Turn Your Costs Into Benefits
In life, you would like to invest in something only if it’s going to give you better benefits; otherwise you will have second thoughts in whether to pool in money for that or not. If you think of considering a purchase of a television set, you would think of factors such as durability, quality and usability which will bring you returns of the cost incurred for it. Every business would typically pool funds and invest them in several sources and fields in order to obtain profits.
Businesses that spend on advertising and promotional activities in electronic media such as online newspapers, online websites and print modes by using newspapers, leaflets and banner display stands in Singapore expect to raise revenues, sales and its customer base through such investments. Some firms would follow a policy of not to make any marketing and promotional expenditure simply because they believe it to be a waste of their resources but once they get to know the benefits listed down below, they would definitely consider allocating funds off their budgets for promotions.
1) Brand recognition
Think of an advertisement you saw on the television, it could be a milk powder, cheese, electrical item or even some beauty product but once you see the product name, the next you will be focusing on is the manufacturer of this. Assuming that you saw an Anchor advertisement, instantly you think of the company name Fonterra. These kinds of advertisements not only create brand recognition but also make sure to keep the company name in their minds at all times.
2) Mass Audience
The use of electronic and print media can help in reaching a wider audience at a single instance. Print media has typically lesser coverage than electronic media as it will pass down locally at its most like newspapers, poster print and banner display stands but advertisements on the internet is wide-spread among local to international levels. If you intend to pass down about a product or service through word of mouth, the audience is one or a small group at a time but by these kinds of media, it can reach a lot of people at the same time. The cost incurred on an advertisement is worth it.
3) Customer Loyalty
Think of a business which offers you an additional gift when you purchase something from their company, you’d instantly feel like they’ve paid attention to you. Business often think that giving free gifts is an additional cost to them and they must work as much as possible to avoid such unnecessary expenses but in real, sometimes small things can create the loyalty tie between the customers and businesses through these. A business in the hotel industry that offers free champagne, chocolates or even a free spa voucher for customers who take their honeymoon package can give a warm feeling to the customers.
Small businesses may often think that spending on these marketing activities is not worth it considering the amounts they have to incur but then again having seen these results; it’s harder to deny the fact that it can bring a lot of benefits to any company. Thus, it’s up to you to find a way to turn your costs into benefits.