The Power of a Demographic
There are many different media types ranging from the Newspaper to the World Wide Web. Placing an ad is easy; the challenge comes when determining where to effectively place the ad to maximize the full potential. First key factor is to consider all aspects of the demographic in order to understand how to best capture their attention. Young adults for example are highly engaged with their computer and hand-held devices, and are 68 percent more likely to make an online purchase than the average Internet user. Now break that logic down into males vs. females. Young adult males spend a great deal of time playing video games or sports, and are generally TV watchers. Females on the other hand are more inclined to read a fashion magazine, and are also TV watchers. Television in general is a very effective medium, which makes it a pricey, yet effective option.
Measure Advertising Effectiveness
In addition to considering demographics, it is important for business owners to also consider the return on investment (ROI). By utilizing sales and advertising data you can create simple and predictive models for measuring effectiveness of an advertising campaign where it is critical to ensure your data is clean and consistent. In addition, evaluating “what if” scenarios in a predictive model will help guide you in future marketing investment. Tracking key performance indicators (KPI’s) throughout your campaign will also help ensure you are keeping good records for future modeling needs.
Your Message Matters
The most effective advertising element is in the messaging. The right messaging that speaks to the heart, paired with the right advertising medium(s) is a recipe for success. Once you have your message, next you will determine which medium is going to give you the best ROI. The one that is right for you depends entirely on your business and your budget. There is no “one trick pony” or “magic bullet” in advertising. A solid message, consistent budget, and an allocation of budget to a balance of advertising outlets will yield great results!