A top-notch marketing plan is one of the most important methods for businesses interested in reaching a large audience and growing the bottom-line. Bigger companies spend well into the thousands, some even millions, to reach their target audience in order to convert them into paying customers.
However, most small to mid-sized businesses don’t have unlimited resources to dump into marketing.
Requiring an educated decision on how to market. Some businesses do very well with traditional marketing strategies and ignore digital marketing completely. Some businesses find that digital marketing works best for their business.
Deciding the best marketing plan requires a bit of understand of each and how each strategies work, and how they can work together.
Digital Marketing Defined
The promotion of products or brands via one or more forms of electronic media. For example, advertising mediums that might be used as part of the digital marketing strategy of a business could include promotional efforts made via the Internet, social media, mobile phones and electronic billboards. (Business Dictionary)
- 70% of consumers want to learn about products through content as opposed to traditional ad methods.
- 46% of all searches on Google are seeking local information.
- 72% of consumers, who search for local businesses [online], end up visiting stores within five miles.
- 64% of consumers say watching a marketing video on Facebook has influenced a purchase decision of theirs in the last month.
Digital Marketing Makes Sense (and Cents!)
The majority of people today are spending most of their time online. Connecting with consumers via Social Media, Blogging, Email, just makes sense. Digital marketing allows consumers to find you, thus the more online exposure and visibility your business has the better.
Digital Marketing is also relatively easy and inexpensive to use.
Most online sites are free to use, and paid methods can provide great exposure for a small budget.
Traditional Marketing Defined
Traditional marketing is a type of promotion and advertising that companies used in the past to sell their products. This marketing includes print ads, billboards, flyers or pamphlets, TV, newspapers, radio, and more. In addition, it involves direct mail like postcards and brochures sent through the postal service.
- 79% of households say they read or scan direct mail ads.
- 39% of customers say they try a business for the first time because of direct mail advertising.
- 56% of customers find print marketing to be the most trustworthy type of marketing.
- 44% of customers visit a brand’s website after receiving direct mail marketing.
Traditional Marketing Has Its Drawbacks
Traditional marketing provides very little interaction with your audience and can be very costly.
Traditional marketing lets you send a message to a specific audience (like mailers by zip code or print ads by industry). However, it tends to be a one-time event, only noticed while people look at the publication or read their mail before throwing it away. Many experts view traditional marketing as high risk with low returns.
What Should You Do?
If your business isn’t using digital media for marketing, it’s time to start marketing in 2019! However, don’t give up on traditional marketing efforts if they work and you have the budget. A good marketing plan will coordinate your online and offline efforts, using both digital and traditional media to get your business the exposure it needs to succeed.
Key Takeaways for Building a Balanced Marketing Strategy
- Evaluate Your Resources: Small to mid-sized businesses may not have the same budget as large corporations, so it’s essential to assess financial resources and select a cost-effective marketing strategy.
- Digital Marketing Expands Reach with Less Cost: Digital marketing offers an affordable way to reach a vast audience and meet consumers where they spend most of their time. Strategies like social media, SEO, and email marketing allow businesses to increase visibility without a large budget.
- Traditional Marketing Still Builds Trust: Despite the dominance of digital channels, 56% of customers still find print marketing to be trustworthy, and 44% visit a brand’s website after receiving direct mail. For some businesses, traditional marketing can enhance brand credibility.
- Combine Digital and Traditional Marketing for Greater Impact: Integrating both digital and traditional marketing creates a well-rounded plan. For instance, using digital ads to drive traffic and direct mail to reinforce brand presence can help businesses achieve a balanced reach.
- Monitor and Adjust: Regularly review the performance of both digital and traditional strategies. Tools like Google Analytics or customer surveys can offer insights into the effectiveness of each approach, guiding you to optimize spending and tactics accordingly.
Choosing the Right Marketing Channels for Your Business
Selecting the most effective marketing channels is crucial for reaching your audience and maximizing ROI. Here’s how to assess and choose the best channels:
- Know Your Audience: Understanding your target demographics is key. Younger audiences may respond better to social media and mobile apps, while older demographics might prefer email or direct mail. Consider creating customer personas to understand what channels they frequent.
- Define Your Objectives: Clarify your goals. Are you focused on brand awareness, generating leads, or increasing sales? Each goal may suit different channels. For example, social media and content marketing are great for awareness, while email and PPC can drive conversions.
- Consider Your Budget: Some channels, like social media, have low entry costs but can require significant time investment. Others, like PPC ads or print, may offer faster results but at a higher cost. Evaluate which channels fit your budget while aligning with your goals.
- Assess Channel Reach and Engagement: Look into which channels allow for direct interaction and measurable engagement. Social media platforms enable real-time feedback, whereas traditional channels like TV or radio are less interactive but may offer broader exposure.
- Analyze Competitors: Studying competitors can provide insights into which channels work best in your industry. See where they are most active and analyze the engagement levels on those platforms. This can guide you toward channels that may yield better results.
Wrapping Up
Crafting a strong marketing strategy is essential for any business aiming to reach and engage its target audience effectively.
By understanding the strengths and limitations of both digital and traditional marketing channels, you can make informed decisions that align with your business goals, budget, and audience preferences.
Whether you choose the measurable, interactive world of digital marketing or the tried-and-true approaches of traditional media – or a blend of both – each channel offers unique benefits that, when used strategically, can propel your business forward.
Remember: a successful marketing plan isn’t static; it evolves with trends, customer feedback, and data insights.
Continually assess and refine your approach to keep your marketing efforts fresh, relevant, and impactful. With the right combination of channels and tactics, you’ll be well-positioned to enhance brand visibility, build meaningful customer relationships, and drive lasting growth