The evolution of Marketing and Advertising continues.
We’ve long since seen the extinction of the old Yellow Pages telephone book as a primary advertising media, and are now seeing print newspapers and magazines going the same way.
They are being replaced by a wide variety of paid digital Marketing Campaign media.
This includes Google AdWords and FB Ads of course. We are also seeing the rise of video based ads on sites like YouTube and Instagram that are extremely high converting. For local business people, SMS marketing and proximity marketing devices are growing as the technology improves. What is involved in getting started in any or all of these?
Your Current Marketing Agency Or Consultants
The logical place to start is with your existing marketing agency. Find out if these types of marketing fall within their experience. The reasons to begin here are not so obvious that they shouldn’t be discussed.
In marketing we frequently speak about the “Voice” behind all of your online presence. This refers to the personality, so to speak of the narrative, images, design and inherent feel of all of your online properties. If you are using a Marketing Agency, they should be actively involved in crafting this Voice. Carrying this aspect over into these new advertising arenas is important.
Don’t be surprised or disappointed if that agency isn’t conversant in a desired marketing method. It is rare for an agency (no matter how experienced or broad based) to have completely universal knowledge. They shouldn’t be shy about their knowledge shortfalls either. Hopefully they will have partnered with professionals in those niches that fill those voids. Remember, you still want one entity to oversee these new advertising campaigns anyway.
If you have been utilizing varied agencies or vendors for your SEO, Social Media, Content Marketing, etc. you should consider that now might be the time to consolidate everything under one umbrella.
One reason is cost, but in two ways. First off, the price of individual vendors will no doubt be higher than a package approach. The second has to do with the cost in time and resources that comes from trying to coordinate between several organizations or individuals as you launch these new campaigns. Be prepared to see your marketing bill go down enough to completely fund several new media marketing campaigns.
Managing Marketing Expectations:
Initial Results Vs Down The Road
As you research your selected campaign types online,you will find case studies showing ROI (return on investment) numbers that are enticing. Never forget that these are almost always third and fourth run campaigns.
Even when using people experienced with these new media campaigns, they will need to do split testing on landing pages, keywords and crowd demographics to optimize performance. This is not a sign of inexperience, but exactly the opposite. Test and measure is pretty much the job description of the marketing world. It’s when changes are seen in results at each level that things are learned. Both for good changes, or bad ones.
The only sign that you have the wrong people running your ads is results that remain flat time after time. Watching the results, and discussing them will tell all you need to know. Be sure to know your cost per lead as well as your cost per sale. Understanding conversion rates is key.
Budgeting Your Marketing Campaigns
Marketing costs are no different than any other line item in your accounting ledger. They must fiscally responsible. Any professional Marketing Agency or Consultancy worth their salt will discuss your marketing budget, and how it was arrived at. Know your cost per lead, and cost per sale in each and every area of your marketing efforts, as well as your overall numbers on each.
If you’ve never done this before, most businesses start using 10% of their monthly revenues as a baseline. This assumes that the markup on your products and services is roughly half. If it is far narrower, you may need to go down to as little as 2% but these should be very high volume industries.
Monthly budgets will vary with higher volume seasons, but not as widely as the revenues generated. So soften the wave in your revenues as you set monthly budgets. There should be more than a 25% swing in most cases. Discuss this at length with your marketing team.
Marketing Campaign Strategy Session
We ab BOMC are happy to help you put together a strategy for building a team to go after these types of Marketing and Advertising. We are involved in these types of campaigns with many clients. We can only take on a small number of private clients who pay us $5,000 – $50,000/month, but welcome the opportunity to meet with any and all businesses of any size.
There is no sales pressure in our consultations. We enjoy being involved through our consultations with helping all to reach their marketing goals.
Click below, and let’s set up a meeting.
Get A No Cost Consultation
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