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Advertising and Promotion Ideas When You Own a Dollar Store

If you own a dollar store, one of the best moves to make is to place advertising and promotion at the top of your priority list. After all, your goal is to build year-to-year sales and profits for your business. A well thought out plan of action can be the cornerstone to achieving the sales goals you establish. Yet it doesn’t require a Fort Knox budget to reach your goals. It can be done with a limited budget when you take advantage of the opportunities that are there. In this article I present advertising and promotion idea when you own a dollar store.

Simply stating there isn’t enough money to support advertising and promotion is not an acceptable choice if you wish to grow sales and profits. Start by setting a budget for the advertising and promotion of your business. Your budget doesn’t need to be huge, but it does need to exist for the purpose of supporting growth. In today’s economic climate, investing to promote your business is even more important. Once you’ve set a modest budget, make your plans and then follow-through.

If you own a dollar store develop a list of your planned advertising and promotion actions. Break your plan into no-cost actions, low-cost actions and all other actions. Be sure you carefully test all of the actions you identify to actually put into practice. It doesn’t make sense to focus time and effort on free actions that contribute nothing to the growth of sales and profits. If money is involved it is very important to make sure you are spending wisely.

Focus on the low-cost and no-cost options first. This will help decrease your total investment marketing and promotion. Since little cash investment is required, plan to implement as many of these ideas as possible to maximize the results. As you begin to see a return from the no-cost and low-cost efforts begin to add actions requiring an investment to the mix.

Invest your advertising dollars where you gain the most leverage when you own a dollar store. Remember the highest cost actions may not be the most productive for your store. Select the very best options for growing store sales and profits. Select actions that target your local shoppers. It does little good to spend thousands on advertising that primarily focuses on potential shoppers hundreds of miles away. Remember also; prospective shoppers will need to be exposed to your store name multiple times before they are likely to take action.

To your success when you own a dollar store!

Promotional Gifts Vis-A-Vis Tri-media

In a day where the media has believed to become the most powerful tool in advertising and introducing new products, most organizations fall in the pit of limiting themselves to what the media can do. Tri-media or television, radio and print has become an instant choice when it comes to publicizing new products and services to the masses. While it is true that this marketing method has had immense effects and contributed to fulfilling the marketing goals and objectives of an organization, others still vie for the traditional methods such as the creation, production and the giving out of promotional gifts.

Although both are advertising means in their own respective lights, these two different methods have diverse effects. Other companies say that advertising using contemporary ways are the most effective as they respond to the calls of the times. In fact others believe that publicizing on television, on the radio and in print are the only ones that work because these are where people expect new products and ideas to be launched. However, a number of organizations still trust traditional advertising ways, such as the existence of giveaways and gift giving.

Advertising in billboards alone can create a huge buzz among your intended audiences as these print materials can be seen anywhere, from highways to shopping centres to the sidewalks. Moreover, utilizing commercials can also reach your target market as these are easily accessed anytime they turn on their televisions. Furthermore, radio commercials can easily be heard anywhere, from offices to vehicle rides to your respective houses. However, although these are certified powerful tools, they are costly and may take a toll on your business’ financial plans. This is the reason why handing out promotional gifts among product-driven organizations is still very popular. Promotional girls usually hand out samples in your favorite shopping centres, busy streets, train stations and even in your community. This traditional way of advertising has never failed to reach out to people in a profound but subtle way.

It is for this reason that this long-established and customized way of promoting products, services and even a company has never been out-of-date. While advertising through utilizing modern and more noticeable ways have been gaining popularity for the last few years, more organizations still stick to the proven and lesser cost-effective means of reaching out to intended audiences. Giveaways have proven their way of being able to touch and get a hold of the public’s trust and genuine support.

Therefore, we can say that although most organizations respond to the calls of the time especially when it comes to the utilization of advertising techniques and strategies, others are still detached to using simple, straightforward and uncomplicated means of image-building and consumer-appreciation. While others may argue that the costs are equally the same for both contemporary and conventional ways of advertisement, it is still measured through results. Whether the tri-media can guarantee more positive outcomes than having promotional gifts, it’s up to you to decide.

Should You Sell Or License Your New Product Or Idea?

Patent Selling

Why Sell:

A patent is your property and as such you have the legal right to do with it as you wish. Generally you would choose to sell your patent if you would;

1. Focus your attention on other ideas.

2. Turn over the entire rights to your patent and be done with the venture.

3. Generate a quick income from the sale.

A patent owner has 4 basic choices they can make with their invention:

License Your Patent:

By far the most profitable. This allows you to maintain ownership of your idea, while allowing another company to build and market the idea. This is what most people choose, they find a company to build, market, and pay you a fair market value for the use of your idea.

Build and market the product yourself:

You can build, market, and do the legal work yourself. This is a complicated process that requires a large amount of capital, time, and knowledge of the market.

Sell the Patent:

All patent owners have the right to sell their idea. This process requires the ability to find a buyer, a lawyer, and understand what the market value of their idea is.

Do Nothing:

Believe it or not, the vast majority of patents granted by the U.S. Patent Office have never been acted upon. About 90% off all patents are never commercialized!

Why License Your Idea?

Licensing your idea to an established company has many advantages.

Your product will carry the label of a company that has a well known and respected name.

Most individuals cannot, and should not approach large companies like Wal-Mart, Target, etc. They usually will not look at people who only sell one product, they prefer vendors with multiple products.

Most larger companies have a complete marketing and Public Relations department. Larger corporations have the capital and resources available to launch a product properly.

By allowing another company to build and market your product they generally assume the liability also. Thus if for some reason something happens that has legal ramification they will usually handle it.

You get paid royalties for doing nothing. Of course it is your idea, you did invent it and file the appropriate patent application. But what we mean is that you will get paid, while they build it, market it, promote it, and do all of the ground work.