Did you know globally, businesses spend approximately $600 billion annually on advertising?
Business promotion plays a critical role in building brand awareness, drawing customer attention & retention and improving goodwill. That’s the reason why companies, regardless of their size and industry invest heavily in marketing and advertising. It directly influences their sales and revenue.
However, it’s feasible only if the company selects the right advertising medium, especially if it’s a new venture.
Why?… The reason being is that as a rookie in the industry, entrepreneurs need to introduce the brand & create a lasting impression. Without a strategic action plan, choosing an ideal option could get overwhelming & confusing. Consequently, it’ll hamper business growth.
Fortunately, there’s a way out of this situation. In this guide, we’ll discuss the factors that can assist you in the selection of advertising media. So, let’s get straight to the business.
1. Company Objectives
“What does your business want to accomplish by promotions?”
- Do you wish to improve your brand image?
- Do you want to increase revenue?
- Do you desire to be the next internet sensation?
Accordingly, the organization’s objective needs to be aligned with advertising. For instance, if your company is launching a new product, social media promotions would be ideal. It will increase the reach and encourage prospective customers to connect with the brand.
Learning about distinct ad objectives such as informing, reminding, convincing, and more would come in handy here.
2. Nature Of Product
Your product or service type will assist in selecting the right promotion platform. For example, billboards and social media ads would be nice if you are a clothing brand. It will highlight your brand name and act as a reminder.
Similarly, for handyman services, newspaper ads, flyers, and Google paid promotions will attract potential customers.
3. Financial Position
As you might already know, media selection is highly influenced by a company’s paying abilities. Promoting your brand on billboards is costly; thus, only financially stable businesses use this medium. On the flip side, startups and small-scale enterprises use print media as it’s affordable and quick.
Depending on your marketing budget, you can create a promotion mix. Such as using linear TV and social media for reminder ads. Or, you print and radio announcements for “discount and offer” promotions.
4. Potential Market
Your business audience can be categorized into different groups depending on age, financial abilities, profession and taste, and preferences. However, not every promotional campaign could be directed toward all. Instead, it should be based on the “one-at-a-time” agenda.
For instance, to drive sales, the ads should be targeted toward the people who can actually afford the product. Here, you can avail the perks of linear tv advertising as 84% of TV viewers are 35 or older. They have the money to spend; thus, they are likely to make a purchase.
Fun Fact: Due to the incredible benefits of linear TV ads, 315 brands across 74 categories launched their first national TV campaigns in 2021.
5. Credibility Of The Medium
The credibility of the platform you are using for brand awareness is extremely important. It creates an impression in the consumer’s mind and holds the potential to influence their decision.
Studies have shown that people are more likely to rely on a brand that promotes its product in reputed newspapers and magazines. It boosts the product or service’s credibility. Inversely, a product marketed over a shady site or mobile app is less likely to provide positive results.
Simply put, the media you choose needs to be popular and trustworthy.
6. Extent Of Coverage
It means the number of people the advertisement will be exposed to. Print, radio, and local search results will be your best friend if you want to target a local audience. On the other hand, if you’re going to capture the attention of a national audience, TV, billboards, and magazines can assist in accomplishing this goal. Social media, YouTube, and OTT platforms are ideal for a global audience.
Of course, you can alternate between all these platforms to stay connected with existing customers yet expand your horizons. However, you need to ensure that the company message is delivered clearly to all. For this purpose, how often customers encounter the ad becomes critical.
Let’s Take A Recap
From television to social media, we’re surrounded by brand advertisements. This frequent exposure to a product or service ignites curiosity in the customer. As a result, the thought of consuming the product or service crosses the end-user’s mind. This assists in boosting the brand image, generating leads, and driving sales.
Also Read: Connected TV advertising spend expected to rise 39%
