Have you ever spent money to advertise your business, but lost it all? Maybe you wanted to sell a product, but it seemed like no one wanted to buy it? Don’t worry, you’re not alone. Millions of advertising dollars are spent every year, but they don’t always have happy endings. Here are some things you’ll learn today to maximize your spending!
📣 Advertise to YOUR Audience
Imagine this... It’s your first day of retirement, and you’re excited to finally have unlimited time to do your favorite things. Maybe you’re about to travel, golf, volunteer, etc. As you go to check your mail, you come across what looks like an advertisement that reads, “Get ready for back to school! 15% off all supplies”. As you sigh in disappointment, the flyer lands in its new home, the recycling bin. Does this story sound familiar to you? We have all been the recipients of poor ad targeting from time to time, but it doesn't have to be that way!
When building your strategy, be sure to pay attention to who may be most likely to engage with your product or service. Instead of targeting retirees or using “blanket” direct mail, the flyer from above could have been sent to households with multiple family members under a certain age and within a school district, etc. Demographic information can be found just about anywhere through primary and secondary research. Create surveys, look up census data, and get creative!
⏳ Strategize Frequently
If you haven't yet noticed, things change fairly quickly in the 21st century. Because information evolves so quickly (especially online), it’s critical to review your strategy at least once per week, if possible! Some weeks, your strategy may not need to change. Other weeks, your strategy may need to be revised, but it’s unlikely you will need to go for a complete change. Make sure to track metrics that let you know if your strategy is working! More on that here: https://youtu.be/LpJVNZmEkjI.
🎯 Maximize Your Targeting Capabilities
In order to have an effective strategy, it’s important to advertise to YOUR audience; however, not every channel allows you to do so. Campaigns using billboards, radio ads, or any other form of traditional advertising often make it difficult to be accurate in your efforts. Instead, opt for social media platforms or search engine programs that allow you to choose the type of demographic you want to target. For example, Facebook produces “lookalike” audiences to help you target the demographic you’re looking for!
📄 In Conclusion
It only takes a few simple steps to develop your best advertising strategy yet. First, think about who your true audience is. Will they want your product, or do you just think they will? Make sure to check sources of information to build your target demographic. After you know who your target audience is, be sure to meet on a weekly basis to determine if the strategy is working. The best strategies are the ones that are flexible and follow the trends in association with who the target audience is. Lastly, be sure you are able to actually target! Use platforms or marketing plans that will enable you to reach the maximum number of your target audience. Lastly, track your results; what’s the point of a strategy if you can't see it working?
📽️ Watch the Full Video on YouTube