23 May Where Are Your Marketing Dollars Being Spent?
I had an industry associate approach me the other day stating that he disagreed with one of my postings where I talked about spending more marketing money online than print. Of course, you need to know that he sells print advertising for a living, so I can appreciate his attempt to sway my thinking about my marketing mix recommendations. His attempt failed to do that, BUT what it did do was get me to thinking about the big picture, which is a balanced marketing mix. Your dollars should not be spent on any one effort. These days there is no marketing vehicle that can stand alone – meaning it all works together to produce a qualified lead. Online vs. traditional marketing both have pros and cons. If you understand the pros and cons, as well your own audience, you can develop an effective marketing strategy.
Traditional marketing includes broadcast, i.e. radio and television ads, and print advertising like display ads in magazines and newspapers, etc. It would also include billboards, pamphlets, catalogs and sales materials.
- People can touch, feel, hear and interact with this form of marketing.
- Unlike online marketing, people have the opportunity to meet their salesman face-to-face.
- Traditional marketing is usually forced on the viewer, as they come across it in their daily lives, generating a very low response rate.
- With traditional advertising, people don’t share a community with the brand, and as a result, they don’t care about its promotions.
Online marketing includes social media, online advertising (banner ads), eMail marketing, and anything you can do online to sell your product/service. These advertising methods are growing and becoming the preferred form of marketing.
- Because social marketing can be tracked and adjusted, people respond to it more over time resulting in a better ROI and a much higher conversion rate.
- Online marketing builds communities around brands, which increase repeat sales.
- Social marketing relies on customers being interactive on the internet. If your audience is not active online, you could lose them. HOWEVER, be cautioned that you should not assume your audience is not active on the internet. Before you make up your mind, be sure to do your research. (For example, many people assume that people aged 50+ are not social media users – this is incorrect. According to Pew Research, this age group of users grew from just 1% to 33% in just 6 years, and continues to grow. All other age groups are beyond the 50% mark.)
While it’s true that traditional marketing is falling further behind in preference, I don’t think it should be completely eliminated. The trick is to spend more on online marketing because it has been proven to be more effective AND add in your traditional media to support your online efforts. And, don’t forget direct mail! This is a marketing vehicle that has proven to be effective when used in conjunction with your online efforts.
One aspect to explore is what I call the 70/30 rule – 70% of your budget on online efforts and 30% on traditional marketing. And, striking a good balance between both could mean adjusting your strategy as much as it takes to find that successful, lead generation blend!
Don’t know where to start? Contact me at [email protected] and let me help! If you like this post, please share it with your associates by using the share buttons on top of this post.