Ultimately, you will want to increase sales by promoting your products and services, but you will also want to build brand recognition. Choosing the correct media channels can help build recognition quickly.
Old vs. New:
Should you advertise in the newspaper, on television, or on the radio? The main goal is to find the most cost-effective and efficient form of advertising in order to achieve the necessary coverage to reach the correct target audience. It is essential to not only reach the correct target audience, but to provide them with the correct saturation rates. Studies have shown that the average consumer requires many more than just one opportunity to see, hear or read. Depending on the media used, a significant number of insertions or transmissions may be required before a consumer actually sees the ad and identifies with the company or product.
Would online marketing work better? So many people today use the internet for research, communications, and entertainment and it is easy to reach many people in a short amount of time. Advertising can be targeted to audiences online, based on their current internet usage. Using a targeted approach when placing online advertisements can yield impressive results, but only through careful monitoring of performance will you be able to see where opportunities exist.
Cross Channel Promotion:
For the most cost effective form of promotion and for the best return on your investment, you may consider cross channel advertising. A company may wish to not only spend a higher advertising rate for something expensive, such as television, but to also market themselves using more traditional methods such as newspapers or magazines, as well as adding new media channels like social media pages. Cross channel advertising can be a very effective tool to maximize the benefits of your budget whether you are an SME or multi-national company.
Measuring Your Media Pulse:
Investing in one or more marketing methods may yield good results, but all will be meaningless if you do not measure the performance of your various media channels. If you are spending a fortune on printed advertising but social media updates actually bring greater custom, then you will know that scaling back or even abandoning printed ads will improve your ROI. Having your finger on the media pulse of your business will enable you to focus your marketing efforts in a way that is not only good for your budget but which will improve your bottom line too.
Whether you stick to one traditional method or look to cross-channel means, finding the channels that work well for you and offer the best ROI should be your main objective. Whilst larger companies will look to media recruitment to fill marketing positions with skilled personnel, SME’s may find it beyond their means to hire in staff specifically to manage their marketing and promotional campaigns. In these instances it is worthwhile taking the time to educate yourself on the various marketing methods available via media channels both old and new – it could make the difference between you sinking and swimming in business terms.
Sabrina Grymen has interests in film, media, business strategy and blogs on networking, media and careers advice.