Marketing is about smart spending and strategic allocation of advertising funds to elevate product, service, or brand awareness. The main goal? Maximizing customer conversions while minimizing the cost per acquisition.
ROI stands for Return on Investment. It’s a metric used to measure the profitability or efficiency of an investment relative to its cost. In essence, it calculates how much return or benefit is gained from an investment in comparison to the initial investment cost. ROI is a vital tool in decision-making as it helps evaluate the profitability of different investments, allowing businesses to prioritize or choose investments that offer the highest returns relative to their costs. One of the most important ROIs all business owners should focus on are their marketing strategies.
The pivotal moment when customers decide to make a purchase happens infrequently, making it crucial to embed your brand in their decision-making process. Crafting a tailored marketing strategy that precisely targets these customers is key.
Consistently investing in advertising tactics that boost awareness, foster understanding, and drive conversions sets the stage for customers to choose your business when the moment strikes.
Successful businesses often allocate approximately 10% of their revenue to advertising, distributing investments as follows:
- 50% on Awareness tactics
- 33% on Understanding tactics
- 17% on Conversion tactics
Awareness tactics introduce your business to your audience through diverse channels like TV, digital platforms, and social media, among others.
Understanding tactics aim to deepen audience comprehension, utilizing resources like detailed brochures, informative websites, engaging social media, and educational content.
Conversion tactics focus on being top-of-mind when customers are ready to buy, employing strategies like SEO, PPC ads, and contact forms.
Companies like Tim Hortons, Apple, and Coca-Cola excel in continuous marketing efforts, showcasing the effectiveness of consistent brand promotion.
At Great News Media, we offer a range of print and digital advertising options tailored to diverse budgets and needs. Contact us to explore how we can help attract more target customers to your business.
You can connect with us by dialing 403-720-0762, emailing [email protected], or exploring greatnewsmedia.ca for further details. Don’t miss our YouTube video offering insights on enhancing your marketing strategy while saving money: https://www.youtube.com/watch?v=p2PyHCNYYiY