Free or Low-cost Advertising

Posted by Joni Holderman on Thursday, August 27, 2009 at 8:24pm.

The key to success in marketing is finding the right customers, and finding enough of them whether the business is in Chad or Botswana - or anywhere else across the globe. Advertising can be an effective way to attract customer’s attention, but it may also be expensive. Try these less expensive tactics to capture attention - and increase revenue!

Become the expert

Giving free advice may seem foolish, but it is actually very wise. People like to do business with someone they respect and admire. When an entrepreneur answers questions, give speeches or teaches a course related to the business, he or she becomes the recognized expert in the field.

Give something away

A number of psychological studies show that when you give something to a customer, they feel obligated to give you something in return. This basic exchange lies at the heart of many human interactions. It is why grandparents give candy to grandchildren - and receive brilliant smiles in return. It is why anxious suitors give flowers to lovely young ladies - and receive affection in return.

In a more prosaic way, the same principle operates in the marketplace. When a salesperson or business owner gives a prospective customer a free bottle of wine, sample of the product, or promotional item, the customer subconsciously feels that he owes a “debt” to the salesperson. The easiest way to repay that “debt” is for the customer to buy the product - giving the salesperson his business.

Create an Ezine

Use both of the principles above and stay in touch with customers, by creating an online magazine or ezine. It should include articles and news items that are interesting and helpful to the customer. Because customers are receiving it free, they feel obligated to return the favor next time they need the company’s services. As the author of the ezine, the business owner becomes the respected, trusted authority that customers will turn to for advice - and refer others to.

Make News

Getting free publicity is even better than creating an ezine. Whenever the company launches a new product or website, hires a new salesperson, receives a big order or helps a special customer, make sure that newspapers, TV stations and other media outlets know about it.

Newspaper editors and TV producers are constantly searching for interesting local stories. Make it easy for them by sending a press release that lists all the pertinent details, as well as a way to contact you.

If the business owner donates products to an orphanage, gives a speech to a club or sponsors a charity event, make sure the publicize it with a press release.