ADVERTISING AND PROMOTING YOUR BUSINESS
There are a number of techniques for promoting your products and services, namely:
Get your customers to do the work for you! Word of mouth is the most powerful form of marketing, so encourage your customers to recommend you to other people. From a personal point of view this has always worked for my company – TBAC. The amount of businesses TBAC have sold over the last 7 years through referrals is a very high percentage.
You could consider incentivizing them by offering them a discount on their next purchase or a free product or service for every successful introduction. TBAC offer commission to any individual who recommends a buyer – providing the buyer completes the purchase of a business.
Bear in mind that it is also much more cost-effective to keep an existing customer than to find a new one, so the number one priority in any business has to be to make sure you look after your existing customers and understand their changing needs (before the competition do!)
There are many forms of advertising including:
Newspapers and magazines
Television & radio
Enjoy Cards (for further information on this unique form of advertising contact Ben at the Pattaya Business Supplenent on 084 677 4360)
One of the problems with large-scale advertising is that it may not be focused and might be rather expensive. For most of the small businesses in Pattaya there are numerous local, reasonably cost-effective advertising opportunities, which can be quite economic. Examples include:
Adverts in local newspapers and magazines such as the Pattaya Business Supplement
You can spend a fortune on advertising and get no increase in business. It is therefore absolutely essential that any advertising campaign is targeted and its effectiveness monitored.
Internet advertising on a ‘pay per click’ basis can be a very cost-effective means of advertising and has the benefit that you can monitor and control the costs quite well. As the internet becomes more and more popular for online purchases this approach is likely to be ever more widely used. Viral marketing is another internet technique whereby the fame of some interesting/unique feature of your website or whatever, is spread in a ‘viral’ manner via emails.
There are also some effective ways of advertising at little or no cost. For instance, if your business does something newsworthy you might find that your company/business name is splashed all over the local newspaper – hopefully for the right reasons! You may have to jog the editor a little by sending a press release – this is particular good for local bars or restaurants holding a special event or promotion. Another option is what are called advertorials, where the newspaper or magazine does a write up on your company/business as if it was a regular newspaper item, the usual caveat being that you have to pay for a small advertisement, this can nevertheless be a very cost effective way of getting your company/business name known locally.
Big exhibitions can be expensive to participate in for the smaller business, but there are local events which are much more economic and affordable. You need to do your homework in advance to determine how worthwhile participation in such exhibitions might be however.
Moreover, if you participate, you do need a mechanism for taking visitors’ details/enquiries, so that if they appear to be a true potential customer, you can follow up after the event.
You should never forget the benefits of networking especially if you are in the service sector. Networking involves attending events where you can meet potential customers. The British Chamber of Commerce often arrange ‘networking evenings’ in Pattaya where you can meet other business people, many of whom might be interested in your products or services.
This is a fairly recent phenomenon, but one which can be remarkably effective. Newsletters are typically an update on developments in your industry and can also include outcomes of surveys – basically anything that will interest the recipient sufficiently that they will open the newsletter, read it, and become familiar with your company name and your products and services.
Should you be considering selling or buying a business in Pattaya contact TBAC first on 087 283 5349 or email [email protected] or visit our website www.businessbrokersasia.com We look forward to receiving your enquiry.