2 ways to promote a new product or service for small businesses.
What is the point in having a great product or service that people are unaware of? The only way to monetize products/services effectively is to advertise. In my journey as a lifestyle entrepreneur, I can say that there are two broad ways through which a small business owner could promote or advertise his/her product(s). These are either through outsourcing or in-house (self) methods.
For a new business owner or an entrepreneur that wants to promote his/her product and/or services – whether existing or new, and who has no experience on how to advertise, the only available option is to outsource this activity to an expert in that area.
Advantage of outsourcing
- Quick to set up.
Disadvantage of outsourcing
- Costly and increases the company’s overheads which reduces profit compared to the next option.
In-house or Self advertisement
This next alternative to advertising is most desired where the business owner is willing to learn or has a previous experience in online advertising. The various methods listed below could as well be outsourced. But when done personally, it becomes cheaper and your prospects tend to have more loyalty towards your brand. Loyalty is what brings repeat business and translates to long time profitability.
- Pay Per Click (PPC) e.g. Google Ads, Microsoft Ads (formerly Bing Ads)
- Facebook Ads
- Semi Targeted
By targeted it means that you can decide who your audiences are in terms of their characteristics such as age range, marital status, interests, geographical location, the type of devices they use, languages etc. Targeted ads are indeed very powerful and very cost effective with high return on investment (ROI) when managed properly.
When I started out a few months ago, I knew nothing about how to use these different platforms for promoting my business. However, today I can confidently advertise on any of these platforms – you’re probably here because you saw one of my Ads.
Click here to learn about any or all these methods and you don’t have to own a business to learn them – that’s the beauty of it. As a matter of fact, they could become one of your major sources of PASSIVE income, which could either be because you’ll become a consultant to other business owners – small or big; or your creative mind would be ignited to see prospects as you undergo the training and become a lifestyle entrepreneur.
If you wish to know more about any of these methods, I would be more than happy to espouse about them, just leave a comment below.