Nothing in this world comes free, and this rings especially true in the business world. If you want money in the bank fast, you’re probably going to have to spend some first. To help you work out how best to direct your marketing budget, we’ve put together this list of promotional strategies that are worth the upfront investment:
Gifts And Goodie Bags
One of the easiest ways to make a positive lasting impression is to give corporate gifts and promotional products to customers and potential partners. Not only does this invoke the law of reciprocity, but it also provides an easy way to keep your brand at the front of their mind.
Any time they need something you have, they’re far more likely to come to you as they feel like they have a deeper connection with your brand than with your competitors. This tactic also exposes you to their acquaintances which will help further drum up new or recurring business since consumers require an average of seven touchpoints before making a purchase.
Hosting An Event
Another promotional strategy that is worth its weight in gold is event hosting. This could be centered around education, networking, or pretty much anything that’s useful to your target demographic. You could even create something that’s intended to do nothing more than offer a good time to attendees. As long as your event is perceived as something that adds value to your customers’ lives, you’re set.
The great thing about using events as a promotional strategy is their ability to generate an immediate ROI. You can do this by charging for attendance if appropriate, or by closing deals during the event. Since live-closing is one of the easiest ways to sell, you’re giving your team a distinct advantage. Plus, events also create favourable brand perception, which will help build future sales, and can even be carried out virtually if preferred.
Sponsoring A Charity
If you’re looking to give back while also getting some good exposure, consider sponsoring a charity. Most charities publish information about regular (or large) donors, so you’ll gain exposure while also being able to support a worthy cause. Bonus points here if your favourite charity aligns perfectly with your target demographic’s interests (but don’t be put off if it doesn’t). You’d be surprised by how effective the flow-on effect from this type of publicity is.
At the most basic level, affiliate marketing is the practice of offering people incentives to promote your products or services. This can be done with freebies or by offering a commission. But you can also create affiliate partnerships with other companies.
Now obviously all of these methods will cost you a bit for each sale, and you will probably have to pay an initial signing bonus to larger Influencers, but this kind of team-based promotional strategy could open you up to markets that you may not have even considered. When carried out correctly, affiliate marketing also gets your offerings in front of a far wider audience than you could access cost-effectively in almost any other way.
Since all four of these promotional strategies require an upfront investment to get the ball rolling, you may have been less likely to consider them as viable options for your business. While that’s completely understandable, it’s time to let go of whatever is holding you back and look at things objectively. When correctly executed, these strategies could easily become some of your best marketing campaigns. And that’s not something to sneeze at. So check the bank, pick an option, and get planning.