Many ignore it.
Many more wish they could ignore it.
The fact of the matter is simple: the process of bringing paying customers to your company is a vital component of a successful business.
And, it can be quite expensive. Customer acquisition costs have always been a challenge.
Sure. Some business models have customers ‘baked in’ and, yes…their marketing expenses are, certainly, minimal. The majority are not so lucky. Most need to spend money on marketing to sustain business and further, to grow business.
Cost-efficiency at reaching the target consumer has always been a high priority at BrandVision Marketing, because we don’t see a lot of clients eager to throw money around recklessly. Creating cost-efficient…and yet effective…campaigns has always been an inherent priority for us.
Thirty years ago, business owners, small, medium and large, were forced to choose between TV (expensive with target-ability), Radio (cheaper with target-ability), Print (expensive with target-ability), Direct Marketing (expensive but highly targetable) and Outdoor (expensive with mostly geographical targeting ability). Digital Marketing has truly blown that spectrum of options wide open.
Thirty years ago, the bigger companies could use five-digit budgets on TV, sure. But if you were a small or medium size business with a monthly budget in the hundreds, or a few thousand bucks, marketing your brand was quite challenging. Again, Digital Marketing has truly blown that spectrum wide open.
Actually, Digital Marketing has really leveled that playing field by expanding marketing options for a business owner. Yes, some options have hefty price tags attached, but others are far less expensive.
Plus, scaling thirty years ago? There was no such thing. Not without great expense attached–from many standpoints, including marketing.
Digital Marketing has really leveled that playing field as well. Your business can become a factor in a new market…within a new demo…all with a slight shift in strategy. A far cry from needing to place thousands of ad dollars on a three new TV stations and a two cable providers to impact a new city with your offering, right?
But…the question remains. Does Digital Marketing provide cost-efficiency for your marketing dollars?
Well, the short answer is, “yes”, but most likely the answer is, “possibly” Because it greatly depends on your goals…budget…and any number of business situations.
For instance, most business owners value the prospect of being ranked highly on Google, Bing and Yahoo search engines. Knowing that more than sixty percent of clicks come from those organic listings, it’s ideal to utilize a SEO (Search Engine Optimization) program to strive for Page 1 in the SERPs. But—the expense of reaching that goal will depend on your end game goal. For instance, if you need to target 25 keywords on a Local scale, your cost will be significantly less than if you need to target 100 keywords on a National scale.
The same can be said of Paid Search options, including PPC (Pay-per-Click) or even Facebook Ads to a great extent. Your costs are impacted greatly by your situation and your goals.
The good news is simple: Digital Marketing has an uncanny knack for allowing you to control what you want to spend.
So, you might need to adjust your goals and expectations when you need to scale back your budget—by targeting fewer keywords in an SEO campaign…by narrowing your target audience in a CTV campaign…by targeting cheaper keywords in a PPC option, etc.
But those adjustments allow for campaign flexibility that was harder to achieve thirty years ago, making Digital Marketing a cost-efficient option.
With that said, keep in mind, we are always seeking the best possible marketing mix possible for a campaign. For example, such a strategy might combine a geo-fencing strategy with a Direct Marketing campaign—hitting consumers in the same area with display ads on their mobile device when a postcard mailer hits their mailbox. But…at the end of the day…it’s about trying to fit your goals into your budget.
Want to talk about Digital Marketing options for your business? Email us at info@brandvisionmarketing.com or leave a message at (865) 531.5874. We can schedule a time to learn more about your business and goals.
By Scott Trueblood, of BrandVision Marketing. BrandVision Marketing is a full-service marketing agency based in Knoxville, TN.
BrandVision Insights 