Being a business owner means wearing many hats for your business. You can be the sales team, accounting, marketing, and customer service teams for your business. While it’s great to be so involved with your...
Being a business owner means wearing many hats for your business. You can be the sales team, accounting, marketing, and customer service teams for your business. While it’s great to be so involved with your business, it can actually backfire on you. For example, wearing so many hats for your business all the time means you can never take a step back and look at the business from a different angle. You also might not be able to see opportunities you otherwise would have since you’re ALWAYS working on a different aspect of the business.
So, why is that relevant to right now and advertising digitally? Digital advertising has always been an important part of a business’s marketing strategy especially since Facebook became what it is. However, specifically for right now, it’s the best time because of business owners’ hesitancy towards spending money with all that’s going on.
When uncertain things take place in society at the scale we’re experiencing it directly impacts businesses. Owner’s become hesitant because they aren’t confident that spending money on advertising is a good use of capital when they have the potential to become financially strapped. So, why is it the best time?
Most business owners want to save money. This aspect makes sense because it’s important to be smart with capital to make sure your expenses are covered month-to-month. However, the ironic thing about this is that if you deploy capital towards advertising in a smart, strategic way, it can actually help you INCREASE your share in the market.
By advertising with everything going on, combined with business owners not advertising because they want to save money, you will actually save money on advertising because you are doing it at a time when many aren’t. As a result of this, ad prices fall. During the height of the pandemic, Facebook ad costs were down over 50%, meaning double the reach/results for half the price, literally.
It goes deeper than that, too. Not only are fewer people advertising leading to lower costs, but there has also been a dramatic increase in internet usage as people have been hunkered down. This results in ads not only being less expensive than they normally are but getting in front of more eyes than normal.
Naturally, most people think to get double the results they would need to double their budget, and in most cases that’d be correct, but the opposite is true here. Which means it’s a great opportunity to take advantage of it - even if you aren’t running ads that generate leads or sales directly!
One of the massive opportunities business owners can take advantage of right now is the brand play going on behind the scenes. Like in the prior post, advertising right now is a great strategy even if the ads aren’t leading DIRECTLY to sales or leads. Why? Because of one word: branding.
With all that is going on - a virus, economic recession, unemployment, social upheaval - most understand that many aren’t going to want to be spending their disposable income on things that aren’t necessary to them right now. So, how do you leverage this to your advantage?
If you run ads right now, then one option can be for branding purposes. Running “awareness” campaigns, where you’re just getting it in front of people, is an extremely underrated/impactful strategy because you’re putting it into the subconscious of people.
For example, if you keep seeing an ad for “Fidelity for financial services”, investing, etc., whatever the reason is, and a month goes by and finally, you say to yourself, “I should start getting my personal finances in order,” the first place you’re going to think of is Fidelity. Especially if no other financial institution got their ad in front of you.
See the play here? If you run an ad solely for the reason of generating awareness, but NOT asking for a sale during this time, people are going to think of you first when they need what your offering. They may even choose to buy from you because you did NOT try to sell to them. Hopefully, when they finally think of you and want to buy, then go to search on Google, your site is right there at the top as if it was waiting the whole time.
“But, how do I get to the top of Google? I’ve been trying for years already!” Great question, refer here for more information!
Contrary to the point above, one great reason to advertise right now is that some people are ready to get back out there and be active, go shopping, or simply get a routine check-up on their teeth!
If someone isn’t apart of the economic recession/unemployment or doesn’t fear the virus, then some people are actually waiting to get back and interact with businesses. This is an especially huge opportunity for the same reason as our first point.
If you’re going against the grain and deciding to advertise right now with everything that is going on, then you’re going to benefit from lower ad costs and higher internet/social media usage. How? Well, you’ll be advertising when not many people are so saving money is obvious. However, people are ready to get back out into the world.
There are things people haven’t been able to do - go to the gym, routine teeth cleanings, home improvement projects, even just regular shopping, and so many more - that people are itching to get back out and contribute economically.
As bad as it is with everything going on in the world - or as bad as it might feel - it quite possibly could be the total opposite in the advertising and digital world. Right now, that has never been more true.
But, you say to yourself, “Okay, I get why I should advertise digitally right now, but I have no idea how to do any of it let alone be successful doing it.” You have a valid point, but still no excuse! Get in touch with us here at PPL Labs, our team of Account Managers and Marketing Specialists are a group of experts in the realm of digital marketing and can help you attract new customers, generate awareness in your brand, and even help you digitalize your business.
No excuses, the time to take advantage of this is NOW!
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