Why Traditional Marketing Is Broken (And How To Fix It)
Insanity: doing the same thing over and over again and expecting different results. – Albert Einstein
Marketing is broken, yet most businesses continue to advertise the exact same way they did 50 years ago expecting a different result…
When it comes to advertising your business there are only a few options (at least a few that work)…
Traditional Media (TV, Radio, Newspaper, Flyers, Direct Mail)
Digital Media (Google, Facebook, and others)
In 2017, Digital Advertising will surpass traditional media for the first time in history.
While we’re not saying that traditional advertising is dead, it is becoming more and more challenging for small businesses to compete. In digital advertising, speed and agility pay off, which is why small businesses can not only compete, but WIN.
What’s the difference between Digital and Traditional Advertising?
Let’s start with cost…
Here’s what you can expect to pay for the two advertising channels courtesy of Frac.TL (Get the complete breakdown here: http://www.frac.tl/research/marketing-costs-compared
Note: CPM means Cost per Thousand Views, CPC means Cost Per Click
[Keep reading to find out why this matters…]
At first glance, the costs look similar. Obviously, digital advertising is cheaper, but the chasm between the two is much larger than you may think!
Let’s start with Primetime TV at $33.85 per thousand Views.
Chances are if you are targeting a Primetime TV, you might have roughly 1.0 million viewers, which would cost $33,850 for 30 seconds (1,000,000 viewers / 1,000 x $33.85) to reach a broad audience.
The challenge with those 1,000,000 million viewers is, we don’t know who they are.
While we may have some general demographic and segmentation data, it is very hard to measure what impact the ad had, and even harder to measure a direct ROI.
How does digital advertising differ?
Alternatively, let’s look a similar 30-second video spot on social, which is $10 cheaper than Primetime TV at $24.60.
Let’s assume the size of that audience is only 25,000 people. Your cost would be $615 to reach a specific audience (25,000/1000 x $24.60).
We no longer need to cast as wide of a net (say 1.0 million viewers), we can target a very specific group with detailed demographic data, for example: “married, expecting parents who are vets, between the ages of 25-34, earning $60,000 per year, living within 15 miles of Columbus, Ohio…”
While the audience is significantly smaller, we are able to hone in on the key personas that resemble your best clients. Even more powerful, is the ability to retarget them and send contextually relevant content and ads as they move through the customer journey.
$615 versus $33,850 per thousand viewers – it’s like giving David a Rifle instead of a sling in his fight against Goliath. This is how small businesses can win!
So why don’t big companies do this? They are starting to, but the difference is, you probably know your customers better than they ever will and you can adapt to their needs much faster.
So now that we’ve told you why digital is the underdog’s silver bullet, what’s next?
There are two options:
You can do it yourself – learn Facebook Ads and Google AdWords over the next 2-3 weeks and become fairly proficient,
Let us help you. We don’t want to see you make the painful mistakes and waste your time and money (we already did that building our own business). Instead, we will help you build a system that will allow you to see an ROI and enable you to scale your business.
Here are some of the benefits you can expect from our Digital Ad Management Services:
- Eliminate wasteful spending
- Implement systems for tracking and optimizing digital ad spend
- Increased Conversions
- No more headaches trying to keep up with the constant changes to each platform
- No complex software to manage
- No training required
- One flat fee
What do we do next?
We pride ourselves on simplicity. If you want to learn more, simply click the button below to book a 45-minute call to discuss your business, what your goals are, and what your expectations are.
During that call, our goal is to determine how we can help you reach and exceed your goals. We will provide you with actionable steps you can take right away, along with links to some tutorials that will make it easier to implement.
Have more questions? Simply fill out the form on this page.
We look forward to learning more about your business.