Today’s consumers are faced with more advertisements than ever before, but it’s been said time and time again that over 50% of all money spent on advertising is wasted – a rather large amount, considering the billions of dollars that are spent on marketing brands all around the world. So, who is placing the effective ads, and who isn’t? And more importantly, what can your business do to make sure that your advertising efforts and investments aren’t falling into the 50% that fail?
Develop a Detailed Marketing Plan
For small businesses, in particular, marketing efforts fail as there’s no detailed, solid plan in place. If you’re basing your marketing efforts on ‘as and when’, you’re unlikely to get very far. If you were traveling the world, for example, you wouldn’t get far without a plan and a map – and the same can be said for business marketing, but many brands place advertising without a clear-cut plan in place. And, no matter how much you spend on implementing your marketing strategies, the most expensive advertisements are always going to be the ones that don’t work. Instead, implement proper planning – either done by yourself or outsourced to a professional – to reduce your advertising costs and waste.
Base Decisions on Research
Throwing adverts out there and hoping that they reach the people they’ll have the biggest effect on is a strategy that businesses who fail tend to use. Instead, dedicate your time to researching your target audience, so that you have a clearer picture in mind when it comes to the type of advertising that is going to work best for them and provide you with better results. And, don’t be afraid to test the waters by running several different types of advertisements, analyzing the data, and using what you find to place more effective advertisements in the future.
Focus on What’s Important to the Audience
Another big mistake that many businesses make, leading them to waste money on advertising, is to focus more on the message that is important to them, rather than what’s important to the audience. As a general rule, remember that your audience cares more about what you can do for them, as opposed to what you do. So, speak in a language that your audience will understand, and create advertising content that they will be able to relate to.
Lastly, don’t forget the power of emotions when it comes to marketing and advertising. Humans tend to make decisions largely based on how they feel in the moment, and the emotions that your advertising invokes can play a massive part in the decisions that they make as a result of viewing it. Check out TV news consultants – Magid, who apply human science to a wide range of business processes including advertising and much more. By invoking both positive and negative emotions, you can create a better connection with your audience and start building a relationship with them from the start.
Did you find this article helpful for improving your advertising strategies? We’d love to hear from you in the comments.