Advertising is what links you to potential customers. Without a successful marketing campaign, you can have the best quality service or product, but no one will know about it. The tricky part is understanding how to effectively invest your money in advertising to grow your small business. You want to avoid sinking money into ineffective marketing outlets. By following the steps below, you can set yourself up for the best possible return from your advertising budget.
Know Your Target Audience
One of the biggest wastes of money that businesses spend on advertising is targeting the general population. Your product or service has a target market. If you don’t know what your target market is, then analyze your customers. Get to know what their age, gender, occupation, income range, and other key attributes are.
Although we would all love to have every person as our customer, it’s not going to happen. You need to focus on your bread and butter audience by specifically targeting them with your advertising. This will ensure you get the most return on your investment.
Establish A Competitive Advantage
Why is your offering better than other competitors? You need to specify what specific advantages your company has over others. Consumers are always looking to get the absolute best for their money. Make sure you establish why you are the best in specific areas so they can associate your company with that specific advantage.
Create Your Image
McDonald’s, Dr. Pepper, Doritos, and Skittles all have one thing in common, they have an image that you could pick out a mile away. Honey Comb says many brands seem to forget they need to maintain a consistent image over time. There’s a reason why all the products listed above have been around for ages. Consumers can tell what the product is without even reading the label because they are so used to seeing the same image over and over again.
Don’t Let Your Budget Reign Supreme Over Your Advertising
While having an advertising budget is necessary to give you a ballpark number of what you can spend, you shouldn’t let your budget decide how you advertise. The key is to assess what sort of advertising is going to be the most successful for you. If you know you can get a great return on your investment, it’s a no-brainer to spend more on advertising to reap the returns in the future.
When you spend a while doing marketing, the outlets that will give you the most return on your investment will become clear. While you want to continue to invest the bulk of your advertising money in these areas, it’s always wise to keep testing. Don’t set yourself up for a roadblock of only advertising a few ways and that’s it.
The idea of advertising is to bring in as many new customers as possible. Don’t be afraid to try new marketing campaigns in different areas that you are not overly familiar with. Keep expanding your efforts and soon you will be better at investing your advertising money in those unfamiliar areas.