- PRICING STRATEGY: PRICE SKIMMING!
- PRICING STRATEGY: GIVING YOUR PRODUCT/SERVICE FOR FREE
- SHOULD WE COMPARE OURSELVES?
- WHAT SHOULD WE MEASURE WHEN WE EVALUATE OUR MARKETING EFFORTS?
- WHAT IS THE VALUE OF A CUSTOMER?
- DOES CONTENT MARKETING WORK?
- WHAT IS THE DIFFERENCE BETWEEN A BRAND, BRANDING, A PERSONAL BRAND AND A COMPANY/PRODUCT NAME?
- WHAT IS GROWTH HACKING?
- HOW MANY « P » CAN BE FOUND IN THE MARKETING MIX?
- THE CUSTOMER VALUE CHAIN
- HOW CAN YOU PROTECT YOUR UNIQUE PRODUCT OR SERVICE?
- CONFERENCE ON FINANCING - MAY 2, 2017
- WHAT IS DRIP PRICING?
- WHICH AMOUNT SHOULD YOU CHOOSE FOR YOUR PRICES?
- DETERMINING YOUR HOURLY RATE BASED ON THE VALUE YOU THINK YOU HAVE
- IS LOWERING YOUR PRICES A GOOD IDEA?
- TO OFFER OR NOT TO OFFER FINANCING?
- HOW TO PROTECT YOURSELF AGAINST EXCHANGE RATE RISKS
- WHEN IS A GOOD TIME TO INCREASE YOUR PRICES?
- DEMAND BASED PRICING
- WHAT IS A LOSS LEADER?
- HOW TO ORGANIZE A DRAW THE RIGHT WAY?
- HOW TO HAVE REMOTE EMPLOYEES
- IS IT GOOD TO BE FIRST IN A MARKET?
- THE THREE TYPES OF CUSTOMERS
- EXPORTING TO MEXICO - QUERETARO REGION
- DEFINING BUSINESS SUCCESS
- ARE YOU USING REBATES? WATCH OUT FOR THESE
- IS THE CUSTOMER ALWAYS RIGHT?
- EXPORTS AND QUEBEC COMPANIES
- COWORKING SPACES
- YOUR PLACE OF BUSINESS AND INTERNET
- WHY IS SOCIAL MEDIA IMPORTANT FOR YOUR BUSINESS?
- HOW TO USE FREEBIES
- WHAT IS THE MAGICAL FORMULA FOR HAVING SUCCESS IN BUSINESS?
- DO YOU HAVE EXPERIENCE IN MY FIELD?
- WHEN CAN WE STOP OUR MARKETING?
- WHAT IS A CALL TO ACTION?
- WE ARE ALL SALESPEOPLE; HERE'S HOW TO GET THERE
- HOW CAN MARKETING AND SALES COLLABORATE?
- HOW TO SELL MORE TO YOUR EXISTING CLIENTS
- WHAT IS CROSS-MARKETING?
- WHY SHOULD I SEGMENT?
- WHO IS RESPONSIBLE FOR MANAGING YOUR COMPANY'S IMAGE?
- HOW TO CHARGE FOR YOUR PRODUCTS / SERVICES?
- HOW TO DEFINE YOUR PRICING STRATEGY: PRICE POSITIONING
- HOW TO DEFINE YOUR PRICING STRATEGY: MARKET PRICING
- WHAT PRICE SHOULD YOU SELL AT? - COST-BASED PRICING
- WHAT IS A PRODUCT?
- HOW TO MARKET YOUR NEW BUSINESS?
- IS BUYING A FRANCHISE A GOOD WAY TO START A BUSINESS?
- HOW SOCIAL MEDIA HAS CHANGED WORD-OF-MOUTH
- HOW SOCIAL MEDIA HAS CHANGED PUBLIC RELATIONS
- WHAT IS BRANDING?
- WHY INCREASING SALES IS NOT THE SOLUTION
- HOW TO SELECT YOUR COMPANY NAME?
- WHY HAVING A WEBSITE IS ONLY THE BEGINNING?
- WHAT IS MARKETING?
- HOW TO MAXIMIZE THE VALUE OF YOUR SOLE PROPRIETORSHIP BUSINESS
- WHY SELLING IN MEXICO?
- LOW COST MARKETING INITIATIVES
- WHY IS PRODUCT DIFFERENCIATION IMPORTANT?
- hOW TO PRESENT OUR COMPANY
- WHAT IS THE DIFFERENCE BETWEEN MARKETING AND PUBLICITY?
- 50% OF YOUR ADVERTISING BUDGET DOES NOT PRODUCE AS MUCH AS THE REST
- RIGHT SELL AND OVER DELIVER
LOW COST ADVERTISING INITIATIVES
A good Mexican proverb says: « If you want to sell it, you have to show it ». Simple? Yes and no. This proverb does underline the need to invest in advertising, but all advertising options are not equal in cost and volume of sales generated. Mass advertising campaigns are more expensive but produce a large amount of customers. However, one needs to get to this stage. Here are a few ideas.
Another saying I like a lot: « It is cheaper to sell to existing customers than to find new ones». This reality is so true that it is the basis of customer service. What are the main objectives of this service? Retain existing customers, trying to sell more to them and embark in a quality improvement process.
Combining the two statements, we have the basics of our low cost advertising strategy: « Sell to your existing customers and their network of contacts ». How? By being proactive.
The first action: know your customers. Make lists to get an idea of who is buying from you and what are they buying.
The second action: are you sure your customers know all the products and services you sell? Many of our customers do business with us for a product or service and it is surprising how many do not know the extent of the products or services that we also offer. Get this known to them.
The third action: know your customers’ needs. You have a shoe store and you sell them shoes? They probably need handbags, computer case or belts. If these products are not yet part of your offer, it would be a good idea to add them. The cost is relatively low and your potential return can be very high.
The fourth action: create « soft-sell » campaigns. What is « soft-sell »? It is selling without pushing your products or company too hard. Free presentations, an official opening, the arrival of the fall collection, the fifth anniversary of your business are all excuses to invite everyone on your list to visit your business and creating a "buzz". But the purpose of this strategy is to continue. If you do one activity, your efforts will be maximal and the results will be minimal.
The fifth action: involve the network of your contacts in your campaigns. All customers have relatives and friends; involve them in your strategy. This is the basis of network marketing. Social networks are a great way to create support this initiative. Also have your website regularly updated will help in getting people back and talk about your company to their peers.
Implementing these strategies, you will have a loyal customer base at a lower cost.
If you have any questions or if you would want us to adapt these strategies to your business, do not hesitate to contact us.
It would be our pleasure to be part of your success.
Stéphane Elmaleh-Riel, B.Ed., MBA