What Are Algorithms? (a 4 min read)

What Are Algorithms? (a 4 min read)

For most marketers and digital nomads, algorithms are a bit like a blockchain.  Everyone understands a bit of it, but ask them to explain what and how it works – good luck or expect a long complex answer that seems to go off topic but does not really answer the question. 

You know it.  We have all been there. So what are algorithms exactly (without going off on a tangent)?

What Are Algorithms – The Official Definition:

I like BBC’s definition:

An algorithm is a sequence of instructions or a set of rules that are followed to complete a task. 
Source: BBC Bitesize

So what does that mean exactly?  Let’s demystify some of this term loosely bounced around in the context of someone who has an attention span of a 2-year-old on YouTube (yes I have a 2-year-old at home and yes he has been getting too much screen time).

It is like asking your computer to run a program with a specific goal in mind.  The algorithm’s goal can be to provide good search results that answer the query in the easiest and quickest time possible using complex data technology (if you thought of Google’s algorithm here, you get a star!)

Or it can be showing you videos on your streaming app feed for ones you have watched a lot in the past or have shown interest in (you guessed it, YouTube)

Or it can be your friends’ updates and or ads on topics you have shown interest in by browsing on their platform (Facebook, Twitter, or really any other social media platform is using an algorithm for this).

The internet runs on these algorithms. Websites have algorithms.  Search engines have algorithms. Online or mobile apps have algorithms.  GPS has algorithms. Video games have algorithms. Artificial intelligence?  Dating Sites?  Social Media sites?  Well, you get the point.

In a nutshell, this task or guidance provided to machines in a form of code is not easy to do and there will never be 100% correct results for every user, every query, or every action that takes place online.  Because of this, these algorithms must ‘optimize’ – keep trying to feed you things to ensure your satisfaction remains high (or keeps going in the right direction), so you a) spend more time on their platforms or b) come back often and or tell your friends about it.

Hopefully, you can see that algorithms aren’t as mysterious as you originally thought before starting down this post 😊. We are talking concepts here and not technical definitions, so you understand what they are designed to do and the intricacies around them.

Related: What Should Businesses Do Today To Establish Trust Online?

Related: What Is Web Development

Why algorithms have gotten a bad rep lately?

So why the heat lately?

Well, on social media – let’s take Facebook for example – it keeps giving you posts, ads, and content on topics you have shown interest in.  These algorithms track all the online behaviour of users, and slice and dice your profile to match you with ideas, products, communities that they think you will engage with well. Well, that on the surface is not bad, but it allows you to create a more tunnel vision and groupthink.  Polarized topics can form groupthink and it becomes harder for us to connect with others who may not hold our viewpoint over a period of time.

This leads a more divided society that is constantly only fed their own view point on mass (now this is getting a bit political here – so I am not going to expand here, but I think you can see what I mean by this. Hopefully).

Case in point – ever heard of mySpace and their child exploitation scandals that gave this social platform a bad reputation and lead the likes of Facebook (and others) to take its place? mySpace used algorithms and did not put checks in place to ensure bad behaviour and criminal activity is not rewarded.

Also, more research is emerging that talks about predictive analytics used in algorithms punish the poor.

So use of algorithms without proper checks and constant oversight can lead to outcomes that are less than ideal and may even be construed as “trust breaching” or ‘unethical’ to many.

Privacy Concerns 

Algorithms aren’t always perfect.  

What Are Algorithms? Code screen on black background.

Ever heard of cookies?  Well, these are pieces of code that are saved on your browser on the machine you accessed it from and are used to track your behaviour, interest, demographics online by other websites that can then advertise to you.

A lot of folks have been becoming uncomfortable with this idea of being tracked so we can be advertised at a later date.  This means online surveillance by companies is only increasing and people are starting to learn about how this impacts their behaviour including security concerns, purchasing intent, and more. 

Companies can and have taken advantage of it and some as a result may have also suffered because of it.  Take Facebook and their scandal with Cambridge Analytica where the consulting company (not the social media giant) was able to acquire personal and private data on Facebook’s platform and sold it to US election campaign officials.  This constituted a breach from Facebook (and conceded it as a “breach of trust” after being caught).  Facebook was later fined $5 billion.

We are still figuring out as a digital community, world, and society at large what impact these pieces of code have on our daily lives.  Some of it is good and some of it is not so good.

With innovation, many companies have been very accepting of adapting these tools (these algorithms) to help them stand out, deliver more with less, and find ways to get more people dependant on their platform.  If people keep coming back and keep sharing their personal and online behaviour traits, it makes it easy for these companies that use algorithms to market to them.

Our job at Web Worx Labs is to give our voice to technologies and use them ethically where possible.  We bring light to this issue as we recognize and understand the legitimate concerns many have come to express over the years with these technologies.

Have thoughts to share?  Questions or need more clarity.  Comment below or reach out at info@webworxlabs.com. Contact us via email by filling out our contact form: https://www.webworxlabs.com/contact-us/

 

What Is A Good Digital Marketing Budget For Your Company in 2021? (Post COVID-19)

What Is A Good Digital Marketing Budget For Your Company in 2021? (Post COVID-19)

What Is A Good Digital Marketing Budget For Your Company in 2021? (Post COVID-19)

Good Solutions & Offerings Still Needs To Be Marketed

Even in post COVID-19 times, a good digital marketing budget is a must.

One of the things that business leaders need to understand is the importance of digital marketing in the new normal. While there are some leaders who have a hard time figuring this out, we just want you to remember about Apple from the 90s. Not the Apple today but from back then.

I may be dating myself – but there was a time when Apple was not the giant it was and Microsoft and IBM dominated the world of Tech.

So what happened? How did Apple come to dominate and the likes of Microsoft, IBM, and other dinosaurs today come to take a back-seat in market-caps? (don’t get me wrong, IBM and Microsoft are still innovating, but they have not been able to get their leadership position in 2021).

When Steve Jobs took the reigns, he knew that the company needed a lot more than good products. They needed a well-thought marketing strategy that allowed people to get to know their products. So, with this in mind, he set up his action plan and the reality is that he did it. No one can believe that when Jobs took over Apple at that time, the company was near bankruptcy.

While not all companies can be Apple and not all business leaders are Steve Jobs, the truth is that we can all learn from this real example. A good digital marketing plan can help your company grow.

Digital Will Play A Bigger Role Post COVID-19

With most western nations expected to roll-out the vaccines in 2021, we expect digital marketing to play a bigger role than pre-COVID-19 levels.

According to the latest research in 2020 of surveys done with Chief Marketing Officers – there “Digital is King” and is expected to account for 80% of the total Budget.

Source: Gartner.com – CMO Spend Infographic 2020-2021

Additionally, in the same research paper, the analysis revealed that CMOs do see tech as the path to more customer intimacy and recovery. In 2021, with the vaccines rolling out and traditional marketing activities and in-person eventing coming back into play, digital will account for approx. 26% of the total marketing budget spend across many industries in big business.

Different Industries Have Different Budgets

While having some amounts in mind is a good thing, you can’t forget that the money or percentage that you decide to invest in digital marketing ultimately depends on your industry. Education tends to be the industry that has a high budget for marketing, followed by consumer services, and transportation, and the industries that tend to have smaller marketing budgets are usually a part of the mining/construction and energy industries.

Different Industries Have Different Levels Of Adaption To Digital:

Digital Marketing Budget Impact - changes in behaviour. CMO Survey graphic.

Source: The CMO Survey. Conducted by Deloitte, AMA & Fuqua School of Business. Results Published June 2020.

A great summary attached in the link showcases that there are opportunities in Manufacturing & Pharma industries not adapting as fast in providing a better digital experience in a post-pandemic world.

I suppose that is to be expected, given many manufacturing businesses that were hard hit because of the pandemic was likely saving the spend in marketing given the loss in revenue. Others that may have seen the increase in revenue because of the pandemic (think PPE suppliers) were so intent and likely focused on fulfilling demand, that digital spending were likely not the priority in this interim.

However, digital experiences expected to return in 2021 as that is the sentiment across most industry market leaders as per below:

Source: The CMO Survey. Conducted by Deloitte, AMA & Fuqua School of Business. Results Published June 2020. Pg 16.

As the above chart shows, a bulk of marketing leaders expect the digital to play pre-pandemic roles in generating revenue by July 2021 (given this survey was conducted in June 2020 in the middle of the pandemic). This is in line with expectations as western markets have the vaccines being rolled out and will likely be the case as the world gains immunity and things come back to normal.

Finding The Right Number

So, what percentage should you devote to marketing? What should be taken into consideration?

The truth is that there isn’t a right or wrong answer to this question. Nevertheless, and even though you may have the biggest budget in the world, you need to know how to apply it.

If you decide to pose this question to different marketers, most of them will say that it depends on your industry. And they are right. However, if you push them to give a more detailed answer to this question, most of them will say that if they need to say a number they would say 10%.

In our opinion, there isn’t a magic number like 10% or 15% of your revenues. The truth is that the budget that you dedicate exclusively to marketing depends on many different factors.

Even during the pandemic, when companies took a significant drop in revenues, the percentage of marketing spends increased to the highest level in the last 10 years as a percentage of total revenue. This indicates the importance of marketing spends even during the pandemic. There was a drop in marketing dollars, but the percentage increased and there was changing the mix towards more online or customer experience vs. offline marketing training initiatives within the budget from a survey done by TheCMOSurvey.org.

This is to be expected as due to this pandemic, social distancing measures and multiple lockdowns that occured, we were little cut off from delivering off line or in person marketing initiatives.

So how do we know what percetange is right for your company or brand having understood a greater shift towards digital?

The marketing budget of an established company like Apple (in its current state), for example, should be completely different than the marketing budget of a company that is still in its beginning or the growth phase.

According to a study made by Gartner Research, larger companies that have revenue over 5 $billion tend to spend, on average, 13% of their revenue on marketing.

This is also in line with the research shared by The CMO Survey where in the middle of the pandemic, marketing spends as a percentage of revenue were between 11-13%.

In what concerns to smaller companies which include the companies that have revenue between $250 and $500 Million, they tend to spend about 10% of their annual revenue, on average, on marketing.

Smaller companies will likely have a higher percentage of revenue but a lot lower dollar amount given their size. Even on a shoe-string budget, there are core digital and traditional marketing activities that budget should allocate funds to keep their pipeline humming and nurture existing and future customers.

So our recommendation at Web Worx Labs is that you should plan your budgeting cycle by having at least 10% of your revenue allocated to marketing activities to help derive future sales, grow your presence and awareness, and continue generating new business for your brand.

Conclusion

With a higher or lower budget for marketing, the most important thing to retain is that this budget is crucial as well as where you apply it.

Digital marketing has a huge influence on how people look at your company, at your products and your brand presence vs. others offering similar solutions in the markets you compete in.

Successful digital marketing campaigns are part of the mix and do bring a lot of value (sales, revenue, leads, new customers) to your company.

If your business is starting to grow, this is the perfect time to make a true investment in your brand via marketing.

Do you need help in understanding where digital marketing fits in your media marketing mix?  Call us at 1 833 WEB WORX or reach out via email info@webworxlabs.com and we would be happy to assist.

You can also schedule a free consultation if you have questions on how the digital marketing budget can impact your brand’s growth potential. Reach us via filling out this contact-form

Or if you have thoughts you want to add to this article or think we missed something in the analysis above – let us know and we would be happy to add your thoughts to the discussion!

Happy budgeting!

Related: Comprehensive Guide On Types of Advertising

Types of Advertising

Types of Advertising

Types of Advertising – Detailed & Comprehensive Guide

Advertising? The most significant form of marketing communication done to promote or sell a solution through a non-personal message and openly sponsored format.

Arguably the most popular discipline within the marketing function.

Introduction

There are several types of advertisings. However, not many people are fully aware of them.

Although now the current generation knows what exactly advertisements do but still to sound a bit academic, let us give you a more detailed overview and begin by looking at the very definition of advertising.

“The businesses are trying to persuade people to buy products or services.”

It’s the act or practice of swaying towards a purchase.

Several ways have been introduced from traditional/legacy media to new/modern media?

The history of advertising can be traced to ancient civilization when Egyptians used papyrus (thick paper) to make wall posters and write sales messages.

Advertisers have a vast array of choices, and in this blog, we’ll lay out many of the types of advertising.

Advertising is communicated through various media formats; it can be either through traditional media or digital media.

Today, we breakdown the different media that are available for businesses and brands to consider when looking to advertise.

Traditional Media 

This form of media communicates with one-way technologies, involve print media.

We can further classify media into direct mail, newspaper, magazines, outdoor advertising, radio broadcasting, and television.

New Media or Digital Advertising 

This form of media enables people to telecommunicate with each other through search engine results, websites, articles, blogs, social media platforms, and text messages.

You can even call new/modern media digital media because of the use of electronic devices.

Both types of advertising are still in use, but with the advent of new media, traditional media has faced many challenges.

Which doesn’t mean that it has lost its worth.

With the advancements in digital media, it is said that advertisers had spent $40 billion more on internet ads than on TV ads last year.

You can also check the full stats of global advertising spending here from 2014 to 2021.

spending in billions chart from statista- types of advertising blog

Image source; Statista – Worldwide spending in Advertising in billions

Today, businesses want to promote their brands and services by capturing the minds of people through new methods.

Worldwide the estimated spending on advertising is undoubtedly going to increase in the upcoming years, as businesses want to promote their brands and services by capturing the minds of people through new methods.

A good marketing strategy for brands includes a good dose of offline or traditional marketing and digital marketing.

Are you curious to know about the tactics used in advertising to reach consumers?

The following list is our approach to provide a detailed and comprehensive overview of the types of advertising options available to a brand large or small.  By now means is this list complete, but a good guide with lots of options depending on your unique needs and your marketing mix.

The following list will help your business to grab the attention of your targeted audience to generate higher exposure, visibility and overtime growth for your business.

We begin our breakout with traditional media and then get into digital advertising to round out a complete picture.

Direct Mail

Image Source: Aviaro

In advertising, direct mail is one of the oldest types in which prospective buyers receive a message by post or mail service.

Direct mail is used by businesses in which they send letters, brochures, catalogues, postcards, and promotional material to their potential clients and customers.

The most significant advantage of this type of advertising is it allows you to communicate with your targeted audience one-on-one. This method is beneficial as it provides direct and detailed information about the product sent to the buyers and attempts to establish direct contact with the consumer.

In contrast, in other types of advertising, you’re never 100% sure who is receiving your message.

There are disadvantages to this form of advertising as it suffers from certain flaws because it is sent directly to the clients. It has limited reach, and response rates are often low as many consumers throw direct mail pieces away without giving it a read.

This can get costly if the advertiser is not getting the desired result.

Be mindful of the fact that if you’re going to choose direct mail, you have to do it right.

For a particular demographic and buyer personas, this advertising type may still be useful. Know your customer, and if you feel that the communities and customers you are targeting open direct mail, this may be a great tried, true, and tested way to advertise.

Newspapers and Magazines

Image Source: MyImaginaryFriendGraphics

One of the most used formats in the 20th century to advertise to your target audience is by using print media. This format usually comes in two mediums of communication, i.e., newspapers and magazines.

As you may already know, print journalism has been in decline as such this medium is reaching far fewer people than it did in the past.

However, many still get printed newspapers on their doorstep. Besides, doctors, dentists, and lawyers’ offices are usually filled with magazines to help their patients or clients pass the time.

Newspapers are still essential 

Even though the reach is shrinking, the right message can resonate with the target audience if done right.

Several benefits of newspaper advertising cannot be found elsewhere, including television, radio, or even the internet.

The cost of advertising is more affordable than many of the mediums and offers better targeting. Newspaper adverting allows brands to target a specific audience that is often difficult to reach through other mediums.

Newspapers effectively reach more customers because of the ability to be an engaging and trustworthy source.

However, given its declining reach, this channel for advertising should not be solely relied upon to get your word out.

Using Magazine Advertisement To Increase Your Ads Shelflife

You might be thinking, “it may seem pointless to advertise in magazines?”

The reason being that other mediums have reached millions of consumers and “who reads print magazines in this day & age?”

Well, it is not pointless. Hear us out on this one.

magazine - types of advertising

Because ads in magazines have a more extended staying power or shelf life than other digital ads that come and go.

You have the power to stay in the minds of the consumer much longer in comparison to other mediums by advertising in a magazine.

Advertisements in magazines are very creative vs. perhaps other simpler formats because of being colourful and “prestigious,” which appeals to the readers.

However, the cost of advertising in magazines is higher and has much less flexibility compared to newspapers.

A fun fact about magazine advertisements is that those published on the right-hand page are more expensive than the left-hand page.

Still, newspapers and magazines both can have a more significant impact and exposure because millions of people are still reading this in this day and age (in the post-COVID19 world).

In 2020, newspaper circulation still stood at 19.6 million copies (yes million) in the heart of the pandemic year within Canada alone.  So people do get exposure to print.  

If your target audience demographic leans older, in remote areas or has less access to the internet, then this medium of advertising should be a strong contender to get the message out.  

Radio Advertising

Image Source: Adweek

When you’re thinking about methods of advertising to promote your business, radio might not be the first thing that comes to your mind.  

Podcasts are on the rise.  With over 18.5 million episodes and 525,000 active podcast shows, no wonder the transition to this form of audio info/entertainment is happening.

However, radio is still holding a good share of the market. Even in the post-pandemic world, the numbers have stayed steady if not increased in the 2020 year:

Source: Statista

Especially in the era of social media, radio might seem “dated” to the younger generation (those that are 37 years and younger today).

But radio can be something important when it comes to market your advertising depending on your target audience.

Radio advertising, as compared to other media, offers more affordability.

It also offers broad reach to the targeted audience and can be beneficial for your enterprise by delivering a timely message.

If you want to go with radio advertising, a few things you must keep in mind.

Among other broadcast mediums, which have visual appeal, radio can only impact your target audience through sound.

But it covers all types of listeners, whether literate or not, to advertise your product.

Don’t forget that people listening to your advertisement on the radio are probably doing something else at the same time, like doing household chores or driving.

They are likely multitasking (driving or working for example) and listening to your advertisement at the same time.

So, try to make your key information more prominent about the product you’re selling.

As with any other form of advertising, given the steady share in the market, it is a good medium to get your brand out there.  

Television Advertising

back of head of a guy looking at a television - types of advertising

Image Source: EuroBusinessInfo

Watching tv is one of the most common and modern leisure activities, and advertising on television is one of the fastest-growing mediums of marketing.

This type of advertising has gained substantial popularity among the masses these days.

TV advertising is the most dominant way to reach a large number of consumers.  For baby boomers particularly – this is still the number one source of media consumption (in the post-COVID-19 era).

A great research study done by Global Web Index details the breakout by demographic here.

Because this medium includes sound and sight to convey the message to your audience.

Advertising on television allows you to show and tell a wide range of audiences by grabbing their attention.

Engaging television ads are not just walking and talking messages.

They foster emotions, empathy, and leave an ever-lasting impression on the viewer’s mind.

These elements make television ads costly compared to other mediums but also more effective and impressive.

Cinema Advertising

Image Source: Pinterest

Ever thought of advertising right before a movie starts at a movie theatre?

The ads broadcast in cinemas are just as same on television but have one privilege over their smaller screen counterparts. And that is the captive environment of the cinema in which the audience has no chance or option to change the channel, ignore it, not even easily walk away because they are at a movie theatre.

Also, did you know that cinemagoers are four times more likely to be emotionally involved in your ad than a television audience?

When they remember the movie – they also remember the advertisement displayed in between.

That is pretty powerful!

So, this option is one of the most creative and smart techniques to promote your brand and make sure your message is heard.

Undoubtedly, it can be – but with COVID19 and the future of the theatre industry in peril, this can have an impact on the viability of this option.  Nonetheless, when and if it does get back to its usual audience sizes, this is a good option for marketers to use as an advertising medium.

When going for this advertising option, choose the timings and movie when you want your ad to appear on the big screen.

Options now exist to have your ad seen before the movie begins or during intermission.

In my opinion, it is always better to promote your brand before the film starts – because, in an intermission, many people leave for a break (and many North American movies do not offer the intermissions).

This type of advertising is much more expensive than other options discussed so far but does provide more contract and targeting and because of this has a higher value as it serves hundreds of people at once.

This can be effective and part of your marketing mix, if you have larger budgets and can afford expensive mediums to build lasting impressions.

Outdoor Advertising

OOH – stands for Out-Of-Home advertising.

Why this is out of home when radio can be out of home or cinema or other formats are definitely out of home is beyond me at this point.  Nonetheless, it is a term that stuck.

As the name suggests, this type of advertising is created to reach consumers who are in a public place, or outdoors.

This advertising falls into four main categories:

  • Billboards.
  • Street furniture.
  • Transits.
  • Digital outdoor advertising.

Billboard advertising

Billboard advertising - webworxlabs mockup of billboards at work when showing types of advertising

Image Source: FreeMockUp

We all are aware of what billboards are and can easily find them either on highly visible, heavy traffic areas or less-travelled roads in rural areas.

Drivers and travellers see them almost everywhere, as they are a cost-effective advertising method.

The stunning visuals on billboards leave an impression on the viewer and help you get the best bang for your buck.

Street Furniture

Image Source: Cityam

The use of street furniture for advertising is one of the efficient and cost-effective approaches.

Let us tell you what certain displays fall into the general category of street furniture such as benches in parks, busses and bus stop shelters, pole and telephone kiosks, news racks, etc.

Transit Advertising

Transit Advertising

Image Source: Local Advertising Journal

The most popular form of transit advertising is ads on the sides of the busses.

This is also common in subways, taxis, along airport walkways to highlight their products.

Digital Outdoor Advertising

Example of a type of advertising showing outdoor ads

Image Source: ReadytoQuote

This type of advertising is also known as digital signage.

Electrical technology is used to change what is displayed on a screen.

This specific type of advertising has gained much popularity within modern times because of the advent of digital billboards, which easily attract consumers.

Ultimately advertising follows the consumers wherever they go, and all the categories mentioned above, offer ways to reach a broader audience in a local or regional market.

Great for general brand awareness and consideration of top-of-funnel advertising.

Digital Advertising

Unlike traditional advertising, digital advertising provides much more precision and control in reaching the target audiences.

The control in digital advertising comes from “cookies” or tags that are installed on a user’s machine when they visit a platform or a website.

This visit by the user gives the website owner pertinent intelligence that it can use in understanding, storing, defining the characteristics of demographic and preferences, taste, location, and historical buying and browsing patterns. These cookies assign a unique identifier for each visitor and allow the website owner to keep track of the same user when they revisit the site.

All different types of users visit this website or platform, and this massive amount of data is collected (big data) and synthesized. In essence, it gives the publishers, website owners or platforms a high level of precision to have advertisers place ads in front of a very targeted audience.

The platform or site can then sell this space to advertisers much the same way a newspaper does.

As an advertiser looking to advertise on the platform or website, you use the data to really segment and specify when, where, and how frequently you want your ad to appear.

Various types of publishers are available online, and these include search engines, social media platforms, video streaming services, and market places.

Pay Per Click Advertising

The most common form of online advertising is pay-per-click.

This form gives the advertiser to place ads in front of the target audience on the publisher’s platform.

The advertiser only pays when the user clicks on the ad.

Impressions are usually free (depending on the type of campaign you configure).

Is that not amazing in digital? That your brand can get exposure without having to ever pay for advertising when you configure most campaign types on Google.

This is a significant difference from traditional media formats where they charge for every time it is printed or distributed.

Here distribution is usually free, and only when the customer’s curiosity is intrigued, and he or she has shown interest, the publisher track and collects.

Related: Learn About Our Pay Per Click Advertising Services

Related: Learn About Digital Marketing Lead Generation With Advertising In Our Training Page

There are various forms of Pay-Per-Click advertising, including social media, search engine results pages, and video viewership.

Social Media Advertising

LinkedIn Social Media Advertising Example - For Types of Advertising

Image Source: Hootsuite

Most social media channels and platforms exist to monetize ways to provide advertising capabilities to the brands and companies for the users or traffic on their platforms.  So they all offer pay-per-click advertising services.

While there are other advertising approaches, social media advertising has taken over the market by storm.

Whether you’re a B2B or B2C company, this strategy can help achieve your business objectives.

This type of advertising is used to grab the attention of the social media platform users to bring in consistent sales, awareness, leads, consideration or build trust and loyalty. 

Social Media allows you to promote your brand in several ways; some of them are:

  • In-stream ads
  • Text-based ads
  • Photo and video-based ads

Also, these help in increasing your fanbase/follower-base and or sales as well – depending on the type of campaign you configure in the social media platform.

From people engaging with your page (likes and engagement), to people booking appointments or giving their phone number to follow up are all options in this wide world of social media advertising.

Now the question is, which type of social media platform will help your business grow?

Here, we have compiled the list of influential social media advertising platforms you should be familiar with in 2021 (if not present and active in all of them):

  • Facebook.
  • Instagram.
  • Twitter.
  • Pinterest.
  • LinkedIn.
  • Snapchat.
  • TikTok
  • WhatsApp

You can take a look at all of these social media platforms and quickly find out which ads are worth your budget.

We understand there are many advertising options out there.

It might make it challenging to decide which ad platform you could get the best ROI from.

If you need help deciding whether social advertising is right for your business, you can ask us.

We’ll help you select the right ones or ones we believe may be the best fit for your brand given the business model you have.  You will need to narrow down what your short and long-term goals are as well.  If you are looking for immediate sales then certain types of ad campaigns on specific platforms may yield better results on social media vs. other options.  

On the other hand, if the goal is long-term brand building and you already have a good presence on one social media channel (or ought to have given your audience hangs out there) – then, it is a good idea to advertise and stay on top of mind with longer-term campaigns for brand awareness and consideration.

Related: Our Social Media Marketing & Management Services

YouTube Advertising

With the increase of viewership on YouTube, no blog on advertising will be complete if there is no mention of YouTube.

More than 3/4 of the adults in the US use YouTube according to research shared on Hootsuite’s blog.

That is a huge number of users and they are only increasing!

We covered television and social advertising earlier, but this medium has so much content that is consumed and uploaded on a daily basis that it is becoming the go-to spot for an increasing number of brands to get the word out about their brand via ads, original content creation and influencer collaborations.

It is like a mix of TV, social and influencer forms of advertising all rolled up into one.

Really recommended for most brands who want to get a good message out and build brand impressions over time.  Not so much as a lead generation mechanism, but a good tool to showcase thought expertise, build trust and create awareness. 

Amazon Advertising

Do you sell on Amazon?  Or are you an e-commerce brand that is considering amazon?

If you are an e-commerce brand and want to market on this crazy online retail shop, you first need to have a presence.

With Amazon Marketing Services (AMS) – vendors and sellers can now advertise on this powerful and very active online store to get in front of their target audience very quickly.  This is because it offers a lot of the same ad formats like social media networks and Google in how to reach target audiences.  These formats include:

  1. Native Ads
  2. Product Display ads
  3. Headline search ads
  4. Sponsored Ads
  5. Video Ads

You can learn about Amazon advertising formats here.

Final Words

We have walked you through a ton of options for the major types of advertising options available to you today (whether online or offline).

Now it’s your turn to choose the right platform to research, deliberate, analyze and narrow which mediums and platforms are your best options to run your campaigns on.

Most businesses do not have infinite resources, so there will likely be a prioritization of some over others.  We hope you find the above insights, analysis and recommendations useful in finalizing the right media mix for your brand (as every brand is different).

If you’re still not sure about where to allocate your budget or your ad campaign isn’t performing well, let us know in the comments below we’ll be happy to help you.  We may not be the right fit for offline advertising, but we may be able to help you with graphics creation, photography, advertising or general marketing and branding support if you need it.

Remember, a single mistake in advertising can be costly.

To keep an eye on your mistakes, you can hire an expert here to handle your online ad campaigns and start promoting the brand.

Questions? Don’t be afraid to reach out.  You can reach us at info@webworxlabs.comm for any advertising queries you may have!

Marketing Fundamentals 101

Marketing Fundamentals 101

Marketing Fundamentals 101

 

Finally, Your search for marketing fundamentals has bought you here.

If you think that digital marketing is something modern, then, unfortunately, you would be wrong!

Want to know why?

The term digital marketing gained popularity in the 2000s but is in existence for more than a century (yes, a century), and here the definition will let you know what exactly we mean.

Want a straightforward definition to remember what digital marketing is?

Here is one:

“Using digital technologies/electronic devices for any form of marketing product or services is digital marketing.” Isn’t it easy? Umm-Hmm, it is!

A staggering image representing the way marketing strategy was born.

 

As per our definition, using electronic devices for marketing any brand is digital marketing, so aren’t we using them for a long time ago?

The usage of electronic devices started for more than a century right after the discovery of the first mean of communication invented in 1837 and Boom!

Just with the inventions of electronic devices, the digital marketing strategy was born.

People through radio and television broadcast started marketing their products or services to get high leads.

I hope now you’re clear with your Digital marketing definition and why it is not only about smartphones, apps, Facebook or Google Ads, blogs, and other modern means.

Digital marketing can be done both offline and online and has nothing to do only with the internet.

This means that both kinds matter to execute an effective digital marketing strategy.

In this digital age, when the whole world in on the fingertips, there are still many marketers whose marketing is just not working, and they keep questioning themselves why?

The answer is they are not following fundamental marketing principles and are lacking in the concept of 4 P’s, which has been around in marketing since forever.

While marketing is the science of 4 P’s and here they are:

  • Price
  • Product
  • Promotion
  • Place

Want to know about 4 P’s in more depth? You can read it in a post from the Business Development of Canada.

Get one thing clear in your mind, Digital Marketing is still only marketing, and instead of discussing the technical details of digital marketing.

We start our discussion with something more macro in nature; marketing fundamentals 101.

Some reason in the day to day and given how technical digital marketing has become – we forget this simple fact.

We start by reminding ourselves that the end goal with Digital marketing with all the design, the technical SEO, the social activities, the advertising, the writing, the analytics, and the development: Is to help you get more leads.

We talked about having a website in our earlier post.

However, even before we get to that step – these below fundamentals need to be in place before we get to defining yourself online with a website.

Also, if you want to get the fundamentals of digital marketing nailed down, then you need to know the key things that can make your company one of those killing it with digital marketing campaigns.

Before any marketing efforts are undertaken to draw in new customers or satisfy the existing ones, two fundamental questions about your business should be answered:

  1. Who is your customer, and how will you help them?
  2. What makes you different from others?

Searching and dividing different buyer personas into different categories.

 

Image Source: Vtiger

Marketing Fundamentals – Creating a Buyer Persona

Most businesses need more customers.

Some need a different type of customer.  While in other cases, businesses may even need fewer customers. ⠀

Business needs and customer needs are often ones and the same.

So, to better understand how you can make your business grow, focus on understanding your customer first.

Everything else flows after that, whether it is the messaging, the copyright, the product packaging, the placement, the channels to service them through, the keywords to optimize, etc.

Knowing the preferences, demographics, values, and other traits of your ideal customer will help in creating the necessary borders around your marketing efforts.

All of this will help you create a brand that resonates with your targeted and wanted customer.

This will also help you differentiate from your competitors.

Some places where you can find information online about your customers:

  1. Facebook Groups
  2. Google Analytics (if you have a website already, then you have traffic patterns established)
  3. Run Surveys using Google Surveys (a free service)
  4. Talk to your family and friends about the idea (we know it is simple – but it helps to have others give you live feedback)
  5. Go to forums (Warrior Forums, Reddit and other similar forums are a great place to start)
  6. Ask questions on Quora and tag specific people to answer that you think will be your customer

Help your customers by helping yourself first.

Take the time to understand your ideal customer with as much detail as possible.  Conduct research.

Ask questions.  Hold interviews.  Solicit Feedback. Understand their pain points that your product or solution will solve.

A meme describing the importance of writing it down in a funny way.

 

Write it down.

Give this ideal imaginary customer a name, a personality, and a profile.  Stick it on the wall.
This is your buyer persona.

A buyer persona is a representation of your ideal customer based on market research and real data that your business will target.

This work initially will save countless hours in all forms of marketing (digital or otherwise), and it will minimize waste.
Now every time you run any kind of marketing initiative, always refer back to this ideal customer.

Ask yourself, will this new product, feature, promotion, advertisement solve the problems of the ideal customer?

If yes, then you know the marketing initiative is worth considering.

Otherwise, you risk ending up with customers that you did not want in the first place.

Devise a marketing plan. A plan that could benefit you in long term.

 

Source: MarketingInsider

Your Unique Selling Proposition

The question you are trying to answer at this stage of the marketing development plan is how your product will serve the customers successfully?

Unique Selling Position defines your value proposition in the market you are looking to operate in.

You want to take care in defining this correctly as it will mean you are different and stand apart from the crowd.

Do not sell yourself short here.

Know that this is an important part of marketing fundamentals.

Take the time to assess the marketplace.

Do a SWOT analysis on your competitors (Strengths, Weaknesses, Opportunities, and Threats).

Then do it on your brand that you are defining.  Find the points of differences and focus and expand on them.

A representation of uniqueness that your brand should possess.

 

Answer these questions in defining your Unique Selling Proposition:

  1. Where are your competitor’s weaknesses?
  2. Where are your competitor’s strengths?
  3. Can you cover their weakness with your offering?
  4. Where are there untapped opportunities in the market as it stands today?
  5. What threats do your competitors face, and how can you deal with them better?

This is not the easiest exercise; it will take time.

It is not an easy thing to define. You will need to conduct research online and offline, primary and secondary research, to help gather intelligence.

To make your business different and better, you can contact us.

Defining what is mission and vision in this image.

 

Image Source: Klipfolio

Vision & Mission

After you have done the work in defining your unique value proposition and understanding your customer.

It is crucial to go through the steps of defining your vision and mission statements.

If you have a mission & vision statement already, then hopefully, the above steps will help you refine it a bit better.

Both of these are highly important and serve different purposes for a company.

The goals of the vision statement are to articulate clearly what difference your company will make in the lives of your customers.

This statement should be inspirational both for internal and external stakeholders (i.e., employees vs. investors or customers).

Some examples of a vision statement from proponent companies are:

Airbnb: “We will help you belong anywhere.”

Starbucks: “To establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles while we grow”(not clearly defined – but on their website).

Habitat for Humanity: “A world where everyone has a decent place to live.”

Mission Statements

A mission statement focuses on the purpose of the organization and is more specific.

They have a scope of the company’s operations in the statement, what kind of products and services the organization provides, and what its primary customers are.

A couple of good examples that you can use to help create a good mission for your own company (or refine existing one):

Nike“To bring inspiration and innovation to every athlete in the world.”

Amazon“Our vision is to be earth’s most customer-centric company; to build a place where people can come to find and discover anything they might want to buy online.”

Again, both of these have something inspiration – but Amazon’s is a lot more specific.

It also combines the vision and mission statements a bit.

However, both of them work.  Both are very successful companies.  Both are effective and creating the necessary borders to help create the inspiration and call to action for its employees.

You can use either approach.

However, we recommend that the more specific you are, the more focused you become, and it is a lot easier to steer a ship that has a more precise direction than one that does not.

Let us know how focused you are and what are you trying to achieve better leads?

Beginning of the end for the marketing fundamental article.

 

Closing Thoughts

Ultimately, a business can be run without the above fundamentals in place.

However, to help yourself, and carve out your niche, these steps in the initial stages of the business are vital.

If your business is running successfully, taking a step back and going through the above exercise is essential.

This approach will define your customer, and your business can open new doors for you.

At Web Worx Labs, we take the time to work with you to define your brand, your business before we get into marketing it for you digitally.

You can find out about our mission and vision on our About Us Page.

If at any time, you feel you can use our assistance in understanding your business better, we encourage you to reach out, and we will help in any way we can.

Stand out from the foray, and make better-informed decisions that help you create the necessary focus to move ahead in marketing your business successfully!