There’s a common misconception out there regarding marketing strategy — that traditional advertising is dead, and that online marketing is the BEST. I’m going to go against the grain here and upset probably a large portion of newer-age advertisers here — traditional advertising is very much alive, and online marketing is just a fad…. However….
The Best Marketing Strategy Out There Shouldn’t Be About the TRENDS, But Rather the BRANDS
Yes, the Internet has revolutionized how we market a product or service. But when it comes to your marketing strategy, focusing on all channels makes for a great comprehensive approach ensuring success. In other words: don’t simply focus on what trends. Focus on what works. And believe it or not, the standards out there still work!
Here are five factors to keep in mind, though:
- The Internet — It’s faster, central, and cost-effective. Traditional print media is dying as a result. Just look at Wal-Mart, for instance, a million-dollar business growing substantially to $1B in less than 20 years (from 1962 to 1980). Today Wal-Mart’s valued at an alarming $400B, commanding up to 20% of category retail sales. Compar
e that, though, with the super retail giant online timidly known as Amazon: a business that has grown from $1MM to a staggering $135B from just 1994 to 2016! And Amazon’s growing much faster than Wal-Mart to this day. Your method of advertising will, no doubt, stay the same — but, undoubtedly, the medium of advertising has changed drastically. Make note of it. It’s the big gorilla in the room, one not to be ignored.
- Pricing, Stock, Forecasting, Value — Marketing used to not be like this at all. Thanks to the ability to reach customers in remarkable ways, you have to consider all of these as part of your plan.
- Product Expectations and Customer Service — You’re a brand. People expect a certain kind of quality out of you based on your target demographic. Always keep that aligned with your goals.
- Develop, Test, Measure, Adapt — This is actually the scientific method for a Lean Startup Strategy, and thanks to the Internet you can do all of this really quickly.
- Have Strategic Goals — Set your budget. Focus on a profit goal. Best practices show that you spend up to 20% of a marketing budget in the first year.
Now take traditional advertising, for example, in relation to newspapers and magazines. Go to a Barnes & Noble. You might find a few of them. And just about all of them will have the traditional ads in them. Take note — while you won’t see this medium much in comparison to online formats, guess what: the brands out there also target those online formats just as much! That should tell you something:
Traditional advertising hasn’t changed at all — but the way it’s presented has.
In other words: online marketing pretty much rules the business stratosphere these days, but the traditional advertising behind all of it still exists at its core. Without the simple methodology that’s been around for almost a century, online marketing wouldn’t be what it is today.
Which Is Why When Considering Your Marketing Strategy, Consider EVERYTHING
Yes, the internet and social media are today’s marketing buzz words, but don’t forget that traditional marketing still has its place. It’s just that rules and processes are changing.
- Printed materials like business cards, signs, posters, and brochures need to speak to your audience; they must be brief, but tell your story. Local radio, newspapers, not for profit events can all offer ways to be in your audience’s line of vision. These are supplemented by a web site . Social media and emails etc.
- Media is becoming more creative despite their decline. Special advertising sections, testing, cable TV and package deals, can all make print or TV affordable. Make sure to constantly test, measure, and then adapt your marketing efforts
- New options like Craigslist, QVC, videos, and sponsored events are examples of new methods to promote products or services.
- Handwritten notes to your best customers can keep a personal line of communication going.
Look at all of it. Test. Focus on those mediums that work the most, not based on trends, but on principle. When you’ve got the principle down, you know those sales will show up like clockwork!
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