By now, you’ve realized the importance of ad spending for your business and you may have developed or even expanded your advertising budget. Advertising promotes growth opportunities, engages new and existing customers, and generates revenue for your business. If you spend too little, you’ll limit your competitive advantage and miss out on key audiences. But, is it possible to spend too much on your advertising? In most cases, probably not, but if you’re not diversifying your marketing efforts, then you could find yourself in the same position as those that spend too little.
With that being said, here are three ways to maximize your advertising budget for your multiscreen consumer:
1. Don't Disregard Television Viewers
A study sponsored by the Council for Research Excellence found that TV advertising and promotions reach 85% of adults daily. Even more impactful, the average time spent watching TV daily has increased significantly in recent years. Audiences are still tuning in for their favorite programming; don’t underestimate the power of engaging and thoughtful TV ads. These ads can reach millions of viewers whether they are tuned into a live sporting event, the Walking Dead, or any of the 7 Real Housewives franchises.
2. Engage the Multitaskers
Many TV viewers multitask, and this doesn’t change during commercial breaks. That may sound scary, but it’s great news for advertisers. This means audiences are not just watching their favorite shows on television; they’re simultaneously on social media checking their twitter timelines, scrolling through Instagram and uploading snaps. Don’t forget the power that smart phones and social media have on your advertising- a really engaging or funny TV ad could easily end up appearing on those feeds within seconds, generating commentary and promoting your brand.
3. Join the Online Party
Online advertising can help close the gap between audiences that switch their attention from TV to internet, especially since the global online population now exceeds 2 billion. Aside from social media usage, which has grown at a staggering rate, online users are also logged on for email/communications, reading content and searches- all three actually encompass about 60% of how people spend their time online. Let’s not forget about the online shoppers- many consumers are jumping at the opportunity to avoid long lines and travel time and take advantage of the convenience of shopping anywhere and at any time. This means the rate of success for search engine marketing and display advertising is higher than ever.
It’s easy to think that your advertising budget is one area to cut back on to save costs and it often feels like you are spending “too much.” But with today’s fragmented and multitasking audience, the investment you make to stretch your advertising across screens will pay off in the long run.
How much are you spending compared to other businesses in your industry? Use this this tool to find out.
About the Author
Lauren has worked with Cox Media as a financial analyst for over a year. She is a University of Georgia graduate and is currently pursuing her MBA with a concentration in Marketing. Outside of her responsibilities with work and school, she enjoys spending time with her girlfriends, traveling and fitness.More Content by Lauren Powell