Advertising budgets are tight. That’s why it’s important to implement methods that bring about maximum return on any investment you make. All businesses want to be more effective at advertising. But some advertising methods are pretty expensive and today’s advertising budgets aren’t very big. Businesses today, more than ever, need a great return on investment of their advertising efforts so here are some things to keep in mind to increase the chances of money spent bringing in great results.
Speak to Your Target Audience
Identify who you want to talk to so you can do more targeted advertising. Advertise where they are. Are your customers mostly college age students? Consider bus and bench advertising. Are your customers mothers between 25-40? Consider advertising in ladies’ magazines and on grocery carts. Do you want to appeal to people interested in sports? Advertise where they go. Spend time researching where your audience looks to help them make decisions about what you’re buying. Inbound online marketing methods such as creating an informative industry blog or online magazine can work wonders in this area.
Diversify Advertising and Marketing
Are you putting all of your ad budget into one bucket? You will probably get better results if you try splitting your advertising budget into several areas. Maybe you’ll do some local radio advertising, some print ads in the local newspaper, and some online advertising as well. Analyse results after thirty days so you can determine which areas are bringing about the best ROI.
Leverage the Internet
Internet advertising is an area that can be highly targeted. You can do Facebook ads, for instance, that target users who are between 18 and 22, male, and in the UK. Or, you could target anyone with a specific hobby listed in their Facebook profile. This means that the costs you incur on that ad campaign have a better chance of conversion because the ad isn’t being shown to just the general population.
Do Some Split Testing
Are you running a few different ads that can be measured? Try running different types of ads and seeing which ones bring about the best response. This can be particularly useful on online advertising banner advertising campaigns, for instance. You can analyse which ad brought about more sales so you can choose to do away with the ineffective banners and ads and replicate success of something that’s working.
Regularly Assess Results
Advertising is an area that’s not always easy to navigate, particularly if you’re new to it but the best approach is a diverse one where you measure results so you can determine whether or not to continue advertising via that method. If needed, get some help from a marketing consultant who specialises in working with businesses with limited budgets.
Aim for Local Appeal
If you’re trying to appeal to a local audience, consider offering a group discount offer. There are many companies who run these viral campaigns that offer a special one-time coupon deal to help you attract new customers. In many cases you only pay for results with these types of campaigns so it costs you minimally.
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