It’s hard to believe that we are already halfway through 2022. Now is a great time to take a look at your marketing strategy and plan for the second half of the year. How have your business goals evolved? Are you investing your marketing budget in impactful channels? Are you seeing a return-on-investment from your tactics? This is especially important to examine when looking at traditional marketing tactics. Even though billboards or direct mailers may seem like they are getting your brand in front of thousands, how do you know it’s working? Are you leveraging digital marketing enough to see the results as well?
In order to get the most out of your marketing budget, it may be time to put more money into digital marketing over traditional. Your customers are most present online, directly interacting with your brand and business across multiple touchpoints. Here are some reasons digital marketing can help you get the most out of your budget:
- Customers Can Act Immediately
Traditional tactics require potential customers to actively seek your brand out in their own time. They may be intrigued by your radio ad they heard on their way to work, but what really are the chances they remember it when they could actually be of use of your services or products? Conversely, Paid Search ads allow you to reach customers during their moment of need and immediately interact with your business.
- Cost Efficiency
Digital marketing is often a more affordable route versus traditional, with efficiency in audience and geographic targeting being a significant contributing factor. On average, the cost per thousand views (CPM) for cable TV is $17.50. While on the other side, the average CPM for YouTube ads is $3.50 (Forbes). This means with digital YouTube video ads your brand can be viewed 5x more for the same cost as a cable tv slot.
Unlike a stationary billboard or direct mail pieces, digital marketing is more adaptable in real time. Need to update your creative? Promote a special offering? These changes can be made and adjusted easily with digital marketing using data and campaign performance to guide you, whereas traditional media cannot. On top of that, digital media allows you to leverage technology, machine learning and AI (artificial intelligence) that tailor your ads based on the user and optimize automatically to maximize your potential return on investment.
- Direct Return-On-Investment
Speaking of ROI, in comparison to traditional marketing, you can directly see how your marketing dollars are working for you on a daily basis. For example, with Paid Search ads, you can see how many people clicked on your ad and the exact cost per click to do so. This is extremely helpful to know where your marketing dollars are working and where they could be improved.
Is it time to put more money into digital? Or want to know more about how you can improve your current digital marketing tactics? Our team of Local Advisors are here to guide you through your specific market opportunity so you can get the most out of your marketing budget. Email us at email@example.com to learn more.
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