When it comes to the power of advertising, most people know that it has great potential, however many small companies might not understand how to tap into this potential and maximise the reach to their advantage. It’s important to discover new areas to explore and try things that may not have been considered otherwise.
So let’s take a look at the basics and some new approaches to remind you just what you can achieve with the right advertising mix.
The right place at the right time
Good advertising boils down to getting the right message in front of the right person at the right time.
The message and timing can be easily controlled and tweaked by you, but without a good idea of your audience, the money invested in creative and media could be wasted. For example a confectionary company selling high end luxury branded chocolates to one audience, would not market their chocolate targeted at children in the same way. Both segments might be important to the company, but both have different characteristics and aspirations.
It’s important to think about investing more in your audience, to understand who they are and the way that they think and feel, as this can enable you to uncover new opportunities for profit. This could be as simple as some market research, focus groups or something deeper and more experimental.
For example, splitting creative messages by demographic, geographic and behavioural lines can produce hugely different results! You could try allocating some budget to experiment, and see which split works best for your audience.
For example, market research undertaken by one TV company to segment their audience, allowed them to better understand the trigger points for their marketing campaigns, resulting in an increased audience share of 25%.
An always-on approach to advertising has evolved in response to a responsive, flexible world where mobile and social campaigns are designed to respond to audience engagement and expectations.
Rather than messaging in a stop-start mode of episodic campaigns, ‘always-on’ uses smart, targeted campaigns to create an ongoing conversation with the audience. Generally this approach will apply when clients are advertising for 200+ days a year.
If you only speak to your audience when you have a sale, offer or event to promote, they won’t have the benefit of familiarity or brand trust, which can make a huge difference to business success.
For example, 60% of consumers would prefer to buy new products from a familiar brand, rather than switch to a new brand. And studies show that brand awareness is definitively linked to purchase intention.
A mixed-media approach was identified by Nielsen as one of the most effective advertising strategies – and by having near-continuous ads you have more room to experiment and see which mix gives you the best value for money.
Sky’s the limit
With the emergence of digital marketing, it is now easier and more cost effective for small businesses to experiment with their audience. Investment is key, and taking the time to understand your audience will reap rewards in the long term. When it comes to advertising’s potential, the possibilities are limited only by your willingness to experiment and work to get the best results.