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In 2020, Nigerian companies spent an average of N143.7 billion on marketing. This is a whopping amount of money, as this money can be invested in other places. What this means for a small business is that it may not be able to pay that amount of money in marketing and lose out on high-quality customers. The 5 cost-effective ways to advertise your brand are;

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COUPONS;

Digital coupons are just like normal physical coupons applied during physical checkout. Some coupons may not be related to the product they intend to purchase but for another product by the same manufacturer. Therefore, the next time they come to the online/physical shop after being given an online coupon, they will look for the product to which the online voucher applies and buy it. This is a great way to increase sales and increase customers’ comeback.

DISCOUNTS:

Discounts are surefire ways to increase your brand reach without spending much money. Money, asides cost of raw materials, salaries, and the likes are profit, so cutting earnings to 7% to 10% does not injure the business. Brands that intend to be cost-effective can cut out that amount of money as discounts to enable buyers to purchase much more than they would otherwise have bought. This also means they can sell off old products and have profit to put a new product on the shelf.

REFERRALS:

What this does is that it allows or engages the customer in the business. The customer is required to bring in a certain number of other customers, and as a bonus, they either get a discount or a free product. Aside from word of mouth advertisement, which is the Holy Grail of marketing, when customers advertise products by word of mouth with friends or families, it is easier for them to buy products. A referral is very cost-effective as a company does nothing in the way of advertising but leaves it all to the customer, who then goes ahead to get other customers

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GIVE-AWAY:

By giving away some products on certain terms and conditions, a company can create a lot of engagements for the business profile. This also encourages the algorithm to move in the business’ favor. The condition can favor the comment with the highest like or having them follow the business page. This boosts the business without the company spending so much on Facebook or Instagram advertisements.

RAFFLE DRAW:

The raffle draw can be in the forms of live shows or whatever process where tickets are brought together, and one person selects one or several tickets. This creates user engagement for the longest time. Raffle tickets can be kept in products, and consumers have to buy a lot of these products to get the ticket. In addition. they still have to follow the TV programs or radio programs, as the raffle is being drawn to hear when the winner is called. In addition to these benefits, the company has the opportunity of interviewing them before and after, which gives the business a credible name.

At the end of the day, these are the top five effective ways for companies to increase their customer base. Every small business or medium business can inculcate this to get the best results.

Featured image source: Founder’s Guide
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This article was first published on 29th March 2022

grace-christos

Grace Christos Is a content creator with a proven track record of success in content marketing, online reputation management, sales strategy, and so much more.

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