Marketing is undeniably a costly but essential part of a company’s business strategy. The financial success of a brand depends on a company’s recipe of financial strategies and marketing efforts. Marketing is the avenue for a brand to communicate with its audience, and the audience decides on a product based on what they know about it. This is how marketing impacts a business.
Advertising or marketing impacts the bottom line in 3 ways. When marketing processes turn leads into sales or while keeping and nurturing other leads that are not yet ready to buy, the direct impact is revenue. Budget maximization is also affected by marketing. And the third impact of marketing is in sales costs.
Marketing is identified into 3 popular forms – guerrilla, traditional and internet. By far, the most popular type of marketing strategy is traditional media marketing.
We always associate huge costs with traditional marketing mainly because getting a spot in traditional media is expensive. Getting 1/8th of a page in a national paper may well be worth more than what 10 small town businesses would cost if sold in a bundle. Imagine what 10 seconds on national TV at prime time would cost. But with these costs comes maximum exposure.
Another type of expensive but effective piece of marketing is stadium cups. Custom stadium cups and personalized stadium cups works well for the home team and the stadium itself.
Internet marketing on the other hand is getting more and more popular. Practically speaking, internet marketing is cheap, but pierces right through the heart of your target niche. YouTube is a great example of how the internet is highly effective. All you need is a bright idea and a camera phone to become the next YouTube sensation. With the current economy, the cost effectiveness of internet marketing makes it ideal for small and startup enterprises.
There is another way to creatively catch the hearts of consumers and this is through guerrilla marketing. This type of marketing needs proper timing, the right amount of energy and a lot of creative juices. It focuses on close interaction with the consumer. One example is advertising a book. A strategist would give away free books and some cash to 10 people provided that they read it at central park the whole day. Wouldn’t passersby be curious why they came across some people reading the same book? These types of low cost strategies make the marketing style ideal for small and startup enterprises.