5 Tips to Advertising on a Budget
Investing a lot in your marketing spend doesn’t guarantee a large return. Knowing when, where, and how to spend your advertising dollars is the key factor. Even modest budgets can get a good return from their advertising dollars when spent well. This industry rewards playing smarter, not harder, with your budget. By planning strategically based on the industry and your target audience, you can significantly increase your ad ROI.
If your business is just getting started, the options can seem overwhelming and expensive. Those options give you many opportunities for cost-effective advertising if you know where to look for them. Let’s look at a few tips you can use to optimize your marketing budget.
Don’t Spread Yourself Too Thin
It might be surprising for new marketers and small business owners, but you don’t have to be everywhere. Running an effective campaign doesn’t mean you have to cover every method and platform. Choosing where and how you want to advertise and optimizing your ads for that platform gives you the most traction, particularly as a new business.
The trick for gaining awareness for your new business is to invest early in media with a massive reach, such as radio. Strategically planning allows your ads to perform well on platforms that reach your target audience rather than pushing them on several platforms without proper optimization. Place your ads where your audience is or likely to be and continue to expand once you develop your budget. More involved options give you better access to your audience since options like radio listening reach 90% of American adults.
Get to Know Your Audience
Understanding your target audience is essential to create ads that resonate with them. If you are not marketing to your ideal customer, your time and money aren’t going as far as they could be. Start with developing a target persona to get a sense of who your demographic is before developing your marketing campaign. Then, find out what problem your goods or services can solve for them.
Public-facing businesses can survey their customers to get this information. Those who work directly with the public naturally can do market research as they interact with them and benefit from using that opportunity to your advantage. If you doubt surveying your audience is important, consider that customer service is essential to 96% of consumers. Knowing what your audience wants and expects lets you develop the perfect customer experience for them.
Develop a Strong Social Media Presence (But Pay For Some Ads)
Every business understands the importance of having a social media presence. You may not realize that it is a virtual marketing goldmine and drives positive attention to your brand with a low-budget. Take the mattress brand Purple. it emerged on the market as an unknown entity in a dense sea of mattress manufacturers until they leveraged social media to tap into the direct-to-customer market. Being active and responding to relevant posts can get your name in front of a lot of people interested in your message.
While posting your own content is a good strategy, it can be made even more effective by investing in some paid ads. Placing ads on Google or social media platforms like Facebook is akin to casting a wider net. It gets your brand in front of those that may have missed your message otherwise and allows you to reach those who may not be active on other platforms. Don’t forget that email marketing is still a viable and effective method of increasing your ROI, returning $38 for every $1 invested.
Embrace Your Community
Starting small and developing a community presence drives more visitors to your business while creating a loyal local customer base. Advertising on local radio is one of the most effective ways to:
- Reach your community
- Get them interested in your goods or services
- Make them aware of your presence in the neighborhood
- Encourage them to visit
Audio advertising boosts the efficacy of brand communication by 20%. Focusing on your local audience is far more effective for driving foot traffic than spending money marketing to people who can’t easily get to your business.
Get Creative With Your Content
When you think of the most impactful ads you’ve seen or heard, it is likely they reflected the brand’s unique personality and weren’t dry or impersonal. Using advertising as an extension of yourself and your values is a great way to make your business stand out from the competition. Creative content doesn’t necessarily have to come with a hefty price tag, either. You can create in-house ads with striking visuals to get more attention on Google or record low-budget radio ads to get your message in front of your ideal audience. Radio’s broad reach allows for a big return that more than makes up for the cost of creating radio ads.
Advertising on a Budget Is Possible With Strategic Investment
New or small businesses may believe that impactful marketing is out of reach due to budget limitations. But remember, every company had to start somewhere. Today, there are more opportunities for cost-effective marketing than ever before. Getting the most out of your marketing budget requires strategy, focus, and a little creativity.
Being smart early on with your marketing budget is essential to your future growth. Following these tips helps you get your name in front of the right people in the places where they spend their time. Investing strategically is key to growing your business. It is possible to optimize your campaign spend with even a modest budget to increase your brand awareness and ultimately produce an impressive ROI.