Choosing the Right Marketing Channels For Your Business
Author: Mario Petkovski
Since you have launched your business, it is time to advertise and inform people about the product or service you offer. We all know that marketing is very important, especially for a newly started company on the market. With all the competition in every segment, it is truly hard for new businesses to compete.
That is why almost every company focuses its recourses in the marketing field. However, sometimes it is difficult to choose what marketing strategy to apply and what marketing channel to choose to advertise. There are so many different marketing channels that cost differently and can bring you different results.
Furthermore, we will go through some of the basic things to go over when choosing the right marketing channel for your business.
Obviously, it is the most important factor when you are designing your marketing campaign. When people ask on what channel they should advertise their business, the answer is probably everywhere. However, that costs a lot of money that freshly started a business cannot handle the cost. Determining your budget for marketing depends on many things such as the type of product you offer, your profit margin, sales expectations and much more.
Three to ten percent of all sales are considered an acceptable marketing investment for the business. However, that percentage can go up, especially when you are new on the market. If you a run on a tight budget, you should definitely focus only on online advertising. If you want to make ATL (Above-the-line) or BTL (Below-the-line) advertising, you will need to expend your budget.
- Audience segmentation
Before you created your business and launched your products you probably did some market research in order to determine your target audience. Understanding your target audience is crucial for making successful marketing campaigns. Since you have found the audience that is the most likely to buy your product, you can start to dig deeper and find out their age, interests, places they hang out, other stuff that they like, where they live and much more. Every plus information about your target audience will make designing your marketing campaign way easier and more successful.
Once you know all the characteristics of your target audience you will know where is best to advertise your business. For example, if your target audience is young, you can apply online advertising in platforms such as Facebook, YouTube ads that they are most likely to see. If your audience is older, you should go for Television advertising, Radio advertising, Flyers and etc.
- Creative thinking
Marketing is all about creativity. That is why so many of the company giants invest millions in advertising in order to come up with something new and original. However, even if you created the most creative advertising campaign, it will still fail if you show it to the wrong customers.
That is why you should always target your audience, it is better if you show your ad to fifty people, from which only three of them will buy, rather than show it to thousands of people and get no sales. Complimentary marketing is something that big companies do and it proves to have incredible results. You should find where people are more likely to consume or buy your product and attack with advertising.
For example, Red Bull puts refrigerators in universities just because they claim that their product activates the brain more and in supermarket we can always see nuts and almonds, near where the whiskey is stored. So be creative and find a way to force your product in a nice way to your customers.
You might also try to reward your most loyal customers. For example, since we are in the NFL preseason, the sports franchise in 2017 gave 500 tickets to the most loyal superfans of the teams. This kind of promotion helps to create a faithful customer base, that will spread the word about the quality of your products and your service.
- Business requirements
Some businesses might encounter some restrictions when advertising or the advertising channel might not be suited for it. Depending on the product or service you are trying to promote your marketing strategy can be different. Does your business have online capabilities?
Can your product be well presented on the marketing channel? Are some of the questions that you need to ask yourself in order to determine your advertising campaign. For example, if you are selling high-quality cheese, it is best if you offer your customers to try your product, rather than advertising it online.
These are some of the factors that can determine the marketing channel you choose. You have to be careful just because an unsuccessful marketing campaign can cost you a lot of money. Do your research and come up with creative advertising solutions.