Every business needs a sound advertising strategy to grow cost effectively. They have far more options available today than in years past. The wider range of options provides them with more opportunities to reach their target customers. Here is a brief overview of some of the most important marketing channels small business owners should consider utilizing.
Many people believe that radio is a dying medium, but it can still be a great way to reach interested customers. Research from Nielsen found that surprising number of millennial’s tune into their favorite radio stations on a regular basis. The Nielsen study also found that 73% of people listen to the radio away from home while about to make a major purchase decision.
Television is still a remarkably effective way for businesses to reach their customers. According to one infographic from Forbes, brands spent 100% more money on television than Internet advertising in 2011. This is starting to shift, but television remains one of the best ways to reach customers. Television allows businesses to hone in on a regional market and Target programs that appeal to their court demographic.
Internet marketing has become a crucial way to reach customers. Platforms like Facebook and Google are extremely cost effective, because they have such specific targeting options and low overhead. Small businesses should identify the demographics and keywords of their target audience to get this highest ROI from online advertising.
Networking and Referral Marketing
Networking is the oldest form of marketing, but it is still one of the most effective. Networking includes both building informal relationships and attending industry events. According to one study, brands generate $12.50 in revenue for every dollar they spend traveling to networking events. This proves that networking still offers a higher ROI than almost every other form of marketing.