With the disappearance of the phone book and the high price of newsprint, traditional advertising budgets continue to shift towards online marketing. Let’s break down the two and help you determine where your next marketing dollar should go.
What is Online Marketing?
Online Marketing takes on a very large sphere and will look different for each business wanting to engage and convert. The tracking and return on investment (ROI) for online marketing choice can be tricky and may take more time (depending on which avenue is chosen). To learn more, we wrote about How to Convert Online in a recent blog post.
What is Traditional Marketing?
Traditional Marketing is more simple and clear, utilizing newspapers, community magazines, TV ads and directories. It’s physical and traceable when using coupons, dated specials and timing of specific advertisements, allowing a business to know exactly when their investment paid off.
Here are some of the risks and rewards of each, helping you discover what best suites your company!
|Online Marketing||Traditional Marketing|
PRO: a quick, easy way for future customers to find out more about your company. Services, specials and expert advice can produce effective conversion.
CON: certain demographics (ie: the elderly) may not be online and thus, won’t find you. A non-mobile friendly website can result in a potential customer moving on quickly.
|Phone Book/Directory Ad
PRO: ½ page or full page ad for one year under your company industry listing will draw attention. Gives a sense of confidence because of the authority of the ad.
CON: certain demographics no longer use paper directories (ie: millenials) and phone book use continues to drop year after year.
PRO: an instant way to connect and engage with current and future customers using social media. Keeps customers up to date with specials, promos or business activities to stay top of mind.
CON: takes time to manage and maintain social media platforms with fresh, relevant content.
Learn more: Social Media Marketing
|Customer Loyalty Programs
PRO: a convertible, tangible way to create loyal customers using a punch card, loyalty card etc.
CON: customers prefer digital incentive or virtual apps to track loyalty. They may lose punch cards, loyalty cards or paper advertisements and you will usually be out of mind or forgotten.
PRO: instant access to a client or demographic who signed up for your company’s updates, blogs or specials. Cost of acquisition is very low.
CON: customers may unsubscribe if emailed too often or will lose interest. Your emails may also get lost and forgotten in the sea of emails a person receives daily.
|Mail Out Campaign
PRO: allowing tangible promotional material to get into the hands of future or current customers for products/services they may want or need in the future.
CON: usually requires a large amount of time, energy and money for a blanketed campaign. The lesser ability to target your ideal client means a high cost of acquisition.
|Paid Per Click
PRO: the quickest way to get noticed online and specifically within your company’s demographic and offerings. Ads can be targeted to exactly who is looking for and interested in your promotions and services.
CON: can be expensive depending on the industry and can take weeks to tweak and zone your ads into an affordable cost per click.
Learn more: Pay Per Click
PRO: can target a specific audience based on readership. Can track effectiveness of the ad space based on dates of advertisements and the influx of customers. Has a quick turnaround if placed and marketed correctly.
CON: can be very costly depending on the avenue used, needs a long term commitment to stay consistent and top of mind.
PRO: inexpensive to produce and promote using YouTube and other such online resources. Searchable and viewable for many users.
CON: easily lost in the mix of the millions of videos uploaded. You may need to pay to promote your videos.
PRO: large demographic targeted at opportune times with guaranteed viewership. You gain trust through mass markets that carry more weight.
CON: very expensive to produce the ad and buy advertising space in TV, a very short duration.
The advertising options out there are quite endless. In the current market, it can be confusing what options will be best for your business. Sign up so we can let you know when Part 2 of this blog is released, showing you How to Choose the Best Marketing Practices for your Company.