WHAT’S BEST FOR YOUR BRAND AND ITS BOTTOM LINE
Don’t try this at home. Always consult a marketing professional before attempting to implement any of these strategies for your business.
A survey, conducted over two years ago, showed that TV, even then, was less effective than on-line video advertising. In the survey, 41% of respondents believe online ads were more effective than TV, and 31% still thought TV was the way to go. Now, keep in-mind that we have not even mentioned demographics breakdowns. Before deciding where best to place a media buy, we must analyze your target audience in order to determine which media platform or platforms they will most likely be tuned to. To be successful marketers, there must be proof in the pudding. If the medium selected to advertise your business is not effective, it’s time to step back, take a deep breath and use a different approach. Let’s change it up, get creative, and utilize the more current forms of marketing that can generate leads you can track. A measurable approach is a more effective way to utilize your advertising dollars. Every click, finger swipe, and search can be tracked. It may seem a bit “Stalkerish” at first but by now we have all become accustomed to it. Who hasn’t shopped for something and then seen it magically appear on-line everywhere you look. Well folks, that’s the future and it’s here. TV is still a valid source for marketing your business. You just need to understand the demographic breakdown. Millennials, for example, tend to hit the fast-forward button on the television control while the Baby Boomer generation and older like to watch commercial breaks. A recent article in the Washington Post breaks down the Millennial even further into three groups based on age and life stages. These groups include dependent adults (still living at home), independent adults and adults starting a family.
While your thinking about that, let’s throw in a little thing that may help you strengthen your advertising dollars. Regardless of how you plan to market your business, you need cash to become a relevant player. If you’re working with a smaller budget, TV may not be your best option. Producing a commercial can be expensive enough, but placing your ad in programming with high enough ratings can seriously eat away at your funds.
Locally, we see prices as low as $5 for a cable channel airing in the middle of the night to upwards of $300-$800 for news or sports. Major programs like the Super Bowl and other sporting events, can cost $1500 to $7500 per spot. That’s a lot of money for 30 seconds of airtime. Fingers crossed the viewer is actually watching during the break and not fast-forwarding or grabbing a snack from the fridge. There is simply no way to know and that’s one of the issues with broadcast. Television audiences are getting smaller and smaller as baby boomers continue to age.
Now back to that little thing called the Internet. Let’s say your demographic is everyone. You’re in a business that benefits just about everyone. The right media mix and intelligent planning during your campaigns will go a long ways towards a full circle approach to marketing. Local news will do great for branding your business but won’t generate a source of track able leads. Take that same commercial and air it on-line and you can access analytics that will further guide you through your campaign. Clicks to your website followed by a retargeting ad campaign will further insure the success of your promotion.
Another form of track able media is Direct Mail with a variable print feature. People still love to get offers in the mailbox. When that mail is addressed to them personally, it’s even better. When you receive an offer on something that you’ve already been thinking about buying it’s downright otherworldly. How does it compare to digital marketing? According to Smallbiztrends.com, 80-90% of direct mail gets opened while only 20-30% of email gets opened on a good day. The response rate to direct mail pieces is 3.7%, as opposed to 2% mobile, 1% email, 1% social media, and 0.2% Internet display. 70% of consumers preferred traditional mail for receiving unsolicited offers from companies. When asked, “Which is more effective at getting you to take action?” 30% of millennials said direct mail, 24% said email.
The savvy direct mail marketer will have the ability to gather information on your buying behavior through in-store purchases, through the Internet and with direct mail lists that are specific to a particular demographic. The downside to direct mail is the cost. For this reason it is imperative that you really know whom your customer is and where they are. Otherwise, you’re just producing recyclable waste. We haven’t touched on radio, billboards and phone apps. I promise to have more on those in the next issue along with a look at ad impact. If you have any questions or would like to know more about marketing, don’t hesitate to contact me.