Here are reasons why high-cost marketing does not always give desired results:
- High cost marketing does not always translate into high-impact marketing. Thus, spending more on marketing will not always bring increased sales.
- High-cost marketing leaves less scope for marketers for repeated messaging. Marketers have to repeatedly talk to potential customers to convert their knowledge of product into sale.
- High-cost marketing like expensive ads usually target the mass market. Why spend your dollars on trying to influence people whom you don’t want to sell?
- Know your customer base well and only target the right customer. There may be 20% of customers that give you 80% of your revenues. It’s easier and cost-effective to target this 20% rather than reaching the entire population.
- Customer referrals are the cheapest and a highly genuine way of spreading good word about your product and company. Your satisfied customers can do wonders for your good reputation. Make the most of them to get customer referrals.
- Emailers or direct sales letters are very effective tools to connect with your customers. Use direct language in your letters and keep them short and to-the-point. Preferably use testimonials or customer endorsements to help your potential customers develop confidence in you and choose you among other providers.
- The biggest win for any marketer is to keep his old customers happy, satisfied and loyal to his product. Never take your customers for granted and constantly show them your appreciation for using your product. Keep in regular touch with them through letters and exclusive offers for them.
- Guarantees and trial offers are great to bring in new customers. Product guarantees give a sense of no-risk to new customers and reduce their decision time to buy your product. Trial offers, on the other hand, motivate your customers to try your product, build confidence in your product and make them your loyal customers.