Once you have the basics of your business settled, one of the next activities that you have to start doing is advertising. And ultimately, you want to figure out how much advertising costs, and then how much it benefits you. For every type of advertising possible, you want to figure out your return on the investment so you can make the most efficient decisions possible when it comes to finances.
A few examples of advertising methods include digital advertising, figuring out how to enhance social media buys, using physical advertising, and then potentially emphasizing person-to-person word-of-mouth. All of these have valid pros and cons.
One of the most popular ways to advertise currently is by utilizing digital advertising. Typically, there’s very low overhead, and it can be extremely effective in getting to your targeted audience. The more you figure out who you are trying to connect with exactly, the better your digital advertising is going to be. Learning to use various sets of analytics to help you tweak your message is also a very beneficial behavior from an income and expense perspective.
Social Media Buzz
Creating a social media buzz for your company is another great way to advertise. There are a few tricks to this though. You have to advertise and promote your product without looking or sounding like you’re doing that exact process. You have to initiate conversations naturally and include links in a way that seems helpful without seeming pushy. It’s a fine line to balance the dance that people have to become very good at to be successful. If you have ever noticed other companies successfully using these tactics, it’s not a bad idea to emulate their techniques.
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Then there are the tried and true methods of physical advertising. Put up flyers. Figure out where to put coupons. Have a sign out that talks about sales or special events. All of these things work, particularly to a demographic that is used to absorbing information from physical locations. Digital advertising appeals to some people. Physical advertising appeals to others. Having a broad base of techniques will give you the widest possible range of effectiveness.
Person-To-Person Word of Mouth
Finally, there’s the matter of advertising using word-of-mouth. If you find out who the early adopters are, you can talk to them in person, and then let them use their network to your advantage. This is one of the most efficient and cost-effective ways to get the name of your product out there. You just have to make sure that you impress those people to the point where they feel compelled to talk about your product positively.