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Advertising costs vary considerably between media. Print, web, direct marketing, and audio and visual broadcasting are all traditional forms of advertising with diverse pricing structures. Determining the best way to get the most bang for your buck will depend on what you have to sell, and whom you're selling it to.
Return on Investment (ROI)
The value of advertising is determined by how much return you'll get on the money you invest. There's no way to be absolutely sure how effective an advertising method will be until you give it a try. Gauge potential failure and success by studying the various advertising models and compare how well they've worked for companies with similar business and marketing goals to yours.
Types of Advertising
How broadly will you distribute your advertising message? If your target market is local, broadcasting on national network television that reaches millions would cost you tens of thousands of dollars and may not yield the results you expect. Advertising through a local station in your community is the wiser choice because you are trying to reach local customers. Local television costs a fraction of the cost of national television advertising. This goes for radio as well.
Advertising is available in a multitude of print publications. Like television, a magazine or newspaper's distribution will determine how cost effective it will be as a marketing tool. National magazines and newspapers are effective for companies that need to promote themselves to millions, and smaller publications are better suited for businesses focused on a local market. The larger the distribution, the higher the cost of advertising.
You can seldom go wrong with online advertising. The choices are endless and can range from free to thousands of dollars, depending on your goals. Using social media like blogs, FaceBook and twitter.com to create buzz about your product or service costs you nothing but time. Hard dollars get involved when planning a professional website or investing in banner ads to display on other sites. Your costs will depend on how extensive you want your web presence to be.
Branding Opportunities
Advertising offers the benefit of branding your image through repetition. Frequency helps prospective customers become familiar with who you are through your advertisements. The more frequent your ad appears in a publication, on the web, on the air, and through direct mail, the higher your advertising costs.
Create a budget by scheduling media buys according to what will give you the best return on your investment. If you run a small business, your marketing needs and expectations will be different from a growing company that thrives on national sales. Adjust your choices based on expectations and budget constraints to ensure you get optimum results from your advertising.
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