Are you getting the most bang for your advertising bucks? If not, it’s time to act.
On average, small businesses spend about 10 percent of their revenues on marketing and advertising activities. If you’re not getting maximum ROI, some of your marketing dollars are going down the drain.
However, maximizing ad spending isn’t a simple task, especially if you’re not an advertising expert. If it were, you certainly wouldn’t be here looking for advice on how to fine-tune your advertising strategy.
To learn more about ad spend maximization, keep reading.
Table of Contents
1. Zero in on Your Target Market
How well you know your target customers has a direct impact on the outcome of your advertising campaigns. With a detailed target customer profile, you’re in an excellent position to, for instance, choose the most suitable advertising channels.
Consider a gaming company that’s running a social media advertising campaign on Facebook.
On the surface, Facebook looks like the perfect platform because it has billions of users. But when you dig further, you realize that the gaming company’s target audience, mostly Gen Zers, spend most of their time on TikTok and Snapchat, not Facebook. While Facebook ads will deliver value, the company’s advertising dollars will yield maximum value on TikTok.
Therefore, before you launch an ad campaign, develop a buyer persona that clarifies your target market. It should include demographic data like age, gender and location, professional details like job title and annual income, as well as personal interests and hobbies.
2. Set the Right Goals
You won’t know whether your advertising campaigns are performing well if you don’t have well-defined goals.
Let’s say you’re running a search engine advertising campaign and your goal is to drive $5,000 in sales by the end of the campaign. After the campaign, you realize that you’ve surpassed your goal and made $10,000 in sales.
You’re happy that your campaign over delivered, but what if it was capable of achieving $15,000 in sales? But since you had set your goal too low, you won’t be able to maximize your ad spend.
Setting the right goals sets you on the path to advertising success. You’ll design and implement a strategy that aims at those goals, thus giving you a great chance at making the most of your advertising budget.
3. Hire an Advertising Expert
Like most small business owners, you’re probably in charge of marketing and advertising. Many digital advertising platforms provide tools that make it easy for anyone to create and run an ad campaign.
Taking the DIY approach saves you money, but at what cost? If you’re not an advertising expert, you might make costly mistakes. Even if you don’t, it’s unlikely that you’ll get maximum value from your ad campaigns.
You can find a marketing agency here and let them design a custom advertising strategy for your business.
Your Ad Spend Should Drive Sales
Advertising is a crucial function in every business. Whether you’re using traditional or digital channels or a combination of both, you want your ad spend to return maximum value. With these tips, you’re only a few steps from achieving it.
There’s more small business advertising content on our blog. Find it in the business section!