Marketing strategies need not be expensive to be effective. In fact, the Philippine Marketing Association (PMA) said effective promotional activities can be done at a cost of as low as P1, or even zero cost.
Gwenn Jessica Galvez, PMA vice president, enumerated some affordable marketing strategies that micro and small enterprises can employ without causing too much strain on their cash flow.
1. Distribution of discount coupons
Galvez said giving discount coupons is better than distributing flyers and leaftlets as the first directly translates to sales. It also allows easy tracking of the effectiveness of the promotional activity because the company will be able to count the customers that brought back the discount slips to the store.
COST: Can range from P1 for a photocopy or P4 for a full color 3R-sized coupon
2. Omnibus advertising
Entrepreneurs peddling different products and services but who are targeting the same market can pool their resources in launching joint promotional efforts and advertisements. As long as the marketing pitch focuses on their common denominator, for instance, a seasonal campaign, it can work effectively.
COST: Galvez said these promotional efforts can be done by eight to 10 companies that will divide among themselves the budget for the campaign. These ads, she added, can also come in the form of discount coupons.
This is good for companies with multiple products or different product variants. Here, the fast-moving items are sold together with the slower moving ones in a single package. This puts additional premium and entices consumers to purchase the fast-moving products, while giving the slow-moving items the needed push.
"Bundling is a good way to entice trial usage or boost sales of slower-moving products," Galvez said.