What We’ve Learned
Was it March when the last semblance of normalcy graced our minds and hearts? Oh, how I do miss the days when I didn’t have “2020 vision”. I’m sure you are reading this while enjoying your 2nd or 3rd cup of Donut Shop Blend from your kitchen Keurig® and trying to drown out the sound of your children running around the house while at each others’ throats for stealing LEGOs® (don’t ask me to come up with a relevant toy name, I don’t have kids). While these are bizarre and scary times, they have helped to reveal some hopeful truths to the world of business--more specifically, small business.
Even though Marketing professionals have been noticing this fact for many years now, the current physical distance standards and forced reliance on digital communication and connection is proving one fact to business owners across the globe: digital is better. More people are spending more time on more digital devices and accessing more digital content, encouraging more marketing technologies to be created, which are more accessible and provide more access to reach more people with more engaging promotions more easily, more often, and more… better (excuse my grammar). I won’t bore you with statistics to prove that statement infallible, you already know in your heart that it’s true.
So what do we do with this knowledge? Well my young padawan, it’s a lot easier than lifting an X Wing out of a Degobahn swamp. You simply need to understand what your marketing dollars are getting you (ROI) and compare that to your other options. In short, your business needs to spend less on less-effective marketing and spend more on more-effective marketing.
You Get an Ad, You Get an Ad
A fantastic example of this ‘more-effective marketing’ is digital advertising. With Facebook (and The ‘Gram), Google (and The ‘Tube), LinkedIn, Twitter, (dare I say Tik Tok?), Twitch, Snapchat, and so many others developing crazy-good advertising tools inside their platforms, you have the best advertising potential ever! All of these digital platforms have captured a vast amount of attention from their users and that means they are inexpensive, (can be) highly engaging, and deliver amazing measurements to prove that your marketing spend is in the right place.
So it’s time to think about what those billboards, TV commercials, newspaper classifieds, and radio ads are actually doing for your business? There can definitely be scenarios where these traditional platforms are just what you need to convert sales, but most likely, your money would be better spent somewhere else. If $50 can reach 25,000 people on Facebook, what does it cost to reach the same amount of people with a traditional platform? Are the right people seeing your ads and promotions? And how would you know if those people are even interested in what your business has to offer? To compare what your marketing budget can do on digital platforms, ask a marketing agency like us for industry estimates (shameless sales pitch).
So… You’re On the Social Medias?
Digital ads are a fast lane to marketing success (if you or someone you know can manage them well), but if your business hasn’t set aside a marketing budget or you are simply a solo entrepreneur without the funds for advertising, there is still a HUGE opportunity for growth. The free way to grab attention for your business on these platforms is to make valuable content and build an audience. There are plenty of good resources on making valuable content, so I won’t touch the subject in this… content. But the same rule still applies if you don’t have a marketing budget: use your time and resources on platforms that are going to make a difference, not ones that have little impact on your business’ growth. Simple, right?