In order to get the best possible ROI and stretch your advertising budget like a rubber band it’s important to understand the difference between the forms of online media or platforms that you own, those you rent or pay for coverage on and those you earn coverage in. Here are some thoughts about an important balance we consider when designing and implementing marketing campaigns for our clients that operate out of one or more physical locations.
It’s important to recognize the different roles that different types of media ownership play in boosting your ROI. Some media you rent, some you own. Some you pay for as you use it and some you earn. They’re all valuable but each plays a different part in a well balanced campaign.
Examples of media that you own include your website, your blog and your Twitter and Facebook accounts. You’ve purchased them, built their content and they belong to you. They may have reoccurring costs like SEO and hosting but, for the most part, are not a large drain on your marketing budget once they’re up and running.
Rented or purchased media, on the other hand, is an important component of your campaign that can be a significant drain on your marketing budget. Pay-Per-Click ads, for example, can drive amazing numbers of visitors to you but can also rack up thousands of dollars per day in advertising costs if allowed to run wild. PPC is popular because it’s effective, and is an important component of a good campaign. Other examples of rented media would be TV or radio time, newsprint etc.
Earned exposure is coverage or publicity that you’ve earned without paying for directly. It’s often the second or third generation result of the first two forms as it includes conversations and media coverage about your company that may have been started by your latest blog post or by a customer referring a friend to your store. Either way, earned media exposure is effective marketing and can be a good barometer of your marketing efforts. Since you’re not paying for it and it’s effective, it’s an attractive part of an effective campaign and an excellent way to increase the ROI for your marketing dollars.
Getting Professional Help is Smart
Whether you’re just starting your blog or redesigning your website, think of earned media as a goal, a savings account that you want to see grow. It’s a good thing to keep in mind when designing the other components of your marketing campaign in order to achieve the growth you’re working towards. There are many components to a successful marketing campaign and input from a pro can be well worth the cost of some consulting time. Evaluate your current role in your business and the things you do well when making decisions about learning the skills and tools needed to implement the best marketing for your business and clientele. What’s best for your business most likely does not include the cost of a trial and error approach to its marketing and, losing you to do it.
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