Marketing is one of the most important aspects of business, despite how often it gets bumped off for more immediate concerns. Rather than seeing it as an added expense, your business’s chosen advertising strategy should be treated as an investment. Effective advertising enables you to maximise your brand’s impact, generate sizeable returns and engage both new and loyal consumers.
Most business owners can ensure that their business is not wasting money, time and effort on advertising by monitoring each campaign’s metrics and taking note of strategies that show the best results. Similarly, knowing which types of advertising are giving your business the most opportunities to reach its target markets and stay relevant to them is also crucial to your strategy.
Take a look at which types you can consider for each of your business objectives – a mix of multiple types usually works best:
This type traditionally covers marketing through mediums like newspapers, magazines, brochures and fliers. This tends to be expensive especially when you consider how much print space costs in a major newspaper or a glossy magazine. As an alternative, businesses can also access less expensive print options in community papers, classifieds and delivered fliers. Aside from being more budget-friendly, these mediums may prove to be even more effective when targeting a local or niche market.
Currently the most popular type of advertising there is, marketing through digital mediums such as apps or online content gives businesses the opportunity to meet consumers on platforms already integrated with their lifestyle – without necessarily having to spend more. It is pretty versatile in its offerings, from pay-per-click services such as Google AdWords, home page coverage on popular websites, original content (embedded or otherwise) and even round-the-clock interaction via Facebook, YouTube, Google+, LinkedIn, and Twitter.
Outdoor or Out-of-home Advertising
This form of advertising includes billboards, signs, event sponsorships, or anything that has to be set-up in locations aside from your business’s offices or stores. Depending on which location or surface your advertising on, you could be starting a conversation with medium to large groups of people passing by. Occupying ‘public’ spaces is usually subject to local laws and regulation, so remember to check whether you have the necessary permits before putting up your advertisements.
Broadcast advertising is a status symbol among all the common types of advertising because of how expensive it is. This traditionally includes television and radio ads, and focuses on keeping your brand’s name at the top of your consumer’s mind (instead of leading directly to a new sale). With the rise of the digital era, broadcast advertising has started to include third-party advertisements on YouTube, Vimeo, and various Podcast channels.
Don’t feel limited by the above examples, as there are definitely more specific and complex marketing subtypes under the common ones we’ve mentioned. In fact, more and more brands are trying to innovate and make their advertising materials more personal to consumers instead of merely focusing on shock value.
You can seek help from marketing specialists and business coaches if your small business or startup has limited experience in developing its own marketing strategies. Experts like these can provide large insight into what works for businesses in your industry and how to position your brand against them in the best ways possible.
To learn more about which strategies are suited to your business’s specific objectives, download our eBook.