Your business’s advertising budget doesn’t have to break the bank. It doesn’t even have to be complex. Here’s how to use platforms, demographics, and budgets to build a strong campaign that reflects the core of your company.
Yes, it may be true that every business’s advertising budget is different, but there are still basic strategies you can use to determine where—and how—you spend your funds. Assessing, addressing, and adopting are three great ways to optimize effectiveness as you prepare and pay for your future campaigns. Here’s how to get started.
Start by considering the different platforms businesses can use for advertising campaigns, keeping in mind that not all platforms will pertain to your industry. Determine the most relevant media outlets for your business by contemplating your advertising goals, your budget, and your competition’s campaigns.
> Social media
Now it’s time to define your demographic. If you already have user experience personas or marketing collateral, pull from those. If you don’t, begin building your marketing resources by asking: what is my average consumer’s age, profession, and annual income? Next, define what platform would reach them best. Are they more likely to open up a newspaper or go online? Finally, think through the impact of your messaging. Would your audience respond better to bold colors and short callouts or subtle designs and thorough descriptions?
Figure out the funds: Once you’ve made your selections, it’s time to determine how much money you need to spend to capture your audience and optimize your revenue. Apply these three steps for success.
> Analyze the market. Compare your company with others by researching market trends.
> Do the math. Calculate your advertising budget percentage based on your business’s age and annual income. If you’re a new business, this should typically be anywhere from 12–20% of your gross revenue. If your business is older than five years, you want to aim for between 6–12% of your gross revenue.
> Distribute your budget across platforms. Once you have your media outlets selected, you can begin to decide how much of your budget you want to spend on each platform.
Apply these strategies and you’ll be one step closer to a successful advertising campaign budget for your company.
The horizon is shifting, and video is taking over digital advertising. Now’s the time to think about how you can reach your customers through interactive videos. Apply these tips to get started.
> Include a video on your company’s landing page.
> Showcase your product.
> Share your company story.
> Make your videos interactive.
> Create short teasers to foster awareness and spike interest.