Key to select the best advertising mix for your business.

There are two ways to reach out your customers about your products and business through traditional media and social media.The results of the empirical study show that both traditional communications and social media communications have a significant impact on brand equity. While traditional media has a stronger impact on brand awareness, social media communications strongly influence brand image.

How do you select the best advertising mix for your business?

Are you looking for  Maximum millage and reach with minimum budget?

Which is latest trend for Advertising?

check this link http://www.adweek.com/socialtimes/files/2012/07/social-media-traditional-media.jpg

Selecting the best advertising mediums for your company can be challenging.

There are so many options available today, such as print, radio, television commercials, and the Internet (Social Media Platform).

  • Traditional media has created exposure for thousands of businesses for decades.
  • With the Social Media, you can take advantage of social media, content marketing, and search engine marketing.

The advantages of social media marketing are numerous.

  1. It’s cheaper. A lot cheaper. You can reach 1,000 people for a fraction of the cost using social media than you can through television, billboards or even email
  2. Social media is the only marketing platform that allows you to engage and interact with your consumers – it’s a two-way relationship, which can be hugely lucrative for brands
  3. The results are measurable, and marketers can take immediate action to spot trends and re-align campaigns

There are many benefits of social media that indicate how social media is more effective than traditional media. These benefits include the ability to communicate with your consumers in a two-way format, developing a long-term following, and being able to quickly promote new products and services.

However, there is one defining metric that defines the better option between traditional media and social media. This metric is cost per thousand impressions (CPM).

CPM is an advertising metric that measures how many advertising dollars you must spend to reach 1,000 people. The goal of any advertising should be to reach as many relevant people as possible at the lowest cost.

In a recent cross channel media costs comparison, the CPM of various media channels were measured. The results were interesting. Take a look below.

Social media is cheaper than any form of advertising available today. It is one of the only forms of media that can expose you to over 1,000 people for less than $3.

In addition, you can incorporate traditional elements into your social media campaign. You can advertise video commercials, publish articles, host live podcasts and webinars, and much more. Social media is the only “billboard” that can communicate to your customers, answer their questions, and provide them with feedback.

 

Why Is Advertising so Important to Business?

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click this pic for to understand importance of the Advertisement

As far back as Ancient Egypt, advertising has served a critical purpose in the business world by enabling sellers to effectively compete with one another for the attention of buyers. Whether the goods and services your company provides are a necessity, a luxury or just a bit of whimsy, you can’t rely on a one-time announcement or word-of-mouth chatter to keep a steady stream of customers. A strong commitment to advertising is as much an external call to action as it is an internal reinforcement to your sales team.
Promotion
The primary objective of advertising is to get the word out that you have something exciting to offer, says George Felton, author of “Advertising: Concept and Copy.” It can be anything from an upcoming entertainment event you’re promoting, a new product line you’re selling, a political campaign you’re managing, the expansion of an existing platform of services or officially hanging out a shingle for your first business. Whether your promotion takes the form of print ads, commercials, billboards or handbills, the content adheres to the rules of journalism by identifying who, what, when, where and why.
Awareness
Advertising helps to raise your target demographic’s awareness of issues with which they may be unfamiliar as well as educate them on the related benefits of your product or service. A popular example of this is the health care industry. If, for instance, a consumer watches a television commercial in which someone describes aches and pains that are similar to those experienced by the viewer, the ad not only identifies a probable cause but suggests a potential remedy or treatment option to discuss with her doctor.
Comparisons
Advertising invites your target audience to evaluate how your product or service measures up against your competitors, says Gerard Tellis, author of “Effective Advertising: Understanding When, How, and Why Advertising Works.” Demonstrations of household cleaning products are a good example of this because they provide compelling visual evidence of which product does a faster and more effective job of tackling stubborn stains. Political ads are another example of how advertising serves up side-by-side comparisons of the candidates’ qualifications and voting records for readers and viewers to make informed choices at the polls.
Retention
An ongoing advertising campaign is essential in reminding your existing customers that you’re still around, say Kenneth Roman and Jane Maas, authors of “How to Advertise.” In a troubled economy where so many shops, restaurants and companies are going out of business, maintaining a strong presence through regular ads, fliers, postcards, events and a dynamic website is invaluable for long-term relationships. This also serves to attract new customers who may not have been in need of your products or services when you first opened but are now pleased to have their memories jogged.
Morale
When people ask your employees where they’re working, the latter will likely feel better about their jobs if the reaction to their reply is, “Wow! I’ve heard a lot of great things about that store” instead of “Nope, never heard of it” or “Oh, are they still around?” Investing in an advertising plan keeps your business an active part of the conversational vocabulary and community buzz. This, in turn, gives your workers a sense of pride and emotional ownership in an enterprise that’s generating positive feelings and name recognition.