Tough economic times are forcing people to keep their money in their wallets.
This poses a big problem for businesses because it will be tougher getting more customers. In fact, customer acquisition costs will soar for the foreseeable future. Implementing low cost advertising methods is the smart thing to focus on now.
Let me share a few of those methods with you...
Find out which media makes the most money and focus on that one. Whatever media - Internet, space ads, post cards, etc. - brings in customers who convert is what to put money into. In the long run it will pay off big dividends. So find out which media works the best for you.
The short and sweet of it is this: Don't waste money on advertising channels that don't return the most for the dollars you spend. It's that simple.
Do a quick analysis of your customer buying habits. The idea is to find out what they buy most of and sell more of those products to them. The more you push those products to new and existing customers the more sales you will make. That's because the market - your customers - is telling you what it deems valuable.
And while you're at it, find out what problems your market is agonizing over and figure out how to solve the ones you can. Mark my words, right now the businesses that will make it will be providing... solutions to problems!
Think outside the box. I'm sure you've heard that before. But hardly anyone in business does it. Consider other ways to get your advertising in the hands of potential customers. For instance, maybe you can include your post card as an insert in another company's fulfillment package.
You may discover an entirely new way to advertise that is both cheaper and more effective.
The worst thing you can do is stop advertising and marketing. Don't do it. Instead find lower cost sources and keep the ones that bring in at least a "one to one". Meaning for every dollar you spend a dollar comes back. It's okay to buy customers at a break even because over time they will make you money.
Finally, if you have an online presence and you collect emails beef up your email marketing system.
Email is fast, cheap and effective.
Decide now to make things work and they will.
There's one more thing you should consider doing: Strengthen your ad copy in all of your online and offline promotions. Better copy always results in higher profits.
By John Anghelache
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