We have previous discussed the several options for expanding consumer base and creating a successful startup business. This week, we will take a deeper look into the effects of costly types of visual marketing and how to avoid the common traps of advertising sharks. Although a business might be in full-swing and meeting their targeted revenue, expensive advertising to further their consumer base could potentially have a negative impact. Several small business owners invest their dollars in advertising venues that are outdated, over-priced, and ineffective. Let’s take a closer look into what business owners can do to make their advertising efforts worthwhile.
The first step to successful marketing is researching the style options for advertising and which options are receiving the most positive feedback. Many types of advertising such as billboards and paid street banners are typically the first type of advertising that comes to mind for business owners. Although these might not be the best option depending on the location of your business. For instance, a local coffee shop downtown a historical district might not have the best of luck with interstate bill board advertisement due to the nature of the traveling consumers. Instead, they should consider advertising for free on local newspaper ads, Facebook groups, or the town’s local website. These venues would target individuals who are have a particular interest in visiting the area and seek non-commercial businesses.
Additionally, the business owner might consider offering a special rate or one-time-offer to special individuals willing to become a personal ad for the business. This non-traditional form of advertisement has become overly successful for many small businesses who participate in a market style venue. For example, a local coffee shop owner could offer a one-time free cup of coffee to someone who referred a friend by name. In addition, the business owner could offer an overall discounted rate for products if the consumer is willing to display an ad, such as a magnetic plate advertising the business on the side of their car. This also allows the advertising customers to give the local business a good review by word of mouth when asked about the ad. In return, the business is creating free advertising and increasing the number of consumers. Additionally, the business owner is recovering the cost of the discounted rate to the special consumer and not incurring expensive space rental costs for advertising.
Overall, a small business is always running on a tight budget and cannot afford to waste money in areas that do not bring positive revenue results. Although the typical means of advertising used to be leasing bill boards and paying advertising agents to promote the business, these means for promotion have drastically changed over the years. Now, small business have many more options to increase consumers without breaking the bank. Additionally, the new technological methods of advertising allow businesses to target a more select group of possible consumers. So next time you consider putting Gladys Glover on a billboard, just remember it might not be as effective as it was in 1954.
