As well as promoting your business with marketing and PR activities, you can further increase your brand’s visibility by paying for advertising, using the medium best suited to your target market.
Choosing your channel
Once you have launched your business with a promotion, paying for advertising can broaden your reach. In a competitive market, it is important to use the right means of communication for your target audience.
For instance, if your message is for an older demographic, traditional advertising in printed publications or on the radio may still be effective, although much more expensive than your online options through digital marketing techniques.
Online advertising is more flexible, as it is not limited to a scheduled publication or broadcast. Response rates, which you need in order to calculate your return on investment (ROI), are also much easier to accurately track online advertising.
I’ve still included traditional advertising techniques, just in case your business can utilise them, however I’d always recommend choosing digital advertising options for your business. Let’s jump into the pros and cons of each advertising option you have at your disposal so that you can decide on the most effective and affordable way to advertise to your customers and make money:
Traditional Advertising
1. Direct mail
PROS:
- Reaches local/specific target market, such as restaurant diners.
- Delivered directly to people’s homes/offices.
- Low cost.
CONS:
- May be regarded as junk mail and discarded.
- Typically low response rate.
2. Newspaper
PROS:
- Fast publication process.
- Themed specialist section may allow for targeted ads.
- Can include discount coupons.
CONS:
- Offers no control over advert placement.
- Competition for attention with other material on the page, including competitive adverts.
- Short shelf life and lower-quality printing.
3. Magazines
PROS:
- Often in circulation for months.
- Specialist titles and themed sections allow for targeted advertising.
- Quality printing adds value to your brand.
CONS:
- Accurate circulation figures can be hard to source so you don’t know how many impressions your advert has had.
- Advance planning is required to secure advert slots.
- Is more costly than newspaper as it reaches more targeted demographics. (kind of a pro too!)
4. Radio
PROS:
- Inexpensive and easy production process.
- Useful for reaching a target audience.
- Good for creating immediate sales.
CONS:
- Listeners tend to “switch off” during adverts.
- High frequency adverts required to have impact (needs to be heard lot’s to stick in audience’s minds)
- Increased competition and higher cost for “rush hour” slots.
5. Billboards
PROS:
- Highly visible, clear message and seen repeatedly at all times.
- Reaches people faster and more cheaply than other traditional media.
- Great for targeting certain locations to reach a specific audience.
CONS:
- Format limits message length and creative size.
- High competition in prime locations can drive up costs and space.
- Can be easily missed by your target audience.
6. Cinema
PROS:
- Potential to impress the audience with creative, professional production.
- High impact.
- Easy to track impressions vs ticket sales.
CONS:
- Limited audience quantity.
- Audience tends to arrive after adverts.
- Very expensive compared to other media advertising.
7. Television
PROS:
- Offers local, national and global reach.
- High impact with vision & sound.
- Adds high brand value and trust.
CONS:
- Generally more expensive than other media types.
- Repetition can cause “ad fatigue”.
- Viewers may ignore or skip adverts on TV.
Digital Advertising
1. Email marketing
PROS:
- Usually free to send emails. Requires good software and a list of email addresses.
- Offer ability to send out bulk email offers.
- Easy to track response rates.
- Automate email delivery with “drip flows”
CONS:
- Building an email list takes time and investment.
- Emails can be deleted or marked as spam.
- Highly regulated so you need to obey data privacy regulations.
2. Pay-per-click (PPC)
PROS:
- Affordable, as you only pay when a potential customer clicks on your ad.
- Can be visually eye-catching and builds brand awareness very effectively.
- Makes it easy to target interests, topics and demographics.
- Usually have high click-through rates.
- Very easy to track return on investment (ROI) and other important key performance indicators (KPIs)
CONS:
- Your website must be optimised for conversions to ensure that clicks convert to sales.
- Advert blocking tools can stop users from seeing your adverts.
- Highly competitive which can increase costs.
- Requires advanced setup and constant maintenance, and testing.
3. Paid social media
PROS:
- Easy to target specific audiences.
- Increases brand visibility and recognition.
- Cheaper than traditional advertising.
- Very easy to track return on investment (ROI) and other important key performance indicators (KPIs)
CONS:
- Difficult to interrupt the audience whilst they’re using social media to interact with friends and family.
- Highly competitive which can increase costs.
- Requires advanced setup and constant maintenance, and testing.
4. Influencer sponsorship
PROS:
- Can connect your target market with your brand through an influential source - creating trust between your brand and its customers.
- Great for raising “quick fire” awareness.
- Increases brand loyalty.
- Increases brand authority and trust, especially if the influencer is in your niche.
CONS:
- Large followings do not necessarily guarantee high engagement.
- Influencer’s change in reputation may affect your brand reputation.
- Difficult to find and reach influencers.
- Usually a very costly process.
5. Native advertising
PROS:
- Generally low cost.
- Quick and easy to track effectiveness.
- Can target specific demographics thanks to geo-targeting technology.
- Can engage dynamically with specific users (by using their name, location etc)
CONS:
- Difficult to test and adjust your adverts for different screen sizes.
- Users may find this approach quite intrusive.
- Requires expert setup and monitoring.
- Native ad creation can take a long time.
6. Affiliate marketing
PROS:
- Usually commission based, so you only pay once you get a sale.
- Tends to increase brand authority and trust.
- Backlinks to your website, which is positive for SEO (search engine optimisation)
- Low cost to get started.
CONS:
- Can be difficult to source good affiliates.
- Difficult to maintain relationships with affiliates.
- Little to no control over the traffic you receive.
- Commission and revenue-shares must be negotiated.
