The answer is yes!! Advertising is essential, and people assume that advertising is reserved for big companies, not start-ups or solopreneurs. As an entrepreneur, it should be a part of your strategy.
In an e-marketer 2019 article, total digital ad spending in the United States hovered around 129 billion, while 109 billion was spent on traditional advertising, which includes all non-digital options, such as television, magazines, and newspapers. In addition, television advertisement spending hovered around $70 billion, meaning digital spending is growing.
In digital advertising, there is often an assumption that social media does not require a financial commitment. Typically the approach is to create posts with the belief that the variability of the content will be enough to drive the same function as traditional advertising. That is a big misnomer. Every company should incorporate a paid social media advertising strategy.
Leaving your business advertising to chance without advertising is a sure way to fail. You must promote your business! A suitable advertising method should be based on your budget and target group. They will also define the process and approach. With most companies that scale, advertising is a critical factor in their growth. If you are going to commit to advertising, here are some tips:
Start with the low-hanging fruit! Digital and social media advertising can be the most low-cost and targeted method to promote your business. With nimble budgets, companies can promote their services all over the globe with few barriers to access on various social media platforms. The variety of content used to advertise on these platforms require little investment and good copy. Facebook, Tik Tok, and Instagram offer free training ad credits for companies new to this digital advertising landscape.
Broadcast advertising still commands the most significant budget. It requires production budgets and often a vast team to execute. So whether you go with a national or local campaign, your cost will start in the hundreds and potentially the millions.
Print is the moderate of the costs. The prices depend on circulation, frequency, and ad space for print or digital newspapers or magazines. Costs can hover in the hundreds and thousands.
Although some companies have found ways to leverage their business without advertising, it is rare. In those instances, those successes are followed up with advertising. There are millions of ways to advertise a business, but those mentioned above are the most common and consistent.
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