can be the most effective. My wife started her own business about 16 months ago. Her most effective promotion has come with a nice price tag---free. Things like TV, radio and newspaper interviews, and even social media efforts have yielded great results. It depends on the product though. TV advertising might work well for one business, whereas advertising on the radio might work well for someone else. For example, Apple and Microsoft seem to advertise a lot on TV, but have you ever heard a radio ad for their products? Me neither. TV ads make sense for those companies since their products can be promoted most effectively through demonstrating visually what they do. So, one size does not fit all when it comes to marketing. Examine the product or service and evaluate the pros and cons of different ways to reach your customers most effectively. Marketing that does not reach the target audience, and influence them to take action is a waste of money.

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