The importance of Integrated and Targeted Marketing: Which Advertising Methods are right for you?
Choice is an important contributor to business success, as it offers the opportunity for clear and concise decision making that drives your venture forward. This is applicable across the entire business world, from operational aspects like manufacturing to strategic ones such as marketing.
It is easier to inform some decisions better than others, however, especially when it comes to reducing costs and driving profitability. If you were faced with a choice between leasing or purchasing commercial vehicles, for example, you could quite easily make an informed decision based on accurate cost and savings projections.
This is not as straight-forward with disciplines such as marketing and advertising, however, where an accurate ROI can be harder to determine.
Choosing the right advertising methods for you
With this in mind, it is imperative that you create tailored and integrated advertising campaigns to suit each individual product or range. To achieve this, you will need to go through the following processes and considerations: -
The manufacturing costs and Nature of your product
While there are some who claim that television advertising is dead, this is a fanciful and largely inaccurate notion. The truth is that its potential pitfalls have been highlighted by the emergence of VOD (video-on-demand), creating a wider diversity of choice for marketers who are keen to optimise the reach of their products.
The first thing to consider is the cost of manufacturing an individual product or range, as this must be measured against the rates applied to procuring air-time. This varies according to your precise needs, starting at between $500 and $1500 for local spots and rising to $500,000 for national, primetime commercials. These calculations will enable you to make an informed decision and rule out unsuitable or potentially loss-making options.
As a general rule, only premium products and product ranges with high sales forecasts and an ability to deliver a significant ROI overall should be considered for television advertising.
Does your Product have a defined Target market?
Television advertising can also beneficial for products that have a clearly defined target market, as the diverse and accessible nature of new media makes it easy to advertise products through niche channels. This is another important consideration, as products with less universal appeal must be marketed through a more targeted campaign.
The issue with products of this type is that they are unlikely to sell in volume, making margins and the need for cost-effective marketing crucial. So while advertising through local television spots and across specific channels may be viable depending on your audience, your campaign should be primarily driven by VOD creation and strategic placement. These short videos can be uploaded onto YouTube and relevant websites along with an embedding code, so that they can be shared organically without significant cost.
This cheaper and more targeted style of marketing can also be measured in terms of its ROI, especially when you create VOD spots that link to an extended video on your website. By monitoring unique visitor statistics and conversions, you can establish the success or failure of your campaigns.
Does your Product have Visual Appeal?
So far, we have been able to determine a basic foundation for integrated marketing campaigns that are applicable to individual product ranges. The final consideration is the visual appeal of your product, which will have a significant impact on which advertising mediums suit it best.
For visually uninspiring products and service-based propositions, you may also want to consider radio as a viable medium. 20-30 second radio slots can be procured for as little as $300, while marketers can use carefully created scripts and vivid descriptive language to highlight the core benefits of their product or service. It is also relatively simple to target a suitable audience and estimate the ROI on these efforts, as each station publishes a regularly media kit that includes an in-depth profile of all listeners.