We all know that no matter what the business is there will be a whole lot of competition and rivalry. It is also seen that the ones who are investing more time and funds into promoting have significantly higher chances of selling their products or services. Hence the businesses which are not adapting to modern means of promotions or not even promoting at all are bound to be overwhelmed and overtaken by the ones who are taking it seriously. So, in this article we will try to showcase the importance & benefits of implementing modern business promoting strategies . Reading this article will help you understand the importance of adapting to modern business promoting strategies you wish to stand out and help grow their brand. So, let us first understand the difference between modern Vs traditional business promoting strategies.
Traditional vs modern business strategies
Now that we agree that promotion is a must for all businesses, let us dig deep into the world of promotion and get some insight of the changes in promotion strategies from traditional to our present day. It is seen that traditional businesses preferred using mediums like newspapers and magazines, banner advertisements, radio broadcasting, television advertisements, advertisements using an influential and a highly recognized person like actors and celebrities. Do not get us wrong, these are indeed a good means of promotions but not the best. Why you may ask? Well here are some of the few drawbacks of implementing traditional means of promotion over the modern ones.
Drawbacks of traditional business strategies
- Too expensive: The expenses are too high for availing these modes of promotion and hence small businesses cannot afford it.
- Ineffective: In 2020, people are smarter than ever. Hence people do not care who is promoting the product because they look for alternatives that brings in better ROI.
- Limitation to user reach: Even spending a fortune for promotion, the reach is limited. This is because the advertisements are solely restricted to that city, state or country. Hence it is not a profitable investment as even after spending a fortune your product or services cannot reach to its maximum potential.
- Incomparable: Judging from these drawbacks it is clear as water that traditional business promotion strategies are nothing when compared to modern strategies. Hence as we look for products or services which offer the best bang for the buck, Modern business strategies is undoubtedly the clear winner.
Now that we know the disadvantages, let us quickly know the benefits of modern business strategies. But before we get any further, we have to first understand what modern strategies are. Later this will help us to better understand its advantages and also why we should consider it over traditional means.
What are modern business strategies & why we should implement them?
As we are always developing and changing our requirements and goals, a drastic amount of changes to the strategies are being introduced. These modern techniques and strategies provide us with the chance to reach a much bigger demographic when compared to traditional means. This is all possible because of the introduction to the usage of the internet. It is the internet that lets us connect to people from different parts of the world. Similarly noticing the power of the internet, most modern promotion strategies are leveraging it to the most and are using the internet as a catalyst cause without it everything falls apart. This is also one big drawback for using modern business strategies. Speaking about some of the mediums of promotion embedded with modern promotion strategies are as follows.
Best modern business promotional strategies to consider in 2020
- Search Engine Optimization or SEO: This is the technique to bring in the desired services or products of a business on the first page of Search Engines Likes Google & Bing for a specific set of keywords using a website. This helps significantly to increase the sales figures as well as in building a brand. Through this, targeted audience as well as getting traffic or users from a specific Geo location is also possible and of course with the help of a website.
- Social Media Optimization or SMO: As the name suggests, this is the strategy which leverages all the Social Media Platforms to share quality content and insights about a product or services offered by a business. As there are billions of users worldwide, it will be a shame not to take it as an opportunity for promotion.
- Email Marketing: We all receive bulk amount of emails on a daily basis offering different kinds of services, products, news, data which are both relevant as well as irrelevant emails better known as spam emails. Majority of professionals and businesses use this strategy to further promote their offering to their huge email lists on a daily basis with catchy lines and phrases also known as advanced sales speeches.
- Affiliate Marketing: This is a technique through which an affiliate marketer get a commission by selling a company’s product using their unique affiliate links that keeps track of every sales made by that affiliate marketer. This may sound very easy, but needs a lot of skills, experience and tactics to make it possible. This is also known as a referral or an incentive program.
- Web Advertisements: Similar to traditional advertisements, web advertisements are used to further expose a product or website on Search engines, social media platforms etc. These are paid advertisements and one needs a lot of experience and skills to create an ad campaign and then successfully execute it. Bidding is one important aspect in running successful web advertisements.
- Giveaways, lucky draws &contests: These are promotional strategies that work like a charm when combined with the right tactics and plans. As people look for free stuff online, businesses draws the attention of users by giving away limited free products as a sample. Contests and lucky draws are simply the alternative of giveaways as the sole aim of these strategies is to draw people’s attention and make their product or services the best choice among others.
As of now we have learnt what are Traditional & Modern business strategies and their basic differences as well as its disadvantages. We have also learnt what the best modern business promotion strategies are. As in this article we are learning about the benefits of implementing modern business promoting strategies. Let us now focus on the benefits of using Modern Business strategies.
Benefits of using modern business strategies
- Comparatively Cheaper: Modern strategies are considerably less expensive than traditional modes. Hence small businesses can opt for these strategies and get a chance to get back in the game.
- Highly Effective: This mode of promotion is highly effective due to the strategies and tricks offered when compared to traditional means. As stated above there are a lot of options to pursue on and change it as per requirement if the results are not appreciable.
- Limitless Possibilities: Unlike the limitations seen in the amount of reach in traditional strategies, there are absolutely no limitations in Modern Business strategies. The main ingredient to this is the usage of the Internet. By using proper strategies, methods and tricks of promotion, any product or service or even a brand can be broadcasted to all parts of the globe. As there are a lot of options and strategies to choose from, there are a lot of room for improvement.
- Custom Solution: Now a days as most business are using modern promotion techniques and strategies, some of them are considering to use specific proven strategies and tricks specially customized as per their requirements and needs to better dominate their rivals and competitors.
Now that we have covered almost everything on the benefits of implementing modern business promoting strategies in 2020, we have yet one more topic to discuss before finishing this article off. That will be disadvantages or the drawbacks of using Modern business strategies. Yes, that’s correct. As nothing in this world is perfect, there are certain problems, risks and drawbacks and is same with the case of using modern business strategies. There are only a handful of disadvantages but as there are, hence we have to undergo them as well else people will call be biased.
Drawbacks of using modern business promoting strategies
- The biggest advantage is its biggest drawback: As modern strategies leverage the usage of internet, hence if someday internet is not available then this whole strategy will be doomed. It is also a concern for the business those sell their products or services only through the help of internet like Amazon.
- Security Vulnerabilities & Data breach: This is also one of the biggest drawbacks of using modern strategies. This is because due to technological advancements, there is always a risk of losing or stealing data. There is always a risk of getting hacked and losing a lot of valuable data as well as administrative privileges. This is due to hackers who creates backdoor into codes and uses viruses like Trojans, Malware and spywares to track and hijack personal data and information like credit card and bank details, emails and passwords etc.
Now people might be taking these drawbacks seriously which they should but let me tell you that we can tackle them by using data encryption tools, server to server side encryption using uncrackable algorithms, antivirus software’s and much more. This is why big MNC’s are hiring security agencies to help them protect from any attack by finding and eliminating vulnerabilities in the system. Hence there are is no need to be afraid while using modern strategies.
Now that we have covered all possible aspects on the benefits of implementing modern business promoting strategies in 2020, we hope that my readers will find this information to be helpful and helps them understand the drawbacks as well as the advantages of using traditional vs modern business promotion strategies. In case of any queries or concerns, please feel free to contact us using the contact section of our website or by simply living a comment and we will gladly try our best to resolve it.