New and veteran business owners alike constantly fight the same battle - finding the best ways to advertise. Marketing can become expensive, especially for those who don't really know what they're doing.
The ROI, or return on investment, is the determining factor on whether or not you're doing your business any favors by advertising. For example, if you spend $500 a month on advertising but are only seeing a $300 increase in sales, something's not right.
Part of understanding the right formula is learning the right types of advertising for your company and your consumer base. The idea is to appeal directly to your targeted audience by using a marketing strategy most likely to grab their attention and speak to them.
Keep reading for some examples of the most popular types of advertising in today's world!
There are endless approaches to advertising, and each has its benefits and preferred audience. Check out these six types of advertising and see what most applies to you and your customers.
One of the oldest yet tried and true forms of advertising are the various forms of print. Here, we will cover the four basic types: newspaper, magazine, flyers, and direct mail.
Newspapers are great for small local businesses to get their name out in the community. Even though the number of people reading the physical newspaper is decreasing, many newspapers put their ads onto their online site as well. Magazines are no different, just more expensive.
Flyers are an okay way to go, but they also require "papering" cars, local shops, and neighborhoods. Direct mail is a service you can hire that mails your flyers or newsletters to a specified number of houses in a targeted location. This method can be successful, but many people see your advertising as junk mail and immediately throw it away.
Account-based advertising is an innovative marketing technique used by those who already have a client base. They use their account information to understand exactly what their client's needs are. From there, they can advertise specific products and services to them.
ABM advertising is an especially efficient technique. It saves business owners time and resources by avoiding blind marketing and shows clients more of what they want. Of all the types of advertising, ABM is one of the most useful for established businesses.
Another one of the best types of advertising is done through social media. Target marketing through Facebook, for example, allows business owners to spend their money where it counts.
They can target specific genders, ages, locations, people with particular interests, etc.
For business owners looking to extend their awareness, one of the better types of advertising involves using other peoples websites.
Using display ads is similar to buying a spot in a newspaper. You buy space on another website (specific to your business) and advertise through them.
Another one of the tried and true types of advertising, especially for local businesses, is TV and radio advertising.
While admittedly not the most financially efficient, TV and radio advertising may be a good call for your business. It really depends on the type of business you have and the community of people who will hear your ads.
Finally, you can choose to better your awareness in the community by being a large part of it.
Getting involved with a local charity or organization to throw a fundraiser may be one of the best types of advertising you could do to get noticed. For example, if you need to raise financial support for your church, then here are some fundraising ideas for your local church that you can try today.
Being a successful business owner mostly comes down to trial and error. Each type of business has to find it's own way based on the community and what types of advertising most appeals to that audience.
It may take time and resources, but that's every business owner's rite of passage!
Best of luck, and for more specific business counsel to cut down on trial and error time, contact us today!