When running a business, advertising might be one of the last things on your mind. You might already be the final authority on hiring the best talent, refining the company’s products and services, conforming your company’s practices to the applicable laws, etc. Unless you have the market in a corner or the awareness of your brand has completely penetrated society, you’ll need to dedicate significant time to building an encompassing advertising strategy that takes all relevant factors into account. As with the formulation of any plan, those that succeed will be built on a considerable foundation of research. Having the right information will empower you to make the best calls for your business.
Do Your Homework
A great many factors need to be considered when determining the advertising strategy that’s best for the business, its products, services and customers. Figuring out what you hope to achieve with ads should be one of the first steps of any strategy. For instance, do you aim to create a niche, or better yet, disrupt a current market standard by building a superior product? Making progress in this area requires you to know how much money you plan to devote to your campaign.
Your budget will go a long way in determining the nature of your advertising strategy. Often, advertising is far down the list on a lengthy step-by-step process of product creation ranging from conception to rollout. This tends to result in much of the company’s budget already being allocated when the time comes to implement an advertising strategy. Other important figures that you need to have in mind and take note of after the fact are how many people interacted with your ads, in what way, and how many of those interactions resulted in a sale (conversion rate). To make the best of this information, you should be able to determine the amount of money that your strategy produced, either directly or indirectly.
It is also important to set informed goals and then look at which goals were met, exceeded or missed. This will tell you what needs to be tweaked or reworked entirely in future ad campaigns. Monitor your strategy as it unfolds, and if you notice that some aspect isn’t panning out as you had envisioned, adjust it as quickly as possible. It’s safest to design your advertising strategy in a way that can accommodate flexibility to counter the fallout of unforeseen consequences. This is especially important if your strategy is bold or pioneering. The most successful advertising strategy will follow these guidelines:
- Know & target your audience: Unfortunately, your company’s products aren’t right for everyone. As more and more advertising shifts to the digital space, targeting the demographics that either already use or are likely to use your business’s services should take on a more dominant role in your advertising strategy
- Measure & track your ads: While a fire-and-forget approach to marketing might have worked in the past, today’s advertisers are required to learn and adapt on the fly if they want to get the most value out of their efforts. Study how people are interacting with your ads, pursue feedback and alter your campaigns accordingly.
- Advertise at the right time: Most businesses have busy and slow periods. Focusing your outreach on the times preceding and during the high-performing phases is not only easier on your budget but also yields a greater return on your investment.
- Solidify your brand: Strengthen your brand early and often, it should be distinct and consistent. If people can recognize your brand based on the font, color, style, location, etc. of your ads without reading them, you’re ahead of the game.
- Advertise in the right places: Knowing your current and potential customer’s browsing, viewing, and reading habits is critical. Any advertising in the wrong place is a waste of money. The data is out there and you need to make it work for you so you can sharpen your ad campaigns to a fine point.
- Be efficient: Waste is the archenemy. Learning from your mistakes and from the behavior of your customers is an ongoing process. Advertising to the right people, in the right way, at the right time, at the right place is the ideal to strive for.
Knowing your audience is half of the battle. Staying informed on their habits and anticipating their behavior is just good business. This guarantees that your strategy never relies on trial-and-error and fast approaches the ideal territory of laser-guided ads. The following customer information should be taken into account when determining the ins and outs of the campaign:
- Demographics: What type of people make up your customer base? What are their ages, ethnicities, shopping habits, etc? This factor likely played a huge role in determining where you chose to establish your company.
- Geographics: What type of area or areas does you company operate in? Is there a college campus nearby or are you surrounded by suburbs? Maybe your company lives online, making its location less important. Who among those in the surrounding area would be most interested in your product?
- Psychographics: What type of marketing strategies are most effective with your customers and the people who interact with your advertising efforts? How do they spend their money, and what do they spend it on?
All of this information is readily available with the proper outreach and should be constantly updated and reinforced. Companies that make it their business to learn their customers’ and target audiences’ purchasing behaviors put themselves in the best position to succeed. To maximize the return on your investment (ROI), brand awareness and market share, each facet of your campaign should be calculated and refined. If your business needs help with determining an advertising strategy, Mary Pomerantz Advertising is here for you. We are a comprehensive marketing agency offering services related to print, radio, TV, digital ads, branding and customer relations. Give us a call today at 732-214-9600 to learn more.