Marketing for Small BusinessMarketing for small business, depending on the marketing needs and goals of a business, tend to blend the combination of traditional and digital marketing. With the brand of the company in mind, it is determined by the marketing team what medium and method is best for maximum ROI. The cost of running television ads remains the same as viewership continues to decline. Customers are utilizing digital platforms such as social media, websites, and voice search to collect, store and influence buying decisions. The rate at which digital media is rising is significant as traditional marketing continues to decline. Newspapers, radio, commercials, print, signs, billboards, postcards, and other dated marketing tactics are quickly being replaced by social media ads, google search results, podcasts, and YouTube videos. Digital marketing is a highly effective strategy in 2021. When measuring the ROI of traditional marketing versus digital marketing, we can measure and analyze the major differences that exist between the two. When deciding which has the greatest ROI, many factors will be considered.
Previous ApproachesTraditional marketing, such as magazine and newspaper ads, signs, billboards, television, and radio carries a high price tag as the viewer’s attention continues to decline and shift towards the digital landscape. It is difficult to gauge the amount of attention that is being generated in traditional marketing practices. When marketing a business to consumers, their eyes have been increasingly gravitating towards social media sites such as Facebook, Instagram, Pinterest, and Twitter. The cost of Facebook ads, Google Guaranteed, Google AdWords, YouTube, and many other social landscapes are minimal with the opportunity for maximum ROI. The cost of digital marketing is lower but will not continue to remain affordable for long. Traditional marketing approaches include billboards, television ads, radio ads, and newspapers. Although these approaches continue to be somewhat effective, the ROI and conversion rates are far less than digital marketing. The reach that traditional marketing produces simply isn’t worth the cost versus running ads through digital outlets. Measuring the ROI of traditional marketing is difficult when compared to digital marketing. The cost of running ads on traditional platforms is significantly higher than running ads on digital platforms.
NewspapersThe minimum cost to run an ad through national newspapers is $100,000 per ad (webfx, 2020). This high cost is due to the amount of overhead that is associated with newspaper outlets. Since the ad is being displayed on a physical medium, there are overhead costs associated with worker salaries, delivery, vehicles, paper, and printer maintenance. The amount of money to run an ad in the newspaper is ridiculous. The amount of eyeballs that hit these papers is dramatically lower than it ever has been.
Billboards & SignsWhen you are on the highway or even local roads, you will see a large number of billboards. The more impressions, the higher the cost. In rural areas, a billboard can cost around $250 per month and up to $4,000 per month in cities (Treece, 2019). Billboards and other sign marketing strategies offer no means to measure their impact.
Types of sign advertisingThe cost to run an advertisement on a billboard or sign media fluctuates. It depends on many factors such as location, population, and median income. Figure 3 shows the cost per month in Washington, DC. This is based on the population of DC residents that potentially come into contact with sign advertising.
Television & marketing for small businessThe power of a good TV commercial is undeniable. Around 14 years ago, running a TV ad during peak times during popular shows on well-known networks will run about a maximum of $1,500 for 30-seconds (Kobliski, 2006). The marketing complication with commercials is not as many Americans are watching them. With technologies such as digital video recorders (DVRs) and streaming services like Netflix, the viewership of TV commercials is on a downward spiral. 14 years later, the cost to run a TV commercial is around the same price. Although viewer numbers for TV commercials are down, the cost remains steady. Running a commercial in the early evening will cost about a maximum of $2,000 (LaMarco, 2019), yet will not provide a favorable ROI for the number of impressions generated.
Marketing For Small Business New FindingsWhen analyzing the reason why traditional marketing for small businesses declines in impressions and potential customer reach, while remaining expensive it becomes clear what the best option is. The misconception of just “being” online and having a basic presence will prove unsuccessful. Creating a social media account for a business and posting inconsistent, low-quality content relating to a business and how they separate their brand from the competition is ineffective. The goal in digital marketing is converting leads and the main objective is to promote brand awareness. The survival of a brand depends on the ability to adapt to these changes. What value does a business have to offer and how are they communicating that with the world? Is it achieved through traditional marketing or effective digital marketing efforts? With the rapid integration of digital solutions across industries, placing a focus on an effective digital marketing strategy will dramatically increase a small business or organization’s marketing ROI. Digital marketing practices such as social media marketing, search engine optimization, content marketing, website design, and voice search (Google) are showing much higher conversion rates than traditional marketing. Some businesses are not constricted to a local-only sales approach. There are limits to traditional marketing practices and digital marketing can communicate a message anywhere in the world.
Website DesignThe decision to build a website for a business is not dependent on how many customers will be converted. The main area of focus is the ability to exhibit a professional and concise digital representation of a business. Social media outlets offer businesses an area to advertise and interact with customers on their terms. Optimizing a website and having complete control and ownership over the creative nature and content is what makes a website worthwhile. It communicates products and services, but the real conversion takes place with getting a customer to go from a lead to a conversion. Marketing for small businesses and the construction industry starts with a name and a website. The website alone will not generate the ROI. Optimizing the site with keyword integration and other search engine optimization practices will. A website is a standing representative that lives online. Feeding and nurturing the website is what creates results.
Website design principlesMarketing for small businesses is done through the concept of the brand. So when a user lands on your page, it needs to be in uniform with a fresh haircut and shave. Just like a technician arriving at a customer’s home, a website shows up on their screen. The same concept of making a great first impression. When creating or optimizing your business website, keep these four main principles in mind: