There’s a lot to be said about the need for a well-rounded campaign, and fitting in the right amount of push and pull pieces to make a marketing strategy payoff. But oftentimes, with limited dollars, businesses need to have a strategy that best reaches their target market bull’s-eye with one good arrow.
Larger companies have the luxury of creating a balanced media mix. This often includes traditional advertising such as TV, Radio, print and others, along with digital options such as search, banner ads and retargeting. However, limited budgets mean limited options, and ‘testing’ different options can be a very expensive lesson to learn.
So how do you advertise effectively on a limited budget? Here are the four points you need to focus on to achieve success.
1. Identify the heavy user – with limited dollars you can’t target everyone, just because ‘everyone’ can benefit from your product. Determining the ‘primary’ user of your products and service will help you tremendously in zeroing in on your target, in order to determine which medium best reaches that audience.
2. Create a strong offer and professional creative – clearly a pivotal piece in the success of your advertising is an offer that engages your audience and moves them to action. It’s not only important to make this offer highly compelling, it’s also very important to make it clear what action you want your audience to take, and how to take it!
3. Do one thing right, before moving on – We can’t stress the importance of a well-rounded campaign, using the proper media mix for maximum impact. However, when working with a smaller budget you can be successful with just one medium. When Ironhorse country club was looking to add 25 new members, we moved their already saturated budget from newspaper to broadcast TV, and created two back-to-back :15 second commercials to air in The Fed-Ex Cup and The Ryder Cup. There was no other advertising supporting their new membership offer. In two months Ironhorse signed up 92 new members! This was the most positive result of any advertising campaign in their history.
4. A whole lot of this, and whole lot of that, gets you a whole lot of nothing. In advertising, we ‘professionals’ like to throw around the words ‘reach and frequency’ a lot, but alas, it’s true. If you don’t put enough into any medium to reach a large percentage of your target audience, and reach them at least 4 times or more, you might as well throw the money away. ‘Testing’ a media is OK; as long as you give the test the support it needs to satisfy the tried and true ‘reach and frequency’ formula.
If you need help creating advertising plan with a limited budget, please call or email us for a free consultation. While there is still no ‘guarantee’ in advertising, there is a typically a pretty good chance that if you don’t advertise, you will not grow or compete to the degree of your advertising competition.