Move over newspapers and billboards, digital advertising is stepping into the spotlight. As the trend continues for businesses worldwide to cut spending without compromising revenue, the challenge is how to ensure growth and brand recall on a more limited budget. This is where digital marketing and advertising efforts are really worth their weight in gold – by that we mean some really solid return on investment. Read our ‘top tips’ below for what’s happening right now, and insights on how to get the most from your marketing spend.
It’s official, digital advertising is King
While there has been a drop in all forms of advertising spend in recent months, some mediums will fare worse than others. Traditionally strong forms of advertising, such as television, radio and print, are now expected to be surpassed by online methods. This is mostly thanks to global economic conditions affecting businesses, but we see this as the beginning of the end for many non-traditional advertising methods.
Where things are heading
The last three months have seen e-commerce surpass that of traditional sales over the last three years – and this trend is predicted to continue. But, with pressure on the purse strings, more scrutiny is being placed on where to cut costs, which often means discretionary marketing spend takes a hit. Businesses are scaling back, reviewing their spending – and looking for cheaper ways to still make a buck. And, while all advertising spend is set to see a dip, digital advertising platforms such as Facebook are predicted to feel this less than other more traditional forms of advertising.
What this means
If you’ve been on the fence about which marketing channels you should invest in, now is the time to consider the online options out there. Digital usage is at an all-time high, so look at which online channels your customers frequent and which ones will work for your brand. Social media is still one of the biggest and most effective advertising tools out there – and with different platforms to choose from, most businesses should be considering at least one on which to position their brand.
What your business should do
Advertising on digital platforms such as Facebook, Instagram and LinkedIn is generally much cheaper than traditional advertising. Digital advertising allows for more precise targeting, and provides some solid stats to provide real value for your spend. It just makes sense. And, if your business needs to cut costs but still wishes to continue with a presence on social media, consider scaling things back to a brand awareness ad campaign. This still allows for all-important brand recall and keeping your brand top of mind.
Who can help
You can go it alone, but this could end up costing you more in the long run. Getting set up with an agency that knows their way around digital ads, which social media platforms suit your brand, the stats and which content works well for which audiences is a worthwhile investment. Likeable Lab knows this stuff like the back of their hand, and can get your social media set up and moving in the right direction, quick smart.
If you’re still not sure, just chat with the Likeable team today. Click here for a free consultation call.