Especially with the current economy, many companies are pouring money into advertising. However, this won't last long. Companies will soon learn that their return on investment for their ad dollars won't be what they anticipated. But there is a way to increase business without spending hundreds and thousands of dollars on goofy TV ads or annoying radio commercials.
Public Relations
I am currently reading a book called The Fall of Advertising, The Rise of PR. It discusses how advertising is a great tool for maintaining a brand, but that using PR is the best recipe for building a brand. While, I wouldn't use the book as a manual on how to launch and build a product, it does carry some very interesting points.
A third party can really create buzz about a new product. For example, there is the Oprah Effect. Look at her book club for one example. Many titles that had never been heard of by many people are now best sellers. Just today when looking at amazon.com, the first thing that pops up is "Kindle is Oprah's New Favorite Product." My bet is that sales of this little gadget will increase significantly, now that it's been endorsed by Oprah. If you aren't aware of what a Kindle is, it's a wireless reading device that is a product of Amazon.
While Oprah is a big and famous name, she's not the only one that can create appeal for a product just by talking about how great it is. Many people look to Consumer Reports when they are trying to determine which product to buy. But PR is not limited to well known names. It could be as simple as an article in the local newspaper or a story on a radio station. Sometimes we can't control the PR we get, but other times we can by supporting a little league team, sponsoring a cancer walk event, or even providing a prize for a local fund raiser raffle. We have to remember that advertising isn't the only way to get our name heard and remembered.
Happy Marketing!
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