Advertising More Effectively
Advertising More Effectively – Make a Facebook account With Facebook, you have the option of making a fan page as opposed to a personal profile page. A Facebook fan page has many options that businesses can use. For example, they have advertising options which can be used to reach target customers. Parameters such as age, gender, hobbies, and such can be set in order to reach a select group of people when advertising.
Some of these advertisement tools are paid features while some can be used for free. Make a Twitter account A Twitter account can also be used to advertise your products and/or services. A fine technique is to get a lot of followers. This way, your tweets will be read by more users.
Absorb advertising Losses More Effectively
Link your websites If you have several websites and social media accounts, it is a good idea to link them together. How do you do this? In your main website for example, you can provide a link to all your other websites. And in your Facebook page, you can also provide a link to your Twitter page. This way, you customers will be able to connect to you in more ways than one.
Focus on your target group Do not waste all your time, energy, and resources on advertisement methods that attempt to reach everyone. If you only need to reach a select group of people, you only need to advertise with them in mind. If you are selling products for women for example, it may not be necessary to do extensive advertisement that would include male audiences.
Advertising price comparisons
Advertising price comparisons- when advertising your product/service by television ads, social media sites, radio station ads, newspaper, and such, it is also a good idea to include a market price comparison. For example, you may include in the description that your product is cheaper by 50 USD compared to other brands. Of course, you should avoid naming competitor brands specifically if you want to avoid lawsuits.
Advertising specification comparisons other than the price comparison, you may also include a specification comparison in the product description. You only need to list down differences which favors your product. For example, if the laptop that you are selling has a battery capacity of 10 hours and your competitor’s product only has 5, you may include that information in the product description. Here is an example: “can last 5 hours longer than other laptops”.
Absorb advertising Losses More Effectively
Offer unsalable/old items as freebies especially if you are in merchandising business, it is possible that some of the merchandise in your inventory will not get sold. This may be due to numerous reasons. In which case, you may amplify the sales of your other goods by offering the unsalable goods as freebies.
For example, if you noticed that your stocks of books are not getting sold, you may offer them as a freebie to any customer who will buy one and get the second one free .
Sell products/services in bundles This is a good strategy to use if you have some products that do not sell very well and some products that sell well. You may improve the sales of products that do not sell well by offering them in bundle with products that sell well. For example, if Product A is popular but Product B is not, you may include both products in the same package so that customers have no choice but to buy both.
However, this should only be done if you are confident enough that one of the two products in the bundle is popular enough. although a bundle of two products is common, some bundles may include three or more products. This is commonly done in groceries (e.g. a basket of different types of fruits in the advertising section).
Stock up on depreciable products in consignment basis only some products depreciate in value after a few months. Examples include mobile phones, laptops, and other technological products. For such products, it is not good to buy them from suppliers and keep them in your inventory. Once the market value of those products begins to depreciate, you will sustain massive losses. This is why you should only stock up on depreciable goods under consignment basis.
Stock up on seasonable products in consignment basis only seasonable products should also be acquired under consignment basis only. This is because a product that did not get sold during its season will stay in your inventory for long periods of time. You will sustain inventory storage costs. break the advertising competition more effectively
Do a market research you cannot expect that your competitors will be stationary. Like you, they will seek ways on how to break the advertising competition. You should not lose edge. You can do this by keeping yourself updated of your competitors’ activities. Always do a research and pay close attention to what your competitors are doing.
Always check advertising price comparisons The most common method used by companies to break the competition is to offer a competitive price (lower than other sellers). This is why you need stay updated on the price changes that your competitor makes.
Always check the promotional activities of your competitors like you, your competitors will offer discounts and promos. Stay updated on when your competitors are planning to hold an advertising sale. It is a good idea to hold a sale when your competitors also do. You do not want them to be ahead of your even if it is only for a few days.
Always offer something more after doing a market research and after researching the activities of your competitors, you will need to device a advertising market plan. To stay competitive, you must always offer something more. So if your competitor is offering a 25% discount for example, you can top the competition by offering a 30% discount. If your competitor is offering two freebies, then maybe you should offer three freebies.
Improve the variety of your products/services Customers like to go to shops that offer more than what the others offer. When choosing a mobile phone shop for example, a customer will likely go to the shop that offers four different brands and not to the shop that only offers three different brands. This means that you can break the competition by offering a wider variety of products/services.
Always stay updated Whenever there is something new in the industry that you are in, you should always be among the first to know. This will help you make better sales and market strategies.
Bundle your products with no-cost freebies By including free items into your products, customers will likely buy from you. This is especially true if your competitors advertising are not offering free items. No-cost freebies include electronic eBooks with resale rights.