by Randall CraigFiled in: Blog, Make It Happen Tipsheet, MarketingTagged as: Advertising, Research
Most entrepreneurs have a secret that most larger organizations have sadly forgotten: Cut your costs and you’ll make more money. And in no other area is this more true than in the area of marketing. Why is this?
1) Momentum of the past: If traditional advertising and promotion have always worked, then doing more of the same means more of the same success. In other words, why bother changing?
2) Ignorance of the present: Many people see cutting marketing spending as a zero sum game: less advertising means fewer enquiries and lower sales. Very few consider spending differently, where the cost might be far less, for the same outcome.
3) Self-serving advice from agencies: If you were an agency that was paid commission from ad sales, why would you recommend a campaign with zero commission?
We are not advocating a significant cut in ad spending, or that traditional advertising and promotion shouldn’t be an important part of the marketing mix, but rather that there is value in exploring non-traditional channels. Especially if your target audiences can be found there. And especially since cost savings flow directly to the bottom line.
So where are these non-traditional channels? Here are several:
While it may seem unlikely that these all would be 100% appropriate, search each of them anyway: are your competitors there? Are any of your target audiences there? If so, set up a few test listings, and see what happens. (Hint: for Kijiji, Craigslist, and Facebook, you will probably want to update your listing every day.)
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