Marketing And Advertising -Low Cost Ideas
Everybody would certainly agree that not mere production of quality products would be enough to earn a profit. To boost up sales one must take the product to the prospective client at the right time using a right advertising medium.
The world of advertising has grown from ‘unsolicited and interrupting pop-up’ to ‘inbound marketing’. Many of the advertisers involve the viewer’s contribution by seeking product design/improvement ideas, reviews on quality etc. This will certainly convey the ‘you are important to us’ feeling to the customer.
Even now the traditional media of advertising like print media, Television ads, Radio ads are in vogue. But there are numerous additional ways like internet advertising, blog advertising, telemarketing etc. Data analytics help a greater extent to identify and group needs of the customer. The general skills that are required in the marketing industry are good looks, communication skills etc. But recently data science skills are most required in the industry. This is because data science helps to easily reach the correct buyer. Based on recent internet activities the need of the user can be identified and a promotional mailer can be sent. This helps in reducing wasteful efforts and achieve cost reduction.
The social network can be used to easily attract a group of buyers. This is based on the logic that members of the same group normally share the same interests and tastes. Online advertising is relatively cheap and can reach the target audience without a single miss out.
To reduce advertising and marketing costs the following are important:
- The advertiser has to choose the nature of prospective buyers like youngsters, women, kids etc.
- Based on the size of the business they can restrict the geographical areas for marketing activities. For example, air heaters need not be marketed in counties which are not affected by freezing temperatures. A concept like mobile advertising can be used based on tracking the location of the user.
- The advertiser has to select the right media based on the target For capturing the attention of investor, a cryptocurrency trading software can advertise in share trading websites. This is because such websites have a viewership of high net worth investors looking for good investment opportunities.
When the user finds the suggestions and reviews authentic, the user will refer the product to a friend by easily sharing the online ad link. This type of advertising will certainly build brand loyalty and strengthen the customer relationship. This is will automatically help in improving customer base also.