Marketing Mishaps: 5 Ways Business Owners Waste Money On Advertising
When it comes to adding advertising to your business’s marketing budget, it’s easy to get carried away with the wrong approaches and end up out of money and without profits to show for your efforts. It’s important to understand how to make the most of your advertising budget and how to avoid wasting money on advertising that is formatted to fail. Let’s take a look at some of the things you should avoid in advertising, in order to make the most of your money.
Not Understanding Your Target Audience
When it comes to creating an advertisement, it can often be difficult to pinpoint exactly who you’d like it to be targeted to. Often times businesses get too caught up in all the possibilities their advertisement could have, and end up with a blurred target market trying to reach every potential customer with the same ad. This kind of indirect, unspecific market can make your ad seem flat, and in turn, fall short on the success scale.
Right Place, Wrong Time
One of the biggest mistakes businesses make when launching their advertising is the confusion of quantity and time. Much like any effective radio or television advertisement, online advertisements need to hit your target market at peak times as well to maximize your dollars. Sending out more ads at quiet times will cost more, and be less effective than sending out fewer ads at times when online activity is at a high.
Not Tracking Results
When it comes to digital marketing, the most important step in successful advertising is tracking your results. Whether it be your keywords, search terms or conversion benchmarks, monitoring what is working and what isn’t is the best way to ensure you’re getting the most from your advertising. A great way to test your results is with trial and error. Try out different styles and approaches and see what comes back with the best results, making sure to test those ads against each other with the same parameters like time of day, frequency and budget.
Attractive VS Effective
While it’s always nice to have an advertisement look like a big, expensive, beautiful creation, there is no guarantee that it will be successful in bringing in business. The trick is to examine whether your ad is attractive and effective, or just attractive. For example, if your target market is outdoorsy men, ages 40-60, chances are a big flashy and sparkly advertisement isn’t going to garner much interest, no matter how pretty it may be. Always adjust your advertising to match your demographic and make sure that it’s effective enough to get back at the bare minimum what you’re putting in, though preferably 2 to 3 times more than what you’re putting in.
Making Contact Difficult
In a world where everything we need can be accessed by our smartphones, it only makes sense that we expect the same from an advertisement. Having a great advertisement that brings in lots of engagement can turn out to be redundant if people can’t contact your business as easily as they can view your ad. Adding a call-to-action button on your websites and brand pages can take that online traffic right from your advertisement to your checkout line.
Learning the ins and outs of advertising your business doesn’t come over night. It can take many trials and errors to find an approach that works best for your business as every industry is different, what works for one business may not work for another. However, it is important to stay away from the easy traps that business’s fall into with their advertising, that end up costing more than they bring in. Also be wary of sales representatives that ask for all of your budget, as putting all of your eggs in one basket can actually work against you instead of for you. If you have any questions about your business’s advertising strategies or options, feel free to give us a call at 705-252-4180. At 3SIXTY Marketing Solutions, we are always happy to bring your business the real results your hard work deserves.