Today, marketers are using more ways than ever to reach their target audience. And with so many advertising channels, it's easy to get overwhelmed.
According to a study, businesses use an average of 12% of their revenue on marketing. The last thing you want is to spend such a large amount of money on the least impactful advertising channels.
Unfortunately, without knowing what works best for your business, it's quite easy to get lost and let fear guide you.
Keep in mind that each advertising channel has its own strengths and weaknesses, so it's important to understand them before deciding which ones to use.
Below are tips on how to choose the right advertising channels for your specific business to avoid wasted advertising spending.
Know Your Audience
This seems like a no-brainer, but you'd be surprised how many businesses don't take the time to understand who their target market is. Knowing your audience is essential in choosing the right advertising channels because certain platforms are more popular with certain demographics.
For example, Snapchat is most popular with Generation Z, while Facebook is popular with all age groups. If you're advertising a product that would appeal to Generation Z, Snapchat would be a better platform to use than Facebook.
Similarly, advertising on a local TV station will reach people in your area, whereas advertising on a national network will reach people across the country. So, it's best to know your target audience before deciding which advertising channels will reach them effectively.
Think About Your Goals
What do you want to achieve with your advertising campaign? Are you looking to increase brand awareness, generate leads, or make sales?
Your advertising goals should dictate the kind of advertising channels you use. For example, if you're looking to increase brand awareness, you might want to consider advertising on billboards or TV.
On the other hand, if you're looking to generate leads, online advertising might be a better option for you.
You should also remember that some advertising channels are better suited for certain industries than others. For example, LinkedIn is a great platform for B-to-B companies, while Facebook is better for B-to-C companies.
To sum it up, when choosing advertising channels for your business, it's important to think about your goals and what kind of return on investment you're looking for.
Check Out Your Competitors
One of the best ways to determine which advertising channels are right for your business is to look at what your competitors are doing. If they're successful, there's a good chance that you can be too.
Of course, you'll want to put your own spin on things and not copy them directly, but this can give you a good starting point.
Look at the advertising locations they're using and see if there are any that you're not currently taking advantage of. Are there any that stand out as being particularly effective? If so, those are definitely worth considering for your own business.
You should also look at the type of advertising they're doing. Are they using video, images, or text? What seems to be working well for them? Again, this can give you some good ideas for your own business.
Don't forget to also look at companies that are in a similar industry to yours but aren't direct competitors. They may be doing something that you could learn from and implement in your company.
Create a Marketing Budget
Creating a marketing budget will help you narrow down your choices. This helps you focus your efforts on the most effective channels.
Keep in mind that you don't have to spend a lot of money to see results. Even a small budget can go a long way if you use it wisely.
When setting aside funds for marketing, ensure you consider your marketing goals and business bottom line. Different marketing goals will require different budgets.
For example, if your goal is to increase brand awareness, you'll need a larger budget than if your goal is to generate leads. Once you have an idea of how much money you can realistically spend on marketing, you can start looking at the different channels for advertising.
Assess the Effectiveness of Different Channels
When looking for an advertising channel, the first question business owners have is, "where should I advertise?" The answer to this question depends on many factors.
The most important factor is the type of business you run and your target audience. These two factors help you determine how effective an advertising channel is.
Remember, what works for one business may not work for another. So it's important to experiment with a few different options before settling on the perfect mix.
One way to assess the effectiveness of an advertising channel is to track how many leads or sales you get from it. You can also track how much traffic your website gets from each channel. This will give you an idea of which channels drive the most valuable traffic.
Once you've experimented with a few different channels, you should know which ones are the most effective for your business.
Create an Authentic Marketing Strategy
Creating a marketing strategy is key to any business, big or small. Once you know which advertising channels are most effective for your business, you can start to create a more authentic marketing strategy.
One way to do this is by creating buyer personas. A buyer persona is a semi-fictional character that represents your ideal customer. These personas help you better understand your target audience and what they're looking for.
This, in turn, helps you create more targeted and effective marketing campaigns. If you're unsure where to start with creating a marketing strategy, consider working with a marketing agency. They can help you create an authentic and effective marketing strategy that works for your business.
Find the Right Advertising Channels for Your Business
Are you wondering where to run an advertising campaign for your business? While advertising can be a great way to grow your business, it's important to choose the right advertising channels for your business.
By following the above tips, you can ensure that your advertising campaigns are successful.
But if you're having trouble choosing the right advertising channels, check out our platformat Savant DSP to learn more. We will help you find the right marketing channels to reach your advertisement goals.