In this day and age, a business has not arrived unless it has some presence on the internet. Unless your brand has generated some hype online, you really cannot say that you have achieved massive recognition for your brand. Irrespective of the size of the business, it has now become imperative for businesses to invest some portion of annual income to online advertising. The biggest of brands are allocating huge parts of their advertising costs to online mediums. The rule of thumb is generally 10 percent of their annual income.
So how much should you really set aside for online advertising?
The answer depends on a number of factors. Is your brand new and needs more consumer validation? If the answer to that question is yes, you may need to allocate more than 10 percent for online advertising in the beginning. As the brand gets more and more entrenched in public consciousness, this amount may gradually come down as the need to advertise decreases. For a new business there is no option. No matter how great your idea, product or service is, sales and profitability won’t occur unless it’s recognized by a larger audience.
Where can you advertise?
There are a number of options to choose from on the internet. The most popular option is the pay per click mode, with Google being the more popular place to advertise. There are other good options to choose from depending on the budget at hand. For some people, an allocation of a fixed sum every day is the key to budgeting for online advertising. For instance 25 dollars a day can be set aside if your business is fairly new and budget is constricted. In this case you could get advertising through lower traffic engines like Bing. And this is not based on some out of the hat statistic because 20 percent of online searches are still conducted on Bing.
The relevance of online advertising
Gone are the days when advertisement referred to only television, radio, magazines or newspapers. That was the time when these sources of information or entertainment held monopolies. With internet becoming the information giant it is now, people go online a lot more to catch up with news, network, shop or even to watch shows and movies. The monopoly of newspapers for news and editorials, or television for entertainment is a thing of the past. The Internet holds the key to all the information and entertainment that a person can want. The relevance of the internet’s ability to drive your brand’s awareness cannot be understated in this situation. As more and more people turn to the internet, the power to channel brands increases manifold. The truth is that online advertising may become even more relevant than any other medium of advertisement.
Still not convinced? Consider this. For the first half of 2015, Interactive Advertising Bureau (IAB) reported US advertising revenues have increased by a cool 19 percent. In fact, this statistic is reflective of similar statistics showing a growth of online marketing in different parts of the world.
Social Media Advertising
Last but not least another interesting factor is the use of social media advertising. Many people simply use their Facebook, Instagram and Twitter handles to advertise their products, services and brands. And it’s working! In 2015, social media advertising revenue was an astounding $8.4 billion. This figure is just the tip of the iceberg. In the years to come, social media advertising is trending to grow bigger as the users keep on increasing.
As a brand owner, you cannot afford to ignore the value of social media for advertising your brand. The best part is that social media advertising does not require big budget outlays. It’s fairly reasonable and can be easy on your annual budget.
The fact of the matter is that irrespective of your business nature, size or location, online advertising holds the key to greater success in making your brand grow in this day’s modern economy.
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