Which Ad Works Best For YouJuly 16, 2020
Advertising As The Next Step To Increase Reach
The sole purpose of a business is to sell a product or service in order to make more profit and increase revenue. If that is the goal, advertising serves as the means to draw more potential customers towards that goal. Principally, advertising serves a means to generate more awareness of the product or service that a business is selling. This usually results in more sales and active followers.
Presently, ads have nestled their ways into almost every facet of our lives. From enormous billboards to advertisements plastered across our public transports to magazines and broadcast tv, it is hard to go a day without seeing some form of advertising shoved into your face. However, while these gigantic ads are still effective, a new kind of ad has snaked its way into our lives in the last few years. Yes- I am talking about social media ads.
We have, all, experienced it- having to scroll past an ad on Instagram or Facebook, only to learn that another ad awaits us below. With 3.5 Billion active social media users (as of 2019), social media has become a cesspool of advertising and corporate pushing. So, it is no secret that the best way to advertise your company in 2020 is through social media.
What you already have (Owned Media And Earned Media)
As stated in our previous articles, creating a website and supplementing it with several different social media accounts is the basics of marketing. Now that you have the fundamentals down, it is important to understand what you have created and what you own. By this point, most companies would already have what we call “Owned Media”. “Owned Media” would refer to your website and social media accounts which you have created prior.
And, if you have been creating content and regularly updating your accounts and site, you would have gained “Earned Media”. “Earned Media” is defined as anytime a customer, the press or the general public shares your content, speak about your brand via word of mouth, or otherwise discuss your brand. In other words, the mentions are “Earned,” therefore they are voluntarily given by others. Thus, the titular name “Earned Media”.
It is imperative that you understand what you and your company already have in place because, as we have said multiple times, with any content you create comes a list of analytics that you can exploit to create more insights that will help determine your next move.
What You Could Use to Supplement (Paid Media)
Ever heard the phrase “To make money, you have to use money”? It definitely holds true in today’s advertising climate. After all, with the internet saturated with pay per click ads and business vying for attention, what chances do you have by just posting regularly? It certainly helps but, unless you go viral, it will not help you make a big break. Now, as much as I would like to encourage small businesses to allocate their funds to essential product updates and improvements, paid advertising is often a necessary evil.
After all, the statistics don’t lie and, according to a survey conducted by Search Engine Land, in 2019, 49% of people said they click on text ads, 31% on Shopping ads and 16% on video ads. Furthermore, a whopping 63% of people said they’d click on a Google ad. In 2019, Google also reported that the average business makes an average of $2 in income for every $1 they spend in Google Ads.
That said, there are several things to consider before diving straight into the pit that is pay per click advertising. First, you need to understand the rationale behind investing in paid advertising or “Paid Media”. Completing trifecta above, “Paid Media” refers to when you pay to leverage a third-party channel, such as sponsorships and advertising on third-party sites, to promote your brand, product or service. The purpose of this is to create more earned media and create more awareness of what you already own (aka your site, social media and product or service).
Once you have considered the different factors affecting your sales and media of choice, you can go ahead and invest in your pay per click ads. It is always important to start small first. After all, marketing is an endless cycle of trial and error before improving.
What Works For You
As we have said before, all forms of social media cater to different demographics. The most important part about advertising is understand which strategy works for your demographic and your business. And, the only way to do this is by looking through your audience’s response or “Earned Media” to comprehend the behaviours of your customer base so that you can better target them.
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