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September 29, 2011

Low Cost Promotions - Part - I

Low cost promotions: Many marketers think that promotions need to be costly and the company has to spend big dollars to get noticed. But an innovative brain can beat the odds at getting eyes balls at a very low price. Al that needs is a different type of thinking.

1. One rupee shirt: This was a promotional tool that was tried out by a Hyderabadi retailer Fantoosh. This promotion was highlighted in the press but the real eye opener was the big crowds that thronged the shop and the shoppers were delighted at the offer. The offer was true; they were offered shirts at one rupee only. Of course there was a condition the offer only for the first 100 customers.

The crowd became unmanageable and the police had to be called in. The police had to resort to lathi charge. This created lot of publicity in the press and the shop got instant recognition. Obviously Fantoosh was indulging in loss leader pricing. They were offsetting the obvious low price of the 1/- rupee shirt with the publicity and positive word of mouth that the offer generated. They were also hoping that once the customers come in they would buy many other clothes along with the 1/- rupee shirt.

2. Cycle rickshaw borne signboards: We were strolling in the roads of Allahabad. Allahabad is a typical Uttar Pradesh city: It was evening and people were rushing home. I was attracted to an unusual sight. A cycle rickshaw puller was cycling a cycle rickshaw. The cycle rickshaw has a lighted sign board advertising a local retailer CITI STYL. I thought the idea was a brilliant one. The cost of the sign board would be minimal, the cycle rickshaw moves at a slow pace and it attracts tremendous attention.  Other low price promotions include.

3. Free gifts: People love to receive "free" items, especially items they can use to gain knowledge or improve their lives.

4. NEWS CREATION: Is it possible that the company is selling an unusual product?. Did the company win any awards?. All these can be highlighted in the press.

5. EVENTS:  The Company may be able to attract the attention of the media or crowds by having a special promotional event. A fitness classes for example can have a celebrity instructor day.

6. CHARITY TIE-INS:  Is the company launching a new product? Is it trying to increase visibility among a particular segment of your customers? The company can offer its product to one or more local charities as a  prize or for use at a fund raising event.

7. CONTESTS: The Company can offer a desirable or unique item or even several items as contest prizes. First the company should find a contest theme that ties into its business. A soft drink shop might offer a cola drinking contest. A photographer might offer a young model contest.  

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