Low-cost opportunities for small businessesAdvertising is expensive, especially for small businesses. However, advertising is at one of its most affordable points right now, thanks to the economic downturn. Both advertising and media companies have been forced to reduce their prices, which have opened many doors for small businesses.
For this reason, these companies are now more willing to work with smaller businesses. As pointed out in the above video, the best part is that small businesses pay less for services. Many of these services include advertising opportunities that most small businesses could only dream of in the past.
For instance, most small businesses do not have budgets for televisions spots. Due to price decreases, it is a possibility. Before the recession, a 30-second television spot could run as much as hundreds of thousands of dollars. Fortunately today, this same ad could cost be as low as $500, according to TelevisionAdvertising.com.
Small businesses can also take advantage of billboards. This form of advertising is also seeing difficulty and has lowered its rates as well.
Fortunately, these low-cost opportunities exist online too. Advances in technology have helped businesses obtain more information regarding user demographics, habits, interests, and more. As a result, businesses can offer more customized ads, which helps them reach their target market.
Google AdWords and Facebook ad campaigns are both viable online opportunities. Each of these platforms allows users to set up their campaigns based on their budget. In addition, users can make adjustments on an as-needed basis.
Mobile advertising is another affordable area for small businesses. The Kelsey Group projects that the mobile advertising market will expand up to $3.1 billion dollars by 2013. With platforms such as Google's AdMob and Apple's iAd, it seems likely that this prediction will come true.
Lastly, social media provides many advertising opportunities for small businesses. Sites such as Twitter are giving some businesses better results than traditional platforms are. Foursquare and the newly introduced Facebook Places are also allow businesses reach their target through special discounts and giveaways. These location-based services have experiences tremendous growth over the last year.
So, it's not so hopeless after all, is it? Can you think of any other areas of advertising that small businesses can take advantage of right now?
About the author:
Abby Johnson is a Video Reporter/Anchor for SmallBusinessNewz.
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Comments
Other areas of advertising...
Yes. A handy mobile site, mycall.mobi, offers a free listing and free page display, which can be very useful for local small business. (winner in fact.)
Not so fast...
I've heard this same story before about "... now is the best time to buy advertising because the prices are so low" and frankly I think it's just the advertising industry grossly exaggerating in an attempt to drum up business.
Part of my business is to investigate online advertising options for my clients and in most instances I haven't seen any lower prices for banner ads, pay per click ads or paid-links and I've been in this business since the mid-90s.
I wish I could agree with your article Ms. Johnson but take it from someone who lives this every day, prices for advertising have not come down; at least not where online advertising is concerned.
Nice to Know
Good to know about advertising has come down, at least in print. I have seen the decrease in Yellow Page advertising or to be more exact, more bang for the buck, larger ad for same price and things like listings in their online directory included in the price. I have not seen Google AdWords come down, at least for the keywords we are using.
Re: Take Advantage of Advertising Right Now!
I also share the same view that ad price decreases perhaps has taken place more offline than online.
Certainly, i too have not noticed any price decreases in Google adwords for example.
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