Not every business has the same advertising budget, but regardless of budget, every business needs to communicate with their customers. This is true for even the most well-known brands. When we see The Swoosh or The Golden Arches, we immediately recognize the brand. With such iconic and identifiable brands, a lot of people think they don’t even need to advertise anymore – people just know and trust them. In reality, humans can be forgetful, and we need to be reminded of Nike and McDonalds and their products to remain relevant.
“The man who stops advertising to save money is like the man who stops the clock to save time.” – Thomas Jefferson
Brands like Nike, McDonalds, Coca-Cola and L’Oréal are some of the largest advertising spenders in the world. An extremely large portion of that spend is on traditional media, like radio, TV and billboards, which all require a significant budget to make an impression on your target. This is especially true in large markets where viewership and listenership are further divided by countless options of radio and TV stations to choose from.
You’re probably thinking, “Ok, but how can I compete with these big brands with even bigger budgets?” Well, we know that advertising is a necessity for the success of any business, but these big budget mediums aren’t the only way to get the word out about you. With today’s technology, you don’t have to have the ad budget of Coca-Cola or L’Oréal to effectively maintain a relationship with your customers and garner new ones.
The small budget “problem” is actually a common misconception in the advertising world – it’s not a problem at all! Digital advertising is a key method of maximizing the effectiveness of a minimal budget. You can get granular with different targeting techniques, which reduces the waste that occurs when advertising on the mass mediums. By targeting based on the behaviors or demographics of your current customers, you know that you’re just talking to the segment of your total market that is most likely to become your new customers. Digital ads with well done creative will quickly communicate your points of difference and keep your business top of mind for customers. Just like the big brands of Nike and McDonalds, it’s paramount to continuously remind customers that you’re here, you’ve released new products or have a special offer for them. And, most important, digital advertising is cost effective and can be scaled to fit any budget.
When you’re ready to get the word out and bring customers in, the creative and digital teams at InnoVision would love to talk strategy!
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