Valued at over $190 billion, the United States continues to hold the spot for the world’s largest advertising market. This figure is proof of the intense competition in this space. Therefore, the decision lies with you to make the most suitable advertisement choice for your business. More importantly, you should be able to distinguish between a product you create or the company behind it.
As a retailer selling a product, this type of advertisement works best to create a focus on your wares. It has nothing to do with the retailer or the entity behind it. These make an excellent advertisement, except for a few challenges. First of all, if you are a business owner vending another manufacturer’s merchandise, you could be shooting yourself in the foot. Why is this a problem? Read on to find out.
Unless you are offered co-op advertising, which requires the manufacturer to foot half the bill, be guarded with this option. Unfortunately, cash-strapped business owners will find this an excellent opportunity to make extra money. But in reality, it could be an arrangement hiding the actual cost. Is the manufacturer paying 50% of your price or theirs? However, for independent retailers, you should go for a flexible co-op advertising arrangement that also mentions you in the message. If that doesn’t work out, you may be better of using guerrilla tactics to advertise your product.
Positive customer reviews tend to produce effective marketing and advertising results for businesses. People will dedicate time to read reviews from customers who have used your services before. In this case, what others say (testimonials) takes precedence over any other message you wish to publicize. For many companies, using this method creates the ‘tell-it-all’ effect, which influences more patronage. One company that uses this method effectively is Shiply. They place value on customer experience and use reviews from around the world to push their shipment business. You can learn more about them on their website. Another example is the skincare company, Dove, which appeals to the broader female market, regardless of race.
According to Business Town research, branded business gifts are excellent ways to implement target advertising. If done well, you can generate a substantial profit to reinvest in your company. The thing is, most business gifts tend to be inexpensive and forgettable. For example, a branded mouse pad does nothing to pull the crowd to your business. Therefore, to make this work, you must be innovative, have a target group in mind, and make a significant financial investment.
For instance, you can target twenty business professionals in the oil and gas industry. Think about items this group of professionals uses on a daily basis for work. Upon arriving at a decision, get to work by branding these items with your company logo. With a budget of $10,000, you can win a lucrative partnership to do more for an increased market. This strategy requires a lot of research and if you’re up to it, infuse lots of creativity.
Finally, the ideal advertisement strategy rests with you as the business owner. Remember that what worked for others may not do the same trick for you. That is why you need to adopt tailor-made strategies that suit your business. Hopefully, the few mentioned here would be beneficial to you.