I was asked this question the other day by a friend of mine who has recently started his own business and was thus exploring the many avenues available to him to market and advertise his services.
Just one of many channels
My answer, in short, was “yes” and “no,” but the question does not permit a ‘short’ answer.
I expanded as follows:
There is no one macro media type that is better than another. All media works for someone; if it didn’t, market forces would soon ensure that it no longer existed. Billboards are just one micro media channel within the outdoor macro.
The challenge is making the most out of your limited resources and ensuring that you get the best bang for your buck. For instance, a TV campaign for a company with a small target audience located in a local geographic location would clearly be a waste of money, whereas an advert in the local community newspaper might serve the purpose.
What your product needs
The question is not necessarily if any media platform works better over another, but rather to work out for your product and your target market what combination of media will have the biggest impact on your sales.
Understanding who your target market is (the target market is never ‘everyone’) and how they consume media in their daily lives will be a major drive in the media selection. Which media should be used for brand building and which for a direct call to action? The integration of all of these marketing elements is the difference between mediocre or an exceptional return on investment on your marketing funds.
Like most things in the modern world the tools exist to allow you to do most things yourself. Any business owner or marketing manager can develop a campaign using tools that are freely available on the internet or worse – based on the advice of a media sales rep. The question is – “Would you go on the Internet to find a DIY solution instead of visiting the doctor?”
Making a strategy work
The operative word here is strategy. If you want your marketing campaign to work, whichever media you use, you need to ensure it’s selected according to your identified target market. The strategy should be achieved by using the appropriate message, at the right time and with the right frequency.
In my opinion too many companies, especially small ones, buy their media on an ad hoc basis based on gut feel, rather than on a well thought through strategy with objectives and measurements. A wise man once said, “How do you know when you get there if you don’t know where ‘there’ is?” The same logic applies to marketing and advertising. Once objectives are in place, some form of measurement needs to be applied.
By way of illustration: in certain industries and markets, especially business to business, a direct digital or call centre campaign may be most cost effective. That said, a company with good brand recognition tends to have much better direct campaign results.
It may therefore be appropriate in such a case to place some strategic advertising with the goal of increasing brand awareness in the target market prior to the launching of the direct campaign. The effectiveness of each touch point is increased by each complementary touch point, resulting in a combined return that is greater than the sum of each of the parts.
Answering market needs
The answer to the question, whether referring to billboards, TV, social and online or any other media is that each work, and each serves a purpose in an integrated campaign; the art is found in putting them together in the most appropriate way for that product at that time which will answer to a specific market need.
Forget Everything You’ve Heard — Fear Doesn’t Sell
If consumers associate your product with fear, they may not have a strong connection to your brand.
Sixty percent of Subaru owners have dogs. So in 2008, when the company decided to sponsor Animal Planet’s Puppy Bowl, it made a major break from previous advertising campaigns — ones that showed drivers with other cars getting stuck in the snow, for example. Alongside a pledge to donate $250 to charity for every car sold, the company began to understand how to appeal to its core audience through their own interests — and how those tied together in a Subaru.
Since 2008, the company has been running a campaign called “Love,” one that brings together all the attributes that Subaru is known for — including safety and reliability. Instead of talking to customers by telling them all the bad things that will happen if they don’t drive a Subaru (e.g., getting stuck in the snow), the company began speaking in a more positive language — including bringing furry friends along on drives.
For many, the instinctive approach toward marketing is to tell an audience why they have to buy your product. Bad things will happen otherwise, and yours is the best in market. The others won’t help you reach your goal. The problem with that logic is that it doesn’t take into account the impact of brand image on product marketing. Sure, you might skid in the snow without a Subaru, but you need to think positively of the company as a whole if you’re going to be drawn to its products in the first place.
9 Strategies For Memorable Advertising When Your Audience Is Chronically Distracted
Attention spans have never been shorter, and consumers never have had so many options. You need a smart strategy to rise above the noise.
The advertising industry is big. In fact, when all the numbers from 2017 are tallied, advertising spending in the United States is projected to reach $207 billion. However, research shows that 64 percent of people find ads annoying or intrusive. A whopping 92 percent of online ads aren’t even noticed.
If you want to get results from your advertising efforts in 2018, you must adhere to certain rules. These nine definitely are worth remembering as you firm up your strategy for the new year.
1. Optimise your ads for declining attention spans
The consistently shrinking attention span is one of advertising’s greatest challenges. Consider the following statistics:
- In a recent study, Microsoft revealed the average attention span has decreased from about 12 seconds in 2000 to about eight seconds today.
- A study by Jampp shows that our attention spans decline by about 88 percent every year – especially thanks to technology and mobile apps.
- Some sources estimate we are exposed to up to 5,000 ads daily – a sharp increase from a few decades ago.
Audiences suffer from declining attention spans, but they’re bombarded with more ads than ever before. With that in mind, it’s essential to embrace the KISS principle: Keep it simple, stupid.
2. Follow the ‘Rule of Seven’
One of advertising’s golden rules is explained by the “Rule of Seven:” Most prospects will need to see your message at least seven times before they consider your offer. Don’t expect most people to convert the first time they see your offer. Instead, use different means and channels to get the same message across to them. You’ll increase the odds they’ll respond to your offer.
3. Retarget your ads to people familiar with your brand
According to Marketing Metrics, the probability of selling to a new prospect is about 5 to 20 percent while the probability of selling to an existing customer is about 60 to 70 percent. It’s much easier to market to people who already are familiar with your brand or who have been customers in the past than it is to “sell” people who are just learning about you. Research shows that retargeting your message to people who previously have visited your website can result in 10 times the clicks and a 70 percent increase in conversions.
4. Sensory adaptation beats CTA colour
In one of its articles years ago, Hubspot famously proclaimed that “Red beats green” in terms of coloured-button performance. For a long time, experts have touted red as the best choice for a call to action (CTA). Unbounce, on the other hand, says orange leads to more conversions. Others have found green, yellow or blue to be best.
So which colour, really, produces the best results? None of the above. Colour psychology has taken a back seat to an even more powerful underlying principle: sensory adaptation. In basic terms, our brains ignore anything that blends in with its surroundings. A green button will convert better on a page using a red colour scheme and vice versa. You should ensure your CTAs stand out. Do this, and every colour will convert well for you.
5. Segment and target
Marketing Sherpa structured a study that compared the return on investment of targeted emails (sent to users based on their interests) with “batch-and-blast” emails (sent to everyone on the list). Segmented emails resulted in a 208 percent higher conversion rate than emails that weren’t targeted. Increasingly, advertising research emphasises the importance of segmenting and targeting. More recently, marketing professionals are using artificial intelligence to develop sophisticated options for targeting users.
6. Focus on retention
A recent study from Adobe Digital Insights found that ads are getting more expensive while reaching fewer consumers. Experts expect this trend to continue as users find more ways to block ads. Meanwhile, advertising platforms will struggle to increase revenue. To get the most from your advertising efforts, consider ways to retain users. It’s more economical than paying to reach them each time. Start building a user list you can segment into groups: an email list, a push-notification list and others.
7. Don’t ignore mobile
Overlooking mobile users is perhaps the deadliest mistake any advertiser can make at this point in time. Mobile-only internet users outnumber desktop-only users. What’s more, research shows that engagement is higher on mobile devices than on desktop devices. If you don’t have a mobile-advertising strategy, you’re alienating more than half your potential customers.
8. Embrace the ‘less is more’ principle
It’s easy to assume that presenting people with more options will yield a better ROI, but that isn’t always the case. In fact, psychologist Barry Schwartz argued against this in his book “The Paradox of Choice.” He cited a jam study conducted by Sheena Iyengar and Mark Lepper. The pair of researchers divided shoppers into two groups. They presented the first group of shoppers with a table that contained six varieties of jam. The second group of shoppers were offered a table containing 24 varieties of jam. More people viewed the table with greater options, but 10 times as many people actually purchased from the table with fewer varieties of jam. You can do the same: Provide fewer options, and you’ll see conversions increase.
9. Use text strategically
An image is worth a thousand words – until it isn’t. A lot has been said about the power of images to drive action and boost advertising conversion. But an increasing body of research is finding that when used properly, text is even more effective than rampant visuals. Launchbit found that text-heavy banner ads generally result in more clicks and conversions than banners that consist primarily of graphics and colours. There’s an important caveat, though: Ensure your text communicates exactly what users will gain when they click your ad.
This article was originally posted here on Entrepreneur.com.
Marketing Tips For Start-ups
How to make marketing work for you when your business is just starting out.
Starting a business is one of the most rewarding endeavors any individual can undertake. It can provide life experience not achievable in any other way. It has an open ceiling while also not having a floor either. You can make your business whatever you want it to be and, with a lot of hard work, can turn it into something that people believe in.
Businesses around the world do incredible work within their communities and for the larger global population. While all of this is great, and certainly possible, the beginning of the business is not always a dream. Case in point: Marketing.
What you need to know about marketing your start-up
When starting a business, you probably have your idea mapped out in exquisite detail and have every possible contingency planned. Even when your product is down pat, and you believe your plan is impeccable, there are still a number of things that require a different level of patience and expertise.
Marketing your business can be an existential endeavor as you fine tune exactly what your business stands for and who your audience is.
In this article we hope to expound on how to make marketing work for you when you are just starting out. Startups are tasked with doing an incredible amount of work upon their inception. They have to test and refine their product while also carving out their own path within a crowded industry.
The last thing that startups need to be focused on is marketing. Luckily, thanks to the innovation and advancement of automation and artificial intelligence, marketing has become a much simpler task through the services of online applications.
Who can help you set-up a marketing campaign?
Companies like HubSpot and MailChimp make digital marketing easier than ever before. These tools can automate email blasts and generate visits to your website.
Speaking of which, websites are now easier than ever to make thanks to companies like WordPress and Squarespace that make creating websites easy and entertaining. Using automation and artificial intelligence will help to make marketing much easier as most startups do not have the resources to hire professional marketing teams.
Though advisable when they can be hired, marketing teams are often too expensive for most startups. The same goes for web designers who are typically too expensive for brand new companies. Going online and starting marketing campaigns for your business has never been easier thanks to these wonderful resources and the people who keep them running.
Is you marketing message clear?
When coming up with a brand, make sure that your message is embedded and can be deduced easily. Do not be afraid to create a message that your company stands for and don’t hesitate to proclaim it loudly for everyone to hear. If your company is based in organics, for instance, then have a logo with earth tones and naturalistic graphics.
This will send the message that you are interested in the environment and care for it deeply. At the same time, this will help to develop an audience that you can target and interact with honestly. The same goes for any industry you want to get into.
Make sure that your logo and brand message represents the audience you want to attract and the industries you are interested in entering.
Showcase any charities you are invested in and all of the causes your company supports.
This will continue to carve out your audience and refine your message so that people know exactly what you are about. The goal of any company is to ultimately provide a service to the audience that would benefit the most from it.
Network your company’s message through every avenue
Truly, it is diligence and hard work that will eventually attract customers to your product.
Start a social media campaign focused on relaying your message to the online community.
Contact other companies that share your goals and missions so that you may support each other publicly. Join charities and other causes that will both give you exposure and develop an audience. Use automation services and artificial intelligence to make marketing easier.
Be steadfast and confident in your idea and your company’s mission. This will be the ultimate selling point for your business. Your startup is only as good as you are. Going out into the general public and spreading your message is the best way to draw attention and market your product.
Draw a crowd whenever you can and insert yourself into the public conscious.
Confidence, with reality thrown in, is the ultimate selling feature of any business. Teaming up with investors and other businesses will give you the exposure you need to draw the audience you want.
In the end, a startup business that is successful benefits us all and is worth pouring your heart into. Treat your startup as an extension of yourself and take pride in working for it to succeed.
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