This series of blog posts explores the opportunity costs of conventional marketing techniques. We previously talked about the opportunity costs of a rigid system that has paved the way for traditional networking methods. These methods are long-established and have worked for many, many years. Since mankind discovered that we could sell things in exchange for goods and services, we’ve been applying marketing techniques.
Invite. Connect. Grow.
How many times have you questioned the effectiveness and quality of your marketing techniques? How efficient are these techniques in terms of helping you achieve your business goals? And more importantly, are they helping you grow your business?
In the final installment of our “Invite. Connect. Grow.” series, we take a closer look at traditional marketing approaches. Let’s examine their efficiency with respect to moving you closer to your objectives in marketing. How can you make a larger impact in your industry?
Pros & Cons of Traditional Marketing Techniques
Terrestrial marketing techniques including print, broadcast advertising, and trade events are tried and proven approaches of getting the attention of the masses. Planning marketing strategies started in the late ‘40s, when the need to increase sales became an incremental part of competitiveness. The goal is to consistently be able to develop a brand and build awareness around it. The goal is to “persuade consumers that the goods and services provided by one company are better than those of another company offering the same thing.”
Companies, especially small ones, are right to turn to currently existing methods. Not just because it produces results, but because it is familiar to consumers. Their reasons have more to do with the advantages of the media today.
- Where it all began. The Ancient Egyptians started the hype when they created posters with papyrus and the rest of the world caught on. Catalogs are literally medieval. The first one was published in Venice in 1498, which is long before our grandparents were born.
- Pros: Despite the criticisms surrounding publications these days, they are still reliable. They have built decades-worth of cult followings allowing ads maximum exposure to loyal readers who aren’t going anywhere anytime soon. Business cards are still an effective way to directly communicate your brand.
- Cons: There is a constant decline in the circulation of news print publications and it has been happening for over a decade now. The days of print catalogs are long gone. Although their tangibility is still appealing, print ads (like posters and billboards) are difficult to measure with regard to how many people actually purchase the product. How many people see the ad? This is important information to know, especially if you’re seeking to quantify your ROI.
- Con of the con: Stickers are considered print materials, but will never not be cool. It’s gonna take awhile before mankind thinks of a better alternative.
We grew up with radio and TV jingles. Some of our most memorable moments probably have jingles as the soundtrack.
- Pros: The strength of TV and radio is in its ability to reach large demographics across many time slots. Jingles are effective means to entertain and inform because they are catchy.
- Cons: Airtime is expensive. Packaged monthly, a 30-second radio spot can cost roughly between $1,000-$2,000 on a local station. For TV, anywhere between $25,000-$100,000, depending on whether it airs on a local or national network. For a national network, it’s usually much higher. It is also difficult to track your ROI because of added costs to survey companies to measure the reach of your ads. Moreover, it is not feasible to small businesses who do not have the budget for TV or radio.
- Pros: The basic aspect of direct mail being tangible leaves “a deeper footprint in the brain” and American households still go through their mail, making it easier for people to process the ads and remember it. Accenture reports that even Millennials look forward to mail ads.
- Cons: Aside from getting tossed, designing print materials can be labor-intensive, and paper and ink are not cheap. In order to be effective, direct mail marketing needs to be repetitive with updated mailing lists, there are long lead times in mailing distribution and looseness of mail delivery times to consider.
Marketing Techniques Are Rapidly Changing
Overall, terrestrial marketing techniques still allow companies to reach vast demographics, yet they are labor-intensive, costly and there are no definitive ways in which to track ROI because it’s easy to get stuck in the layers of costs that comes with having a reach.
As mentioned in a previous post “Traditional models of networking are also built on the business architecture of yesterday…” Companies are pleasing the expectations, assumptions and capabilities of yesterday’s vendors. In the same manner that the ways in which people are consuming mass media are rapidly changing, so too must we.
Making an Impact is Possible
SeeBiz is designed to improve a system that was formerly exclusive to only large businesses. It is a system that lacks diversity as larger companies are mostly in control. Smaller players don’t have the means to compete unless they have substantial funding. Yet even with their capital, sizable though it may be, it still wasn’t enough to even make a dent in their industries because of recurring marketing costs.
With the challenges surrounding business growth and the massive shift to digital technology, our founders took advantage of its omnipresence and widespread reach to give small to medium-scale businesses a platform that is significantly more efficient, productive and favorable to achieving their marketing goals, where the benefits outweigh the costs in finances, in labor, and in missed opportunities.
See Your Business Grow
The platform allows you to keep track of your competition, connect and discover other businesses, manage your contacts and customer relationships, effectively eliminating long turnover periods, as well as the need for third party software and trade shows. We have designed this platform to adapt to your business model, depending on how you scale. We have provided you with the tools that will allow you to run your business more efficiently. It not only addresses the costs embedded in terrestrial marketing techniques by evolving it digitally through online catalogs and email campaigns, but also gives you the opportunity to have an online presence.
I’ll end this series with this: as human beings, we tend to look at the past with nostalgia in order to move forward. But we shouldn’t. We should look to the past critically, to learn from it, to bring traditions into the future, to grow, to aim for progress not perfection, and to shift the landscape through evolution and innovation.