Every marketing guru-y type person I’ve ever had the pleasure (sarcasm? noooo) of meeting has been inclined to pipe up and announce what I already know: Your advertising budget should be split 60/40 – 60% new media and 40% traditional media. While it varies industry to industry, what percentages would be most effective, the variations are not very significant. This is just the beginning of what you need to know before you go out and spend thousands of dollars a month on advertising.
What is new media? New media includes the internet, mobile phones, tablets and basically anything that has popped up over the past decade or so. Traditional media includes literally everything else: newspapers, television, radio, billboards, those little ads you see inside your shopping cart at Safeway or the signs on the side of the field at Cleveland Browns Stadium. Oh. Did I mention I’m a die-hard Browns fan? I told you, I believe anything is possible.
So, what other things need to be taken in to consideration before you spend money on ad space, either online or elsewhere? Oh my gosh, where do I start?
DemographicsGeographicsCirculation & ReachMediumSupply & DemandCompetition
You need to know who is seeing that ad space. Let’s go back to the Browns for a sec. Assume you’re a company selling Pittsburgh Steelers long johns. You wouldn’t want to buy ad space in the Cleveland Plain Dealer, now would you? I mean, unless it’s just for sadistic joy. But the chances of people in Cleveland buying underwear with Ben Roethlisberger’s face as elbow patches, is much slimmer than if you bought that same ad space in a local Pittsburgh paper. Get what I’m saying? Knowing the audience you are about to put your ad in front of is the most valuable information of all. It can include more than just NFL team preferences too. It involves age, sex, race, religion, income, education level and so much more.
Where your ads will be physically seen is just as important as who sees them. Recently I read an article
about how Ikea cropped images of women out of the ads they were to show in Saudi Arabia. While horrifically sexist and offensive, the act was a relatively sound one taking only marketing success into consideration.
Who will this ad reach? How many people? To put it simplistically, if you buy an ad in a newsletter distributed to just 12 people, you’re not going to see a lot of success from that. The cost of an ad must match the reach it will carry, or you’re just throwing money away.
What medium mix you choose will have a direct impact on the success of your campaign. Some media is better than others at getting viewers to interact with the advertising. Some industries experience more success in one medium than all the others. For instance, an online retail outlet will have more success advertising on the web than it would in a newspaper. Conversely, grocery stores have more success with flyers and location-based apps on mobile devices. This isn’t something you can study once and understand forever. These stats require constant watching as new technology develops and new mediums to advertise on become available.
Who is really desperate to find a product or service like yours? Are there lots of those people in a particular place or consuming a particular type of content? Are lots of competitive businesses advertising in the same space? Can you compete easier elsewhere? All of these things are so often overlooked when purchasing ad space, but they are so important.
Imagine you’re selling fake moustaches and you buy ad space for them in Spy Disguises Weekly. When the edition your ad is in comes out, you’re horrified to find your ad one page before your arch rival, Moustache Mania, and they’re selling them cheaper and throwing in a free, fake, flavor saver! D’oh! Shoulda done some research there, gun-jumper. Wah wah wahhhhh.
These are the top things I love to salivate over during my morning perusal of the interwebular factoid machine. Who’m I kidding? I’m still bathing in the light of my iPad at 3am soaking up stats most people find unequivocally useless. Once again, my obsession with these stats and information is your gain, no matter how little sleep I get.
You know, I know I’ve probably impressed you to the core with my casual language and slight, pathetic attempts at humour. So, give me a call, buddy. Let’s have a l’il chitty chat chat. 778-938-1437