Recently, I received this question from my blog subscribers. Do low cost marketing work today? My answer to them is a big definite “YES but unless budget permits, you can still play around high and low cost marketing methods so long they are effective.
There is a saying, “it doesn’t matter whether the cat is black or white, so long the cat can catch mice, it is a good cat.”
Hence it doesn’t matter if it is a low cost or heavy duty marketing , so long it works for the brand, it is good. If you have a marketing strategy that costs little but able to give you high return of investment in terms of sales. Go for it.
Most digital marketing today such as Facebook, Twitter and Google search marketing, cost way lower than most traditional marketing mediums such as TVs and the papers. One benefit of low cost marketing is that, you can generate hundreds thousands of ad impressions in a day just by spending less than 500 bucks. This is unlikely able to happen for traditional media.
Low cost digital marketing method is a more realistic measurement of the effectiveness than your company expensive A&P strategies. You can measure and see the statistics on what work for you. Web analytic tools are very useful to marketing managers today to gauge the individual results of their different marketing methods so that they can divert their funds to more converting strategies from there.
Maybe it is time for you to move to such below the line methods if you are still comfortably marketing heavily on traditional media.
Recently, the CEO of Procter and Gamble, Robert MacDonald, has laid off 1,600 employees because their $10 billion annual ad budget is way too high for them and it is hurting their budget and margins. He also finally realized that below the line marketing such as Facebook, Google and others methods are relatively more effective and more realistic than expensive traditional media.
Marketing managers today should therefore start adopting low cost marketing strategies onto their campaigns, to move along with the new age consumers. Today, it is all about being fast and being able to understand how your targeted prospects thinks when they make any decision on buying.
Instead of mass “shooting” your targeted prospective market with heavy doses of your above the line ads, you should narrow your focus down on connecting them on low cost digital methods such as social media and search engines where they usually hang out.
Therefore, marketers today, if they have sufficient budget to play, can diversify their budget on both kinds of traditional and new low cost media so long they work for them.