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What's The Cheapest Cost-effective Marketing Tool
Posted By: prompt_payer on 11/11/2006 1:17 PM (CST) 25 Points
I know this depends on the kind of business you promote but in general what's the cheapest cost-effective marketing tool?

Posted by: W.M.M.A. Accepted Answer
11/11/2006 4:27 PM (CST)
These are not in order...

Viral Marketing.
1) a satisfied user is the best marketing
2) virtually low/no cost

Drip Marketing.
1) Once you have your list, or use zip code, all it takes is a message every couple/few weeks/months.
2) Follow Up to drip is simply a telephone call to schedule a meeting

Hope this helps a little

Randall
WMMA
 
Posted by: michael Accepted Answer
11/11/2006 5:10 PM (CST)
Networking within business circles.

Michael
 
Posted by: Kimmer* Accepted Answer
11/11/2006 6:15 PM (CST)
"NETWORKING", is the cheapest marketing tactic hands down!! It's time consuming and you MUST be genuine in your efforts, but it's how I gained 75% of my clients.

Find forums and lists of like minded people and get to know them. Share what you know and build trust.

Kimmer
 
Posted by: Jo Masterson Accepted Answer
11/11/2006 11:04 PM (CST)
Word of mouth!

Jo
 
Posted by: tpspoolhall Accepted Answer
11/12/2006 4:20 AM (CST)
Yes, as you stated, it does depend on what type of business you are marketing. There are several cheap and cost effective ways to advertise. My personal favorite is the internet. It is one of the biggest money makers in the market and is very popular among different sites. The growth of web advertising and marketing has grown exponentially over the past couple of years. But, with such popularity and massive amounts of advertising on the web, you have to sit down, find out who your target audience is, research your target audience and place advertising there.

On a more personal level, the best marketing tool is a happy customer. A happy customer will continue to return to your business, bring friends to your business, make conversation about your business and it's free. There is also a down side to this, as an unhappy customer can actually drive business away as well.

You may also want to research the more popular businesses of your style and see what makes them work.
 
Posted by: Amy Madsen* Accepted Answer
11/12/2006 6:27 PM (CST)
do a good job for your clients, and they will invite you back to do more. if they move on to another company, they will call you in again, or refer you to others.
 
Posted by: flatworld* Accepted Answer
11/12/2006 8:10 PM (CST)
Perhaps the only thing that is easier than word-of-mouth and referrals from good/satisfied/happy customers is to up-sell your products/services to existing customers.

-Raj
 
Posted by: ceitliong Accepted Answer
11/13/2006 9:01 PM (CST)
prompt_payer,

Well, again it depends on what type of business/product you have. And depending on whether or not that group you wished to reach got the message.

My business administration professor always told me that "you get what you pay for." Which is exactly what is the problem. You need to determine the cost-benefit of whatever marketing you wish to do to determine if it is the cheapest form of advertising.

WMMA brought up two good avenues to consider. Research a bit on what he offered.

In regards to what is posted here in the forum consider this:

E-mails are cheap (don't cost much - however how many people will actually read it?)
Word of mouth (depends only on how many people talk about your product and hopefully it isn't negative)
Networks (good idea - but most networks are designed for two things - what can I get from you and your product, and what is in it for me)

In order to properly determine what would work for you check out what works for your competitor then consider this question:

1. Will the medium used convey my message to the crowd effectively and at what cost.

If you ask for my general opinion, it is this - use what works no matter the cost, direct mail, radio, e-mail, word of mouth, networking, etc. Because no matter what the cost - it is the effectiveness of the tool that will sell your business/product.
 
Posted by: Chrissie Accepted Answer
11/15/2006 1:46 PM (CST)
The internet.

Bill Gates said, "There will be two types of businesses in the future. Those on the internet and those out of business."

Here are some interesting statistics:

• Fresh Facts & Stats
According to the Winterberry Group, email generates $15.50 in sales per dollar spent – more than any other channel. Impressive considering email is the most economic of the venues.

• Lighten Up
GE’s healthcare division turned email into its highest revenue-producing marketing channel!

• The Kelsey Group
A leading media researcher company based in Princeton, NJ indicates that 5.5 million plus small and mid sized merchants are projected to implement an email marketing program over the next few years.

• Ride the wave!
Email marketing is exploding as a highly effective, time sensitive, affordable advertising medium. It is one of the most cost effective ways to build and nurture positive customer relationships and most importantly repeat business. Why email: Just ask 10,000 people. Reaction.com did and here’s what they learned.

– 45 percent of respondents say the first thing they do when they wake up in the morning is check their email – other before brushing their teeth.

– 80 percent reported that the first thing they do upon returning to the office from lunch is check emails – even before checking voice messages.

– 15 percent conceded they check their email via PDA in the bathroom.

Chrissie
 
Posted by: amandavega Accepted Answer
11/15/2006 3:09 PM (CST)
Blogging and Podcasting! Both can be free if you know how to implement and where to go!
 
Posted by: Giselle Accepted Answer
11/15/2006 5:53 PM (CST)
Something that will make them want to hear from you...
Direct mail offering prize or gift for 1st 100 meetings.
Of course, all get gifts, only after the actual meeting. Make the gift related to what you are selling.
 
Posted by: Octavian* Accepted Answer
11/17/2006 11:07 AM (CST)
Beside the kind of business, it depends on your objectives. A marketing tool that is effective on awareness or on gaining new clients could be inefficient for maintaining the existing ones.

Probably for awareness the cheapest cost effective is viral marketing which generate word of mouth.

To keep happy your current client and to increase their life time value, I would suggest a loyalty program, a direct interactive communication. I think that this tool is the most effective one for a mid-long term strategy.
 
Posted by: fiatuno Accepted Answer
11/17/2006 11:38 PM (CST)
Some of the cheapest marketing tools would be -

1. Word of mouth
2. Active participation in the regular meetings and thus seek time to present your offerings in the Computer Society, Institute of Engineers and other related associations.
3. Cold e-mailing.

All the best.

Regards,
Sunil
 
Posted by: Mike Page Accepted Answer
11/18/2006 6:28 AM (CST)
Two other ideas :

Getting something in the local/business paper via a press release - thinking up a newsworthy angle that will get you anything from a mention to a spread.

Re Existing Customers/Clients - Be pro-actuive in asking them to recommend you to their business contacts - don't assume that if you've got a satisfied customer they will automatically do that via their own initiative!
 
Posted by: KathySmithFilms* Accepted Answer
11/20/2006 6:27 AM (CST)
Word of Mouth & Networking
or do a lecture and sign up several people in the audience...just show up at an event put on by companies or social events prepared with a speech and have a good Q&A toward the end with a low cost service or product to start the ball rolling.
 
Posted by: carrie77 Moderator Response
11/26/2006 9:30 AM (CST)
Hello Everyone,

I am closing this question since it's more than 2 weeks old. We do this to reward the contributions of participants in a timely manner + to give increased visibility to the newer questions.

Thanks for participating!
Carrie (Production Editor)
 


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