Small establishments, because of the lack of enough fund & resources, often remain incapable to take advantage of advertising through multiple media formats. Unlike big organizations, they do not have the capability of purchasing a full-page space for the public promotion of their products or services. Advertising in primetime television seems to be a luxury to them.
For every organization, it is hard to carry their brand value, unless advertising is done on a regular basis. But the fact is that advertising cost is rising with leaps and bounds. That is why, it is not possible even for the big companies to maintain their advertisement budget in relation with the growing cost. As a matter of fact, a large number of establishments are trying to use almost every visible hoarding, fences of buildings and even back of the cars as a mode of promoting their advertisements. People have nowadays become flooded with these types ads.
If this is the condition, then what is the solution for it? It is suggested that if a small organization does not have enough funds to promote their products or services, then they should stretch their marketing dollars through non-advertising approach. This approach requires less money in comparison to usual advertising. Moreover, it is more effective than formula advertising. One of the difficulties is that it is time consuming and requires creative thinking to grow. Some of the ideas/events that can be used are as follows:
Organizing competition: In today’s world, ‘competition’ is the catchword to attract people. It is where people love to try their luck. People try to materialize their dream by way of participating in competitions like “Who Wants to Be a Millionaire.” To popularise these events, such contests should be comprised of playfulness and amusements, so that it easily catches the interest of the media.
Offering free gifts: It is one of the effective modes of attracting customers. Customers are more reactive to free gifts than the usual priced items. It seems to be an added reward to them. Anything free of charge is always acceptable to customers. It is seen than customers do not mind to purchase costly items if that are attached with free gifts. For example, if a company offers free CDs or printers along with computers, then people become enthusiastic to purchase those computers.
Giveaways are regarded as another effective way to attract customers. Through this approach, samples of the products are given to customers, free of cost, to prove its effectiveness. By this method, consumers get the opportunity to test the product themselves. As a result, both reliability and interests grow among customers to purchase the product. This approach is specifically applied in service-oriented business. This approach can also be applied in ‘Retail businesses’.
Events Sponsoring: Hosting civic events can be another way of promoting the business. Events like celebrity appearance and charity shows can easily draw the customers’ attention towards the product or services of the company. It also helps the company to maintain a link with its existing customers. Community service ads can be an effective way to create the glory and goodwill of the company.
Exclusive Offerings: Providing a discounted service can help to retain the existing and potential customers of the company. Exclusive offering is viewed as one of the most beneficial modes of pulling in the customers.
Last but not the least, attracting new customers should be the mantra for the positive growth of the company. Attracting new customers should be the challenge, as it is regarded as the most difficult task in any marketing strategies. To attract new customers, company can introduce services like incentive pricing and extra advertising allowances. It is seen that even a lawyer offers his/her first consultation free of charge.