If you take the time to do the appropriate research, advertising is often shown to be more an investment than an expense. Unfortunately, with so many different techniques to try and platforms to advertise on, it’s possible you could spend your entire budget on techniques that aren’t worth the price. Since marketing and promotions are the only two efforts that will help expand and grow your business, setting aside funding for the right tactics is key. Here are some tactics that offer the best return on investment so you can maximize your profits without expanding your budget.
We live in a society with extremely price-conscious consumers. Since many people put price over everything else, it’s important to keep your prices low and competitive by funding the right ad campaigns. One campaign to allocate funds to is online ads. According to analytics, many businesses have measured that the average short-term return on investment for online ads is about $2.18 per dollar spent. This is much higher than the short-term return on magazine advertisements and newspapers ads. Retail stores like Nordstrom’s and Target have been able to find added success with offering online coupons from discountrue along with printed ones.
Increasing Brand Loyalty With TV Ads
TV ads are effective advertisements that will drive sales in the short term while also offering you brand loyalty and recognition. With the right message and the right distribution choices, you can make a commercial ad campaign generate business now and later. According to the data, online techniques are great for immediate returns, and TV is the best option for a consistent return over time.
Discounts and Promotions
One way to influence consumers to buy is to offer discounts and promotions through either in-store program or through other online channels like social media. By giving the consumers an opportunity to save money, they are far more likely to buy from you now. This means you will drive your sales for as long as the promotions are valid, and can build a customer base to market to in the future. If you’re shopping and offered coupons for your next purchase, these offers are forms of advertisements used to get you through the doors and spend money. The money you lose out in the cost of the discount or gift is the advertising investment.
You should always be mindful of how each technique in your campaign is performing. With the right message, the right channels, and the right tweaks, you can increase effectiveness and gain more on each dollar spent. Keep an open mind and integrate different methods so you can keep up with advertisers who are always trying new ways to engage and convert customers.
Today’s guest blogger is freelancer Brooke Chaplan and you can reach her at firstname.lastname@example.org.