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Tag: cost effective marketing strategies

  • Everything to Know About Referral Marketing That Can Boost Your Sales

    The psychology of a human being is complicated as well as interesting. When a friend or acquaintance refers you to a product to use, you definitely get a little curious about the said product or service, they make an appearance in your head. Imagine getting rewards by just referring a product or service to your friends or family. Isn’t it amazing?

    There are various types of marketing, one of them being referral marketing. Referral marketing doesn’t get much attention, but the industry knows its value. You might not share about any product you bought, but when you get some discount for sharing, your inner “you” automatically press the share button. Referral marketing is the best way to increase sales. Not only do people bring you more customers, but they become loyal to you too.

    Generations Trusting Referral Advertising
    Generations Trusting Referral Advertising

    Every app, shopping website, and literally every business uses referral programs these days. In this article, we will talk about Referral Marketing so let’s get right into it.

    What is Referral Marketing?
    Rewarding Options for Referral Marketing Strategies
    Some Amazing Stats of Referral Marketing
    Advantages of Referral Marketing
    Disadvantages of Referral Marketing
    Some Top Referral Marketing Software

    What is Referral Marketing?

    Whenever we get a suggestion from our friend or family referring to a particular product, we are more likely to believe them. However, word-of-mouth is still the best referral channel out there, but it is nearly impossible for a company to track that referral. To solve this problem and encourage and reward their customers for referring their products, companies use referral marketing programs.

    As a company, you provide a unique referral code to every customer and ask them to share that code and earn some profit. When people share that code with someone and bring you a new customer, they get reward points or money and you get a lead. As already said, this is not as powerful as word-of-mouth, but it is still a good option as people will share your content to earn points that will be a reward and there is hardly anyone who doesn’t like rewards.

    Rewarding Options for Referral Marketing Strategies

    There are four ways to provide the reward:

    • Rewarding both parties: You can reward both the referrer and your new customer. This way, both the people get the benefit and it is a great way to motivate them to bring in more customers.
    • Rewarding the referred: Reward the person who is referred by someone. People who feel guilty to make a profit by referring will love this feature. However, you should analyze the audience first, as not the majority of people feel that way.
    • Rewarding the referrer: By rewarding the person who referred someone, you motivate the next person to refer someone else. By this method, you don’t have to spend on both parties and the process will still continue.
    • No Rewards: You can provide the referring code and reward none of them to share it. Although this is an option, people will not appreciate it much, unless you have great content.

    Some Amazing Stats of Referral Marketing

    • In a survey, people were 4 times more likely to buy when referred by a friend
    • Over 90% of respondents trust referrals from people they knew.
    • According to Capterra, 88% of B2B decision-makers rely on word-of-mouth for information and advice.
    • Social media drives almost a third of overall traffic to sites.
    • Offering a reward increases the chances of your products and services getting referred, the size of the reward does not matter.
    • Non-cash incentives are more effective at boosting performance than cash incentives.
    • A survey shows every referring customer makes an average of 2.68 invites.
    • Companies with formalized referral programs experience more revenue growth.
    • Surprisingly, only 30% of B2B companies have formal referral programs.

    Advantages of Referral Marketing

    • Budget: The first and best advantage of referral marketing is that you don’t have to spend too much money. The money needed for referral marketing is too little than any other traditional advertisements. However, it depends on you how much reward you wish to give to your customers for sharing your content with others.
    • Comfort: People are more comfortable buying any product when it is referred to them by their friends or family. Referral marketing is much more effective than traditional advertising.
    • Fast Results: The impact of referral marketing can be seen very quickly. It doesn’t take much time for people to share any content. If you are using referral marketing for an app or e-commerce website, then you don’t have to wait too long to see the results.
    • Continuous Process: People don’t stop referring until you want them to. A will refer to B and B will refer to C and so on. It is a never-ending process. So, you don’t have to worry about the process. However, you should update the process and the system to better them.
    • Loyal Customer: The best thing referral marketing do is to target loyal customers. Even if they are not loyal customers, they are still loyal marketers for you. When people get rewards from you, they will prefer your product over others. These were some of the advantages of referral programs.
    Boost Your Referral Campaign

    Disadvantages of Referral Marketing

    • Budget: Although you are saved from spending tons of money on advertisement with referral marketing, you still have to spend some money. You will have to give up some profit to the customer in the form of rewards.
    • The sense of Guilt: Some people don’t share their referral code as they think they will be sellouts. Some people don’t like making a profit out of someone without doing anything but a click. They will have a problem with their inner “sense of guilt”.
    • Not Efficient Enough: Compared to word-of-mouth referring, referral marketing is just a kid. People are more likely to buy when people heard about the product from somebody. Moreover, people are aware that word-of-mouth referrals are mostly free, so everyone would give their honest opinion. Whereas, in referral marketing, most people prefer to earn rewards only.

    Some Top Referral Marketing Software

    Now, that you know what are the advantages and disadvantages of referral marketing, you might want to know how you can have this program on your own website or app. This is 2022, therefore, there are services available for everything. You can use any of the below tools to integrate the referral program into your website.·    

    • Referral Factory
    • ReferralCandy
    • Friendbuy  
    • InviteReferrals
    • Mention Me
    • Ambassador
    • Genius Referrals
    • Referral SaaSquatch
    • Referral Rock
    • Revetize
    • ReferralMagic
    • TapMango
    • Talkable

    Conclusion

    Referral programs increase your sales. However, you might feel annoyed when someone WhatsApp you a download link again and again, which will make them some bucks. But by seeing something time and again, an idea to check that service out develops in our mind. And that’s what the ultimate goal of marketing is.

    FAQs

    What is referral marketing?

    Referral marketing is a word-of-mouth strategy created by a business to tempt current customers to recommend the brand to their friends, family, and contacts. It is a tool to expand and increase the customer base. It heavily relies on the internet and social media.

    Do Referral programs work?

    Referral programs are incredibly successful as people love earning rewards, so they refer the products and services to their acquaintances, and the cycle continues.

    Why Referral Marketing is the best?

    Referral marketing is cost-effective marketing and its success rate is immense.

    Can you make money on referrals?

    Of course, you can. You get rewarded for successful referrals.

    What are some of the top Referral software?

    Some of the top referral software are:

    • Referral Factory
    • ReferralCandy
    • Friendbuy  
    • InviteReferrals
    • Mention Me

  • How a Small Marketing Decision Took Coca-Cola Off to Sky?

    Dr. John S. Pemberton, a pharmacist in Atlanta, Georgia, created a new kind of sugary drink sold in soda fountains that gave birth to Coca-Cola. The naming credit of the beverage goes to Frank M. Robinson, as well as for designing the trademark still used today.

    Coca-Cola was founded in the year 1886 and was charged only five cents back then. It was during the same time that the marketing efforts in Coca-Cola’s history were executed through free vouchers or samples of the beverage.

    It is hard not to be amazed by the love Coca-Cola has been getting for 135 years. Today, the coke we know wasn’t always like this, it has gone through various iterations over the years. It started off selling nine drinks a day in Georgia to selling more than 1.9 billion beverages in more than 200 companies around the world daily, that’s how the brand evolved since its inception. Let’s read how.

    History of Coca-Cola

    Before Dr. John S. Pemberton’s demise, he sold off his Coca-Cola recipe to then-American tycoon and Politician Asa Candler. The man behind the success of the Coca-Cola company. He played an instrumental part in spreading the brand across the country.

    Asa Candler
    Asa Candler

    He acquired all the rights of Coca-Cola and incorporated it as The Coca-Cola Company in 1892 and expanded the distribution of the syrup to soda fountains beyond Atlanta. He also promoted the drink by giving it away for free and labeling pharmacies and soda fountains with items bearing the brand’s name.

    The game changed for the brand when a businessman named Joseph Biedenharn, began the concept of bottling the beverage. The significant rise in the demand for Coca-Cola led to the idea that the soda fountain should be portable.

    To keep up with the increasing demand, Candler had set up many syrup plants across the country in places like Dallas, Chicago, and Los Angeles. During that time, soda fountains were the only way to consume carbonated beverages in the United States. Asa Candler was a savvy businessman, but he underestimated the future of Coca-Cola in that it would be in portable bottles rather than soda fountains.

    In 1899, two lawyers, Benjamin Thomas and Joseph Whitehead approached Candler to sell the rights of Coca-Cola to them. In no time, he sold the bottling rights to them for one dollar with a contract that had no expiration date.

    The reason Candler sold off the rights so cheaply truly shows that he believed that bottling would never be a hit. However, things did not go as Candler’s assumptions, bottling did become popular, surpassing fountains sales in 1928.

    The non-expiring contract included that Candler had signed to provide syrup for a fixed rate, which meant Coca-Cola’s profits can only be doubled by maximising the amount of the product sold and minimising the price to the consumer.

    The marketing strategy that made Coca-Cola one of the greatest brands in the world

    The story behind the 5-cent price tag of Coca-Coal

    Why coca-cola didn’t change its price for 70 years?

    The Genius Marketing Strategy of Coca-Cola

    The brand decided to do aggressive marketing campaigns to associate its product with the five-cent price tag. This proved to be a successful campaign because consumers thought the brand is selling the product themselves.

    Coca-Cola 5 Cent Advertisements
    Coca-Cola 5 Cent Advertisements

    As a result, it provided an incentive for retailers to sell at that price, even though a higher price at a lower volume might have made them more profitable.

    Up until the 1950s, the price of coke remained the same at five cents because they did not want to affect the psychological associations among consumers.

    As the soft drink continued to gain popularity in bottle form, it also gave rise to its competitors, who began producing copycats. This incident made advertising an integral part of Coca-Cola.

    They started advertising its product as genuine and running campaigns to urge the public to “demand the genuine”. To beat the competition, they are the first ones to manufacture the contour shaped-bottles. This signature style allowed the company to distinguish its product from replicas. From then on, the brand started making advertisements that always had an impact on its consumers.

    Coca-Cola Bottle Shape
    Coca-Cola Bottle Shape

    Coca-Cola always stuck to its idea of simplicity, they have never strayed from its timeless and fundamental ideals. Over the decades and masses of marketing campaigns, Coca-Cola has consistently expressed one compelling message: the joy of simple pleasure in life with simple slogans such as “Enjoy” and “Happiness” that seem to be working across the globe.

    Even after being a global icon, the brand understood that to reach consumers they have to personalise and speak at a localised level. Every country has its version of a Coke advertisement that is customised to its local culture and language, with the most popular names of each region printed on bottles and cans in place of the brand’s title.

    Conclusion

    So, to play like a boss in the marketing world, one should learn from Coca-Cola’s marketing strategies.

    They set a perfect example when it comes to building a successful global brand. That is by making human connections more relatable, introducing innovative designs and styles while staying true to simple principles, and creating branded experiences.

    FAQs

    When did Coke stop being 5 cents?

    In 1959 when inflation hit the brand stopped selling Coke for 5 cents or one nickel.

    When did Coke cost 5 cents?

    Coke had a fixed price of 5 cents from 1886 to 1959.

  • Ingenious Marketing Strategies of ShareChat

    India has the world’s second-largest internet user population, with more than 350 million users connected and counting. According to the reports of Statista analysis, roughly 71 percent of these users come from small, lower-tier cities. This figure is unsurprisingly appealing and thanks to increased awareness and information access, these people are the next set of consumers. But how can one organization get in touch with them in the most efficient way?

    About ShareChat
    Key Marketing Strategies of ShareChat
    Covid-19 Marketing Strategy of ShareChat
    Unique Features of ShareChat Marketing Strategy

    About ShareChat

    ShareChat, India’s own social media platform, seems to have succeeded in finding the answer and showcases its regional skills. It is one of a kind platform that supports 15 Indian languages and dialects but not English. It strives to provide a welcome place on the internet for individuals to communicate their ideas, thoughts, and emotions without any language barrier, not just for those who want to use this space in their mother tongue but also for those who are new to the internet.

    Users can exchange films, jokes, songs, and other language-based with other users via the company’s app, which includes private messaging, tagging, and personal messaging options.

    ShareChat engages with local brands with local languages and also helps esteemed and established brands reach a wider audience. At such times, when brands are trying their best to keep customers busy in meaningful ways, sharing chat helped them discover that paying attention to local issues and communicating in local dialects is a big help in fixing the gap.

    ShareChat does not ask its users to pay any money to use the platform. It earns revenue from Advertisements, financial transactions, and sponsored campaigns.

    Key Marketing Strategies of ShareChat

    Targeting the Language-based Audience

    ShareChat approximately has 60 million active users per month and supports around 15 Indian languages. It is an apparent appeal for advertisements as an average user spends about half an hour per day on the ShareChat app. Brands are interested in partnering with ShareChat not only because it offers advertising solutions, but also integrates unique capabilities to help them achieve optimal reach.

    ShareChat assists local businesses to reach out to a much more language-specific audience and also addresses a wider issue that global businesses face when they attempt to engage individuals in tiny areas.

    Any brand that engages with ShareChat does so intending to leverage the app’s success among language-based internet users and connect better with localized audiences. ShareChat allows well-established brands to strike down their ideas and campaigns and build them according to regional values and flavours.

    It has received support from many social media apps worldwide and has taken measures to reach out to a more wide audience.

    ShareChat uses Appnext Recommendation Engine to reach its target audience. Appnext is a pioneer that provides app suggestions to mobile phone users. Customers are guided by app next via their suffocatingly packed app stores.

    The platform provides users with individualized suggestions for apps. With their collaboration with Appnext, ShareChat’s daily activity has increased significantly allowing users to find a ShareChat that provides easy content discovery through on device and in device app placements to its users.

    ShareChat is mining the market and audience in small cities, similar to what Tiktok once did in India when it wasn’t banned. According to the reports of “App Annie”, a worldwide analytics and market intelligence organization, India ranks number one in terms of downloading apps. India’s downloads increased by 190%, between 2016 to 2019, the greatest rise around the Globe. In comparison, global downloads saw an increase of only 45 percent, while China, which ranks second climbed at half the rate, increasing by 80%.

    Covid-19 Marketing Strategy of ShareChat

    Striking down even further, for the vast majority of potential downloaders; the internet is an entertainment zone, and time spent on such apps increased by 80% in India between the year 2017 to 2019. This data tells us a tale.

    In these times of uncertainty, it takes on greater importance. According to a survey by BARC India and Nielsen on digital consumption, India’s average mobile phone usage is approaching nearly four hours per day which is a 12.5% increase from the pre-COVID period.

    This has been a brilliant opportunity for ShareChat, which moved to make sure that verified information is visible at the head of its feed, prioritizing COVID fact check related content in more than 13 local languages and also increasing the promoting of law and government accounts over its platform. ShareChat also aims to build partnerships with various organizations.

    This leading platform is expanding its avenues, both advertising and revenue and they’re also seeking a balance between the user experience and the business.

    Unique Features of ShareChat Marketing Strategy

    ShareChat is also testing a new ad strategy called splash entries, which is described as the first thing a user sees when they tap the app icon; a vertical ad that is up to 4 seconds and cannot be skipped. The ad appears as the initial post and blends with the user feed, one hundred percent and twice the impressions are all guaranteed with this stunning entry. It also has recently launched a 360-degree solution which is called Divas.

    The platform is based on powerful AI potentiality that relies on first-party user data to ensure that users see only the content that they want which increases in-app usage time.

    ShareChat is also introducing ShareChat TV, which will be the ideal space for long-term content and commercials, giving advertisers new ways to reach their desired audiences. The platform is also planning to launch the ADs platform which is currently in its beta phase, which will allow brands and advertisement agencies to set up, monitor, and target the campaigns on their own.

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    Conclusion

    ShareChat’s popularity and profitability are drawing good investment as well. The platform was part of   100 million dollars funding led by Twitter. According to reports from a Zinnov, 81 percent of tier-2 and 80 percent of tier-3 people prefer to consume content on their mobile phones, and ShareChat has a wide range of content, including love, entertainment, and outstanding user-created content, it is safe to say that the app has direct access to India’s heart, with over 160 million users and increasing day by day.

    FAQs

    What is the marketing strategy employed by ShareChat?

    ShareChat uses Appnext Recommendation Engine to reach its desired target audience.

    Who is the founder of ShareChat?

    Ankush Sachdeva, Farid Ahsan, and Bhanu Singh are the founders of ShareChat.

  • Marketing Strategy of Fogg That Took The Industry by Storm

    The launch of the deodorant brand Fogg in 2010 has taken the market by storm with its USP being ‘No gas, only Spray’. Fogg is a subsidiary of the Vini Group of Companies. It was the brainchild of Darshan Patel, the founder of Vini Cosmetics.

    The deodorant industry has over 500 brands in India itself. Any brand that has to come into the industry in such a scenario should have multiple qualities that will sell in the market. On top of that, the products should thus be designed based on the needs of the consumers.

    Through Fogg’s unique marketing strategy and consistent commitment, today the company holds more than 12% of the market share. Breaking the market stereotypes with a particular product type, they lead the category consistently even 20 years since then. This article will look at the marketing strategy of Fogg that played a significant role in catapulting the company’s brand value to its zenith.

    Identifying Untapped Niches
    Providing a Unique Value Proposition
    Efficient Campaigning
    Marketing Through Distribution
    Calculated Pricing

    Identifying Untapped Niches

    Considering the extent of competition and available options, it is all the more important to have their own unique signature when it comes to pitching in a new company. The master brains behind Fogg has done the meticulous market research to identify untapped market niches which have helped the company gain market share and category dominance.

    As mentioned earlier, Fogg’s signature was its non-gaseous sprays that were groundbreaking as far as the Deo industry was concerned. The best part about its pitching is that they were able to identify one of the most inconspicuous and yet significant drawbacks in the industry that was existent since the rise of the category and was left unattended for a long while.

    By working on such a gap, Fogg was not only able to explore untouched areas but also show the audience why they are different in a loud manner. They were able to carve a niche market out for themselves like no other brands in the industry could ever do before.

    Providing a Unique Value Proposition

    One of the best and the most traditional form of marketing is through word of mouth. It is the most authentic form of marketing that cannot be simulated. It can only be achieved by giving the best product to the users.

    Fogg has never held themselves back in that regard as well. There was a general opinion that the deodorants by Fogg lasted longer than the rest of the deodorants in the same price range.

    Moreover, the users could actually feel that the company was providing them with what they promised. Fogg guaranteed eight hundred sprays per bottle. They also assured that every deodorant has undergone dermatologically tested. Thus, by providing a holistic experience of a novel deodorant to the people, they were able to create a brand value in the most authentic form.

    Efficient Campaigning

    Familiarising the customers about the brand is the first thing that Fogg did through its marketing campaigns. They had launched products for young men and women along with a few products for the older generation as well. Since the target audience was the middle class, it was important to advertise through electronic and print media extensively.

    Fogg, in fact, has done their campaigning so well that their advertisements in all mediums became a talk of the town when it was launched. Apart from television and newspapers, they also advertised on all social media platforms like Twitter, Facebook etc.

    They had also advertised extensively on their websites as well. Their tagline ‘Kya Chai Raha Hai’ became a big trend during its launch. They also had other popular taglines like ‘Bina gas wala body spray’, ’Phir Khatam’, ‘Doesn’t Get Blown Away’ and so on.

    Fog also set a standard by releasing specific products for both men and women at the same time. Additionally, they also launched combo packs as well.

    Their ads successfully showed how the deodorants by their rival brands are in fact wasteful when compared to their own product.

    The stereotypical trend of sexist advertisements that deodorants generally go after were broken by Fogg. Their advertisements were different by exploring unique themes and narratives.

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    Marketing Through Distribution

    One of the most important aspects when it comes to marketing the product is also its accessibility to the target audience for that and efficient distribution channel is inevitable. Fogg deodorant adopted a marketing strategy that would directly penetrate into the Indian mindset as well as the market.

    The efficient distribution channel of its parent company has significantly helped Fogg in developing a very strong network and real presence in the markets across the country.

    Today Fogg products are readily available at grocery stores, corner shops supermarkets to malls. It is also available via E-commerce and online stores. By maintaining a constant presence in the vicinity of the consumers they were able to ensure market dominance and consumer liking.

    Calculated Pricing

    The unique penetration pricing policy adopted by Fogg deodorant has helped in aligning its vision along with the practicality of its consumption. As mentioned earlier, the company targeted middle-class men and women and hence kept their product prices at a reasonable and affordable rate. It has helped them capture more markets. They also offer value for money to the consumers.

    By carefully assimilating to the market situation Fogg have been able to maintain its top position in the market. On close observation, it can be understood that the price of fog deodorant was always at par with the prices of its rival brand.

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    Conclusion

    Through carefully crafted strategies and the identification of an untapped niche, Fogg has been able to develop its own brand value in the industry. There is no wonder that Fogg had taken the deodorant industry by storm within 2 years of its launch.

    Their advertisements that have been unique and consistent over the years is in itself the biggest testament to the fact that marketing the product in the right manner is the most significant and game-changing element of any business model. The case of Fogg cosmetics can be taken up as an encouraging example of what new ideas can do.

    FAQs

    What is the USP of Fogg perfume?

    The USP of Fogg is its deodorants last much longer than its competitors.

    Who manufactures Fogg Deo?

    Vini Cosmetics Pvt. Ltd manufactures Fogg deodorant in India.

    Why is Fogg so successful?

    One of the reasons behind Fogg’s success is its unique marketing strategy and its deodorants last much longer than other brands.

  • Top 10 Low-Cost Marketing Strategies for Startups

    In marketing, you have to spend money to make money. However, the rise of social media and digital marketing has made it easier and quite inexpensive to market a business. Even small business owners can be creative with their marketing ideas and strategies. They can reach targeted customers with effective and low-cost marketing ideas for startups.

    Creative marketing strategy is very essential for any business, be it a large corporate or a local business. Advertising is the core of marketing, so it becomes important for the decision-maker to form such a marketing mix that leads to maximum profits and a large volume of sales. Advertising is often considered to be an expensive approach to reach a wide customer base.

    Learn Low-Cost Marketing Technique by Dr Vivek Bindra

    In this article, you’ll find the best low-cost marketing ideas for startups that could help to market your business.

    1. Google My Business Account
    2. Content Marketing
    3. Business Cards
    4. Be a Sponsor
    5. Social Media Marketing
    6. Search Engine Optimization
    7. Build Your App
    8. YouTube
    9. Participate in Social Events
    10. Referrals

    Conclusion
    FAQs

    1. Google My Business Account

    Creating a Google My Business account can make your business show up in Google searches and people can easily find you. Your business will also be visible on Google maps which is a plus. Moreover, it will help you to have a market without spending a penny.

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    2. Content Marketing

    Content marketing is one of the least expensive marketing strategies that is focused on creating, publishing, and distributing content for a targeted audience on the internet. And it is often used by businesses to attract and generate leads, expand their customer base and increase their online sales. It does not require a large chunk of investment. There are many approaches you can use, such as setting up a blog for your business where you can add new and interesting content every few days that keeps your readers informed and entertained.

    Infographics, videos, podcasts, ads in newspapers, posters, etc. are such startup marketing ideas that pertain to content marketing when they are uniquely and interestingly used to grab the attention of the customers. For example, Amul uses clever ways to bring up social topics in their promotional posters. The use of social commentary is a very engaging tactic as people have opinions about them. They react more and that leads to increasing engagements which are very beneficial for a business, even if the reaction is controversial.

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    3. Business Cards

    Having a business card for your business shows professionalism to your customers. A creative business card is necessary to make you stand out in comparison with others. A smart businessperson always carries a reasonable amount of business cards with them and hands them out while meeting new clients and potential customers. You can distribute business cards in the hands of anyone who can help you in your search for new leads/clients. This increases the rate of recommendations and thereby resulting in an increase in customer engagements.

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    4. Be a Sponsor

    Depending upon your target market, you can choose the type of event you want to sponsor. It is highly effective and allows your business to shine. For instance, college fests are an appealing measure to promote your venture. You are allowed to set up stalls in a space that guarantees you a young crowd. The stall can be of food, jewellery, clothing, games or even contests that pertain to your business. The departmental fest also uses sponsors where you are featured on its posters, online campaigns and even sample distribution at their campus.

    A cultural event happens often in auditoriums that facilitate a huge audience. You can use that event’s sponsorship to promote your business. It is a considerably low-cost idea of advertising that yields a lot of engagements and promotion.

    5. Social Media Marketing

    When it comes to low-budget marketing ideas, one cannot ignore social media marketing. Social media is a huge platform that provides you with the potential of accessing a customer base that can reach even millions, for free. Social media platforms like Facebook, Instagram, LinkedIn, Twitter, Reddit has allowed you to find out your target audience and build your community.

    The cost of setting up an account/page on these platforms is zero. All you need is to put up content that is relevant, interesting, creative and engages audiences. It is the cheapest form of advertising that exists out there, and if you tap into it with the right advertising strategies then the sky is the limit.

    People spend a lot of time on social media and so when they see an attractive ad about a shoe or trousers, they are instantly captivated and interest is aroused at that very moment. If the deal is offered at a tempting rate/quality/design then there is a high rate of a sale taking place. You can link the ad to your website or your app which we will discuss in the next point.

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    6. Search Engine Optimization

    Search Engine Optimization (SEO), one of the cost-effective digital marketing strategies for startups of getting pages to rank higher in Search Engine Result Page (SERPs).

    In other words, it is a method to grow your business by the efficient and effective use of available resources thereby improving the quality of your website. It is a bit technical but you take a course on it in order to understand the basics and how it works. SEO is the best way to increase the visibility of traffic to your website.

    You have to identify keywords that could attract high traffic to your website. You can avail of online consultancy for the same. The reason, it is smart advertising is that instead of cash investments it requires effort and time. To understand, comprehend and formulate strategies that are unique compared to your competitors. Also, understanding the latest trends and updates regarding the search engine algorithm updates.

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    7. Build Your App

    Having an app for your business results in building a good brand image and trust of the customer.  People will be resistless in making the final purchase. It requires very little expense to set up a mobile application, and today there are tremendous amounts of apps that people use. You can infuse it with your creativity and make it unique. But make sure to optimize it for your audience.

    So, when you have your app in addition to a website, the traffic on your online website can have prior experience and knowledge about your startup and then resorts to downloading your app, which results in many benefits. Like you have now access to some information of your customer, i.e. their email address or contact number, and can notify them about your offers or discounts.

    It also leads to a direct relationship with the customer, and now you can monitor their purchasing patterns, and they can scroll through your attractive offers now and then. It will also build trust with your customer because the online method in an app is safe. Building an app is expensive if you hire a professional for it. But if your friend has app-building knowledge, you can partner with them by offering shares of your startup.

    8. YouTube

    Now that we are exploring our way through e-commerce, let’s discuss this appealing option as well i.e. YouTube, the second-largest search engine after Google and one of the low-cost marketing ideas in India.

    Many businesses engage in advertising on YouTube. They get in contact with other YouTubers and enter into a contract where the influencer will talk about its product/service and the number of viewers is the potential customers. Usually, the investment is high, but not always. For a comparatively smaller startup, you can reach out to regional YouTubers that have a considerable amount of subscribers, not necessarily in millions, and make them promote your business.

    YouTubers upload creative content on the platform, and there are creative ways to sneak in product placement in a very interesting manner. Even a small influencer can lead to a lot of benefits to your business. It is an unarguably cheaper way of advertising than paying high profile actors to do an ad campaign that airs on TVs. You can even create your own YouTube channel where you talk about your product/services, its benefits and usage, etc. and make the audience aware of your business.

    9. Participate in Social Events

    Actively volunteering for social events can make your brand look better and people can get to know you better. It’s almost like marketing with no budget. If you have a big warehouse or office, giving it out for these social events once in a while can make you popular in no time.

    10. Referrals

    A good “word of mouth” is possibly the best form of promoting your business. A satisfied customer is bound to think well about your brand and will often be glad to refer it to his friends, family and other acquaintances. You can invest in referrals by doing follow-ups of your existing customer base. Ask them for feedback and if they liked it then suggest it to others as well. It increases the good reputation of the business and the customer feels important. It is a long term advertising strategy as a satisfied customer will most probably make another purchase in future also.

    Conclusion

    Now that you know various low-cost marketing strategies to grow your business, you can apply these ideas to increase your customer base and can generate more profit. But before proceeding, it is important to understand your audience, their behaviour, and the nature of your business and accordingly apply the one that suits best.

    FAQs

    What is the cheapest form of marketing?

    Digital marketing or social media marketing is the cheapest form of marketing. You can reach a larger target audience in a cost-effective and measurable way.

    What are the low-cost marketing strategies for startups in India?

    The low-cost marketing strategies for startups are:

    • Google My Business Account.
    • Content Marketing.
    • Business Cards.
    • Be a Sponsor.
    • Social Media Marketing.
    • Search Engine Optimization.
    • Build Your App.
    • YouTube.
    • Participate in Social Events.
    • Referrals.

    Why is marketing strategy important for startups?

    Marketing strategy helps the startups for the following reasons:

    • To amplify the visibility of their business.
    • To be able to hook their target audience.
    • To establish a digital presence.
    • To increase sales.
    • To generate profits.

  • Marketing Strategies of Paytm [Case Study]

    Paytm was established in 2010 and its parent company is One97. Vijay Shekhar Sharma is the founder of the company. Paytm has received a series of funding rounds from popular investors such as the Alibaba Group, Ratan Tata, Mountain Capital, etc. Smartphones with Android, iOS or Windows operating systems have Paytm services available to them.

    What is Paytm?
    Paytm’s Marketing Strategies
    Conclusion

    Full form of Paytm

    What is Paytm?

    Paytm is a leader in the industry of digital payments. Paytm is an Indian mobile app and online service which is used for making payments like recharging your phone or paying your bills and also allows user to transfer money over the Paytm wallet. Debit and credit cards are the modes selected for these transactions. This prompted many to use Paytm as the government concentrated on cashless transactions.

    Paytm or PhonePe: Which One Should You Use?
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    Paytm or Phonepe, which app meets your requirements

    Paytm’s Marketing Strategies

    Paytm introduces cashless transaction schemes

    The potential market for online marketing as well as cashless transactions has also increased with the growth of mobile phone users in the world. The company has been able to hit the customers with smart phones with its cashless transaction schemes.

    Operating system that supports Paytm
    • Paytm launched ‘Each one, teach one’ to increase cashless payments literacy – Back in 2016,the company had announced Rs. 2100 in scholarship for 10,000 users who help increase digital inclusion and adoption of Paytm and certificates for one lakh further users across all major districts.
    • Paytm had also announced an incentive including Rs. one crore grand prize along with additional prizes like motorcycles, smartphones, laptops and other exciting gifts. All users transacting between 1st December 2016 and 31st March 2017 were eligible to win these prizes.
    • The ‘Scan any QR to pay using Paytm’ scheme has been launched in seven languages which are Bengali, Marathi, Gujarati, Tamil, Telugu, Kannada, and Malayalam.

    Paytm’s Cobranding

    Another USP of the company is co-branding. Brand cooperation with businesses such as Uber and Meru Cabs has been successfully developed. Many more reputable brands have been helpful in getting new customers to use Paytm.

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    Paytm’s Promotion And Advertising Strategies

    • Newspaper, transit media and television were the company’s offline communication networks. The Paytm promotions also used digital, print media and radio services.
    • Paytm was made a household name, using a phrase from the catchy word “Paytm karo”
    • The company’s online advertisement strategy is focused on bringing visibility everywhere by sharing their ad on Facebook and Twitter, and even sponsored posts on Instagram and at time’s even Snapchat.

    Paytm’s Discount Offers

    • The biggest selling point for paytm was without question motivating people to use the offers that have been run by the company.
    • Add to these the cashback offers and discounts offered by mobile wallets like Paytm, as well as the reward points and loyalty benefits on existing credit and store cards.

    Events sponsored by Paytm

    • The company was involved in sponsoring a variety of events, tournaments, etc. that gave the brand an immense exposure.
    • Paytm is the official sponsor and supporter of India’s cricket team, which would give the brand worldwide publicity and exposure.
    • The company has got 120 seconds of airtime for each match played on the tournament, and the brands popularity increased during the World Cup has resulted in the launch of new TV advertisements during the IPL 8 season.

    Campaigns made by Paytm

    Here is a list of the successful campaigns and partnerships with leading brand run by Paytm:

    Paytm Karo

    This is one of the key announcements that rapidly gained populism. The company has become active in social media. #PaytmKaro is being added to almost every conversation that is being driven on Facebook and Twitter. The ad rolls out some life situations such as money transfer, online shopping, mobile recharge which are made easy by Paytm services.

    Facebook Live

    Paytm has imbibed its customers with details about the value of user account security and how they are protected against hacking. Paytm conducted a series of live Facebook training series, “Paytm Merchant Connect- Training Series” which turned out to be a great success.

    The Soldier Mobile Game

    It’s become a perfect campaign for technology-friendly people and game lovers throughout the world. The match reveals the battle against the dishonest militias of Spartan Paytm troops. The game targets the mission of the company of protecting its users interests.

    Credit cards

    The card’s use was beneficial when the wallet was successfully used by the company. By using the Username and Passwords customers can withdraw money from their wallet reservations.

    Dabbawallas in Mumbai

    Strategic ties between the business and the competent lunch servers in Mumbai City. These messengers only pay through the Paytm App.

    Auto-start of the SMS for a month:

    Paytm continues to send customers reminders regarding payments.  The messages are intended to notify the customer that the digital wallet can be used to make those payments easily.

    MBA contest

    A contest held for students attending MBA courses are invited to produce a video about the use of the paytm application. The winner will be the person whose videos receive the maximum number of likes.

    Conclusion

    Paytm has successfully induced Indians to rely on the use of cash in regular daily businesses. Instead, people in the country prefer to make digital payments for such transactions. There’s one initiative called Aadat Se Azadi or Habit Free. This is achieved by highlighting problems facing people when dealing with cash. It was also stressed why and how people feel insecure when they go out with plenty of cash.

    Paytm – An E-wallet that rules the world of Digital Payments!
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    Paytm’s success story

    FAQs of Paytm’s marketing strategy

    1. How many users does Paytm have?

    More than 150 million people actively use Paytm wallets for making online transactions.

    2. How many merchants have accepted Paytm as mode of payment?

    3 million merchants accept Paytm as a mode of payment.

    3. What is the process of using Paytm?

    Utilizing net banking, credit/debit cards, IMPS or any other way listed on the bank you have to move some money when you are registered with Paytm. In order to pay you scan the cod or type in the number of the vendor.

    4. How can you identify if a store uses Paytm?

    In addition, the blue Paytm logo can easily be identified. The physical presence of the brand is attributed to the presence of stickers, hanged posters, Paytm posters etc helps users to identify if payment can be made through Paytm.