Whatever your marketing budget is, spending it a way that produces the highest return on investment [ROI] for your business should be at the core of your efforts. Whether you choose to hire a light aircraft to write your tagline in the sky or go on the hunt for a cool Instagram influencer to represent your brand, your marketing should always attract your audience and increase your profits.
Traditional marketing and digital marketing can both be used to reach out to your target customer and create valuable leads, but which approach is best for your business?
What is traditional marketing?
Traditional marketing uses offline advertising methods such as billboards, direct mail, phone, promotional pens, TV, radio and print advertising. Advertisers using traditional marketing techniques locate somewhere where their audience is hanging out and place promotions in front of them to create engagement.
What is digital marketing?
Digital marketing is any marketing or promotion that a business conducts online and includes email marketing, social media posts, YouTube videos and PPC advertising.
As the world becomes increasingly digital, the way businesses must market themselves has changed. Think about how many things you’ve Googled in the past week, or how many sponsored ads you’ve seen online – digital marketing is everywhere.
Pros and cons of traditional marketing
Traditional marketing isn’t dead [yet]. One huge benefit of doing it the conventional way is that you can target hyper-local audiences really easily. Newspapers, local radio stations and even leaflets can give your promotion that local feel and local reach that might not be possible for your niche digitally. If your ideal customer is a demographic that isn’t likely to hang out online, then traditional could be the way to go.
Although traditional marketing can be extremely effective when executed well, it poses a few disadvantages compared to a digital approach. First off, it can be a lot more expensive than digital marketing: an advert in a magazine can cost thousands of dollars.
Secondly, the return on that initial investment can be harder to accurately track than with digital advertising. Unless you ask every customer how they heard about you, it’s impossible to measure how many customers you got from that catchy radio jingle about your business.
Pros and cons of digital marketing
At 3PM, the thing we love, love, love about digital marketing is that you can segment your audience down and then see how they interact with each and every campaign. Why do results matter? Not just because you should always celebrate your digital successes [with bubbles], but because knowing what did and didn’t work can help you continuously improve your marketing.
In 2021, global digital marketing spend is expected to reach $389.29 billion [US] – a 17% increase from 2020. Everyone seems to be on board with digital, so why get left behind? Chances are that your competitors have a solid digital marketing strategy in place and are ready to snatch up customers that could be yours. When you choose to ignore digital, you could be missing out on a huge chunk of sales.
When considering traditional marketing vs digital marketing, put yourself in the shoes of your ideal customer. Which would you prefer? The great thing about digital is that it can be personalised to make the experience someone has with your brand more relevant and meaningful. That means more robust relationships and higher customer loyalty.
One of the most obvious benefits of digital marketing in 2021 is that your audience is pretty much global [if that’s what you’re after]. Traditional marketing can be very limiting in terms of reach, unless you have millions of dollars to spend. Digital marketing can be successful anywhere you want it to be, at a comparatively tiny cost.
What works for you?
Promoting your business effectively can make all the difference to your profits and it can actually be fun. You don’t just have to choose one social media platform to get your message across – you can do it all. Likewise, you don’t just have to pick digital marketing. If you think a billboard on the nearest freeway is the best way to attract people to your amazing website and drive sales – do it!
Great marketing involves a bit of a learning curve and a whole heap of experimenting. The team at 3PM has more experience than you can shake a promotional pen at, and we get a kick out of helping businesses succeed. If you’re ready to grow your business but don’t want to waste time experimenting, get in touch and find out how we can help you.