Why Making Room For Advertising in Your Budget Is a Key To Success
With the vast variety of free or nearly free options for online advertising and marketing available today, it is easy to assume your company doesn’t need to budget any funds for advertising. However, even with all the digital tools available to help keep costs reasonable, ultimately it still takes money to make money.
In this post, learn why making some room in your annual budget for advertising and marketing can be a key to your company’s success.
The Most Effective Online Advertising Still Costs
If you have ever heard of pay-per-click (PPC) or cost-per-impression (CPI) advertising, you know it has been hailed as one of the most innovative and effective advertising options of the last two decades.
A Google invention, today PPC and CPI form a mainstay of many brands’ advertising strategies. When done right, PPC and CPI can still take a chunk out of your advertising budget, but it will return the favor in a hundred-fold.
Why PPC and CPI advertising is worth budgeting for:
– You can control the budget, so even small budgets can take part.
– You only pay when someone takes a certain action (for example, clicks on your ad or views your ad).
– You can schedule incredibly targeted campaigns for certain days, times of day or even specific geographic locations.
– You can get analytics data in near real-time to adjust your campaign strategy as needed quite quickly.
– You can learn a ton about what works and what doesn’t in your umbrella advertising strategy by studying PPC and CPI analytics.
The More People Know Your Brand, the More Customers You Can Win
In theory, there is nothing wrong with sticking to a lean budget overall. With the ongoing economic and political uncertainty in today’s global e-commerce landscape, the smartest companies do what they can to conserve costs and maximize profits.
But having some float in your advertising and marketing budget also ensures you won’t have to pass up a sudden opportunity that could literally catapult your brand into the public eye overnight.
Whether it comes in the form of a new partnership with a more established company, a headliner speaking spot at a national conference, a guest blog post invitation for a major social influencer or another form, with additional advertising investment on your part, you can generate even more visibility.
This may include hiring an email marketing agency to generate a compelling drip campaign, placing PPC or CPI ads in strategic places online or even ordering custom swag to hand out in person. Whatever works best, you want to be able to maximize the opportunity for building your brand.
Advertising Is One of the Few Expenses That Can Pay You Back
Very few executives in the average company look forward to the annual budget review. Mostly this is a dry line-item exercise that involves looking for ever more creative ways to cut non-optional expenses and increase profitability.
However when you spend funds on advertising, those funds can actually make you money. The better you get at strategically spending your annual advertising funds, the more money you stand to make.
As well, when you spend funds on advertising and marketing, you also receive analytics that can help you refine your company’s strategies to better achieve your goals.
By studying your analytics, you can learn which products or services are of most interest to your prospects and how best to reach them with new offerings in ways they are most receptive to receiving.
In today’s climate of low-cost, effective advertising options, even a very small advertising and marketing budget can go a long way towards keeping your brand visible and viable. The key is not how much money you have but how effectively you spend and track it. In this way, you can grow your brand and your company one highly targeted, economical ad at a time.
By: Kevin Faber
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