Traditional vs. Today: Determining Your Market Strategy
When the Sunday paper is delivered, some consumers scour it for coupons and advertisements. A much larger number simply check Twitter for any specials a business might announce. These consumers seek similar information, but that’s where the similarities end.
As a business leader, you have to understand the best way to market to your audience in the digital age. Expenses, efficiency, and overall strategy must be considered. Traditional forms of marketing worked before, but the ways we advertise are changing for good. How will you evaluate your marketing strategy successes and improve upon them?
Let the Numbers Speak for Themselves
The beauty of evaluating a marketing campaign is that the numbers and outcomes show you exactly what you’re looking for. With an email campaign, you can measure open, click-through, and conversion rates to determine whether your plan was successful. Ask yourself, “What was the ROI of this campaign? Did I get out what I put in?”
Traditional marketing tactics can be measured by outcomes, too. An ad in a newspaper or on a radio station can be evaluated by tracking calls and listeners. You have to measure how much money you spent on those ads against the number of leads gained by each. Every single lead and conversion has a value. Have you implemented ways to measure those values?
Advertise Where Your Customers Search
To cater to your audience, you have to advertise where they’ll see your message in the first place! Today, they rarely pick up a newspaper to do this. Websites, online forums, and Google searches are most people’s outlets for answers.
The best way to determine the percentage of your marketing budget that should be allocated toward online advertising versus traditional media is by finding out where people start their searches for your product or service. When shopping for auto insurance, for example, 85 percent of customers start online. Therefore, if your company sells auto insurance, you must invest 85 percent of your time, energy, and money on digital advertising — or risk losing customers to the companies who do.
The War Between Traditional and New
Marketing leaders have to be able to predict the future. Marketing efforts need to focus on where the clients will be looking, as well as the direction they’re looking now. Fortunately, the answer is simple: online.
Consumers of all kinds are on social media networks like Facebook, Twitter, and LinkedIn. Most consumers are online more often than they’re watching TV or listening to the radio. It’s generally less expensive to run a PPC campaign than it is to place ads in traditional outlets. When you consider this — and the possibility of a much greater outcome — it’s clear that online marketing is the way to go.
Traditional marketing isn’t dead. Print advertisements, radio ads, and more still serve a purpose. However, they’re now more of a supplement to a digital marketing strategy, not the main event.
Retail and the Internet
Online marketing isn’t exclusive to companies that offer services, of course. Retail industries can also thrive off online marketing strategies.
At one point, ad and coupon mailers reached a large range of consumers. But a large number of customers don’t subscribe to your mailing list or the paper. A TV ad might appeal to a certain audience, but it’s obvious that not everyone will be viewing the moment your ad runs. These types of advertising still work occasionally, but are they as efficient as reaching out to an audience online? Not at all.
Consumers — who are glued to their smartphones, computers, and apps — will see an updated Facebook status. They’ll stumble upon a tweet about a sale. They’ll notice the blog post about deals going on this weekend. Efficiency is a large part of a successful marketing strategy, and it’s no coincidence that online advertising is more efficient.
Pay Attention to What You’re Paying
Companies and marketing leaders can’t forget the cost of advertising for a minute. If you’re not careful, you’ll overspend. Is this ad reaching enough people? Is it worth dishing out money for the same ad every week? Hire a professional who is Google AdWords-certified and knows how to get the best results with online consumers.
Free ads on social media sites can eliminate bulky, wasteful costs. Many sites only require a one-time price for placing advertisements. Professional blogs can announce news, updates, sales, products, and more on a daily basis at no cost. Digital marketing doesn’t have to ding your bank account every single time you promote a product. After all, your business doesn’t need to be losing money while trying to make it!
Out with the Old, in with the New
Digital marketing is here to stay — its converts range from teenagers to grandparents. Because of this large demographic, it would be foolish not to promote your company online.
You have to chase the modern consumer to earn leads, conversions, and success. The modern consumer isn’t hard to find. He or she is online, looking at updates on Facebook pages, clicking around the Web to find new services, and scanning a Twitter feed for discounts and news. This alone should make businesses question whether traditional marketing strategies are worthwhile — and the answer is pretty darn clear.
Because this article was published, a donation will be made to Reading Is Fundamental so a book can be given to a child.