How to Choose the Best Advertising Strategy for Your Business
The days of advertising spending money on the assumption that it will bring customers are long gone.
Today’s marketing professionals need to understand traditional and online advertising strategies, new media options, and analytics tools to measure results and determine which methods will yield the best ROI.
Do you struggle to choose the best advertising strategy for your business? Or are you tired of paying too much to advertise and not getting the expected results? Maybe you’re not even sure which advertising strategy is right for your business? Well, don’t worry! We’ve taken the guesswork out of choosing the perfect advertising strategy for your business.
In this article, I’ll show you how to choose the best advertising strategy for your business based on your business goals and the current state of your business.
1 – Analyse Your Competition
Once you understand your competition’s advertising strategy, you can begin to analyse your own.
First, you need to figure out the overall goals of your competitor’s marketing campaign. Does their strategy focus on generating new leads, increasing engagement, or building brand recognition?
Next, you need to determine whether the marketing campaign they have been using is working. You can do this by looking at their website traffic metrics, email marketing success rates, and the quality of their social media accounts.
This tip is more of general practice than a specific tip for any business. However, it applies to any company currently being marketed or advertised to by another.
You can do two main types of research to see if your competition is using the same marketing tactics as you:
- Research your competitors’ websites, especially their “About Us” page. Read through their information and see how they position themselves and their business.
- Read their ads. Find yourself in a particular market, and your competitors are spending millions of dollars on TV advertising. It might be worth it to spend your budget on television advertising.
They’re not doing it any differently than you. At least, according to a study conducted by the Association of National Advertisers (ANA) and sponsored by Google. The ANA found that 76 per cent of U.S. consumers say they believe online ads are a waste of time and don’t trust them.
Of those surveyed, 80 per cent said they’re just as likely to click on an ad as an organic search result, and nearly one-third said they’d rather see a celebrity endorsement than a paid advertisement.
2 – Evaluate Your Competition’s Online Presence
You’ll never really know what someone else is doing unless you see what they do. This is accurate online as well as offline.
You can use that knowledge if you know what someone is up to. And just like in real life, there are things you can do online to gain insight into what others are up to.
One of the most powerful ways for businesses to stand out online is by establishing a strong online presence. This means having a website that is appealing and engaging.
Still, there is also a need to prominently display an easy-to-use social media platform with your business name. In addition, many businesses fail to advertise themselves on the Internet.
While most small businesses can’t afford a full-fledged marketing campaign, they can use their Facebook page or website as a medium for building brand recognition and establishing themselves as an authority in their industry.
3 – Discover the Pros and Cons of Pay Per Click Advertising
There are many benefits to pay per click advertising, and they’re often the primary reason people choose PPC campaigns over other methods.
When someone clicks on an advertisement on Google, Facebook, or other sites, they are taken directly to the merchant’s page and may be able to make a purchase immediately.
You can track all of this data to see how many impressions you got and how many leads you created, among other things. If you’re having trouble finding quality leads for your business, you can use pay per click advertising to help you find prospects through search engine optimisation.
When used effectively, PPC advertising can be an incredibly powerful tool for growing a business online. PPC ads can help you reach customers in ways that organic search results often cannot.
It’s also important to note that PPC ads can also help you avoid costly mistakes like those seen by many initially successful websites but failed to grow in size over time.
The best part is that there is no long-term commitment or risk associated with a pay-per-click campaign, unlike many forms of advertising. You only pay when someone clicks on your ad, which means you can quickly stop any campaign at any time if it is not producing the results you desire.
PPC advertisements can be costly if used for the wrong audience. Advertisers have to pay for all the costs associated with advertising. It will be displayed only when someone searches for a particular keyword relevant to the product.
This is the disadvantage of this strategy. The more specific a keyword is, the higher the risk of paying too much. However, it’s often easier to control the budget for a PPC campaign.
There is no need to worry about how many impressions or clicks the advertisement will receive because there is no cost involved. It’s only paid when the advertiser is satisfied with the number of conversions.
4 – Establish Your Marketing Objectives
If you know exactly what you want to achieve with your marketing efforts, you can start your strategy off in a much better place.
If you can clearly define your goals and objectives, you can target your efforts toward specific outcomes. This will save time and money in the long run. Here are three things to consider:
- What problem do you want to solve for your customers?
- What is your audience’s goal? What do you want them to do after they have read your content?
- What will happen if you don’t solve this problem for your customer? What will that mean for your business?
Marketing objectives and advertising objectives are similar but distinct. They both describe the purpose of an ad, but a marketing objective is more specific than an advertising objective. A marketing objective is specific to a particular audience and serves a defined goal (i.e. increase revenue).
5 – Determine Your Budget
Start by looking at your past marketing efforts. If you’ve never tried advertising, your budget should be relatively small.
If you’ve successfully marketed a similar product or service in the past, you’ll have a better idea of what will work best for your business. Look for something that will generate traffic, leads, or customers.
Before launching any marketing campaign, first, you need to figure out how much money you’re willing to spend and then stick to it.
Don’t overestimate what you can afford to spend on advertising because it could cost you dearly. While you should be spending money on ads, don’t get carried away.
And also, know that the success of an ad campaign depends on the kind of product you’re selling and how much competition there is in your market.
6 – Choose Your Ads
An ad that’s good for conversion is the same one that’s good for many other purposes. That ad is the one that will prompt the consumer to take action without any thought on their part.
The ad should entice consumers to take a specific action without thinking too hard about the offer. A good ad will trigger an emotional response, but it doesn’t need to make consumers think.
Advertisers should know whether their ad is working or not. So they can change and tweak and retry until they find something that works.
The good news is that there are ways to measure and quantify the effectiveness of an ad, even if it’s only a test.
Remarketing is often used, which means ads that appear after someone has clicked through to your site from another website. Remarketing lets advertisers know if people are clicking on their ads. If the answer is no, then why not try a different ad?
7 – Decide Where and When to Place Them
A successful advertising strategy involves a strategic mix of media buying and placement.
The media channels you purchase advertising on will dictate the size of your audience, but if you want to get a larger share of that audience, then it pays to spend more on ads that reach a broader range of potential customers.
It’s not uncommon to pay for ads on social networks such as Facebook, but for a small business, it’s more cost-effective to advertise on search engines such as Google, Bing and Yahoo.
Google Adsense is just one of many types of ad placements. Other advertising options include pay per click, affiliate marketing, Facebook ads, etc.
There are also different times that people are more receptive to particular ads. For example, a Facebook ad campaign during school hours may yield better results than one during the day.
One of the big reasons most businesses fail is because they don’t place ads strategically. Instead, they throw money at the problem and hope that something sticks.
This is a terrible idea for many reasons, but one of the most important is that it’s hard to tell what works if you’re constantly spending money and making little to no headway.
8 – Set Up Your Ad Campaign
As an advertiser, if you want to achieve the results you’re looking for, you need to optimise for conversions. When you optimise for conversions, you tell your website to send you people who are ready to buy.
You’re targeting people who are so close to buying that they’re just a click away from buying from you.
A/B testing is a very effective way to measure the effectiveness of your ad campaigns. To do this, you set up two different versions of your ads, usually using two different creative elements like images, headlines, call to action buttons, etc., and track the results of those ad campaigns.
Then you can take the most successful elements of the ads to create more ad campaigns. This method allows you to make adjustments quickly, saving you much money.
You can also test different types of ads and change variables like the medium (i.e. social media vs direct mail) and frequency (i.e. daily vs weekly).
9 – Monitor Your Results
Whether you’re using Google Adwords, Facebook Ads, or Twitter ads, knowing how effective your advertising strategy is is tough. That’s why it’s critical to track the results.
- How does your conversion rate differ by ad type, day of the week, and time of day?
- Is there a specific segment of users you can target?
- Are you getting the traffic you need?
You can’t monitor everything all the time, but if you have a large enough budget to run multiple ads, you’ll want to.
An intelligent way to monitor the results of an advertising strategy is to measure the effectiveness of the advertising and then adjust accordingly.
You can’t control everything in the world, so you can focus your time and efforts where they count most–on the actions that matter most to your business.
It’s always wise to measure success after your plan has been completed and you have taken some action. Measure the impact you’re having and adjust as needed.
In conclusion, no single advertising strategy will work for all businesses. Every business has different goals, budgets, and audiences.
There is no “one size fits all” formula. There are a variety of strategies that will work for your business.
To determine which one is best for your business, you need to determine your business needs and budget. A good advertising strategy will always be based on your target audience, budget, and goals.
The best way to start any advertising campaign is by doing research. Research your competition and the demographics of the audience.
Make a decision on which media channels will work best for your audience. Then, when you begin working on your ad, make sure to target the right audience, use compelling ads that will keep people watching, and test your ad to see how it performs.
While advertising and marketing are essential for businesses to succeed, they are often challenging to implement and costly to manage.
Many small businesses are unsure which advertising strategies to use. Small businesses that implement the right advertising strategies see increased productivity and profit growth. But, choosing the right advertising strategy is only the first step.
Get started on your digital marketing journey today and discover which strategy is best for you.