In any economy, the most important aspect of a business is their marketing mix. For small businesses and large corporations alike, it is important to get your name out and build brand equity and awareness. Although everyone is feeling the pressure of limiting expenditures, it is important to remember the old saying, “You have to spend money to make money.” You must spend, but spend wisely. It is important to continue to attend tradeshows, advertise and keep your product or service fresh on consumers’ minds. It is also essential when performing everyday business endeavors, such as sales calls, to keep watch on your brand message and alignment. To strengthen the message of your brand you must employ the basic marketing mix. Advertising and more specifically promotional items are key component to a business’ marketing mix.
Promoting new or existing products will strengthen your brand in addition to boosting sales. Promotions can also be the most cost effective way to maintain and build brand awareness. The key to promoting is to integrate the promotion with the brand identity. For this to be effective, you must work with companies that will offer unique items relevant to your product. Many companies like to leave customers or prospects with something they can keep on their desk or reuse. In this case, personalization is a key factor when choosing these leave-behind items. If it is personalized, they will continue to see your companies name and become more subconsciously familiar and aware of your brand. This familiarity will cause the consumer to become more comfortable with your product, which works in your favor for both a high impact and low impact purchase. An example of the perfect promotion comes from a local Pittsburgh bank. During the opening of 10 new branches they gave new account holders customized paint can coin banks filled with chocolate chip cookies. This was brilliant for a number of reasons. Not only was it a nice gesture for the patrons, but also after the treats are gone it will be reused. This gives the promotion holding power. The idea of a coin bank is also inline with the brand position of the savings bank.
Small inexpensive gestures that set you apart from the competition are going to leave a lasting impression on consumers. Smart marketing and advertising are important to a company’s growth. Low cost advertising tools that integrate your brand identity are the most effective way to continue to compete in any economy.
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