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Highly successful companies have well-defined ad strategies. They also upgrade their strategies periodically to match market trends. Your company’s advertising strategy is the collective effort put into increasing brand awareness and raking in more sales.
Every now and then, business owners need to step back and evaluate their advertising strategies to decide whether to refresh them and if so how to go about an upgrade.
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Upgrading your company’s advertising strategy begins with a critical examination of your target audience and a look at how the market has changed over time.
Answering questions such as, “What is my company’s position in the market?” and, “Where do I want to see my company in, say, five or ten years?” is a good place to begin. Merely jumping on advertising trends such as influencer marketing or social media advertising is often unproductive.
Whether your goals are to launch new products, increase sales, reach a specific target market, grow social media followership, or engage existing customers or prospects, the results will not be as you might wish without a clear advertising strategy. To this end, we offer tips company owners can use to upgrade their advertising strategy.
1. Set New Objectives for Your Advertising Strategy and Redefine Goals
Reword vague goals such as “to gain more social media followers.” Instead, be more specific. For instance, consider this one: “to increase Instagram followers or newsletter subscribers by 50% in three months.” Hear the difference?
Take a look at all the goals you have for your advertising strategy. Do they need to be clearer? Additionally, break long-term goals into small milestones. This makes the big picture less intimidating. It also makes it easier to assign tasks to team members in order to tap into the benefits of synergy.
2. Conduct a Social Media Audit and Gain Insights from Analytics
There’s so much one can do with data, but the top use of it is for making informed decisions. Company owners looking to upgrade their advertising strategy need to sit with their data and carefully analyze how they have grown over the years. They need to study what kind of campaigns produced the best results and what platforms widened reach or got more engagement.
Through analytics, it is possible to connect the dots and spot the weak links. This will help you identify areas requiring an overhaul or upgrade.
3. Study Your Competition and Update Your Buyer Persona
Competitor intelligence is key to drawing up an advertising strategy that will stand out in your industry. What are the most successful companies in your industry doing? What can you do differently to set your company apart?
Factor in your buyer persona. Who is your ideal buyer and what are their needs? What offers will they find irresistible at this time?
Answer these questions and you will be able to do what is best for your company.
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4. Select Suitable Marketing Channels
Most companies lean more toward the digital advertising channel because it is budget-friendly. The pay-per-click (PPC) model is a particularly prudent approach for a digital advertising strategy. This is because it only charges per reach.
However, digital ad strategies are technical. The best way to make the most of them is to onboard professionals who will provide expert insights from a dedicated analyst. They will share ready-to-use reporting dashboards and self-service funtionalities. Additionally, they will grant you access to a MOAT Panel, which measures how well your ads are capturing consumer attention.
Adlook is one of the professionals in this arena that comes to mind. Moreover, their transparency and the freedom they give you to pause and continue your ads gives even more value.
Begin Updating Your Company’s Advertising Strategy Today
Today’s digital marketing landscape has given rise to many innovative approaches. However, for the best results, companies need to adopt an integrated marketing approach, such as a hybrid of traditional and digital advertising. This can be ideal. But on a small budget, paid ads can still enable you to target and test specific markets and run niche-specific campaigns where buyer interest is substantial.
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