Definition and Importance of Advertisement
Advertisement is a part of the promotion mix(1), along with variables such as PR or Personal Selling (Door-to-door selling), which aims at informing customers and inducing potential customers to purchase a firm’s products or services. It is impersonal and constitutes an identified sponsor. In other words, it’s a brief presentation of the appealing characteristics of your product or service, to inform general or specific public about the availability of your product.
Advertisement is an essential strategy to follow in today’s extensively competitive markets. The main difference that convinces someone to choose a particular brand over another, especially for startups, is creating a product of superior value (psychological or real) for the customer. Advertisement aims at both of these aspects, by informing the customer about the product’s actual superior value, and attempting to resonate in their minds with a catchy and indulging presentation. You can read more about startup marketing here.
Various Types/Methods of Advertisement Media
The most common and effective advertisement media are:
The most popular method of advertisement is Physical media, such as newspapers, pamphlets, and brochure distribution (Print media). As well as billboards, vehicle advertisement/vehicle graphics, and digital billboards (Outdoor advertisement). Physical media is suitable when the area of distribution is limited but the product has rather generic use, so that each person who stumbles across the advertisement is a potential customer. These are widely used by local businesses. However, these are adopted by larger companies to convey such generic products, primarily because it often leaves a long-term effect in the viewer’s mind due to its physical nature.
Different types of Physical Media are-
Digital media has become the most convenient, effective, and profitable method of advertisement in the modern age due to its never-ending growth of customers. There are various methods to do this, such as running ads on social media like Facebook or Twitter, direct emailing (subscription based), posting relevant content on your website (such as blog or vlogs), and attracting SEO(2) based customers, etc. The dynamics of digital media are ever-evolving with altering algorithms and updates. However the major player for a successful advertising campaign to be retained is its relativity to the target audience. The campaign must maintain relevance and evolve alongside its target audience. Marketing itself is all about keeping up with the dynamics. Developing a good social media community is also an effective and necessary digital marketing method to build a strong, organic customer base.
Another popular and effective way of advertising is broadcast media. This primarily includes radio and television. Relevance is of the utmost importance in broadcast media. For example, you see toys being advertised on children’s channels mainly and not on news channels. Similarly, sports gear is advertised on sports channels. This presents the concept of Targeted Marketing(3) and its importance in a clearer sense.
How to target your ideal audience (Targeted Marketing)
For a detailed article on Targeted marketing click here
The most common and important question about Advertising following "How to market" is "who to market to." Advertisements on Billboards and Flyers do not have a specific targeted audience, everyone sees those advertisements and hence they are mostly used for everyday products such as grocery or technological products.
However that is not commonly the case with businesses and Startups. The product/service offered may be of any specific usage for specific audience or even a niche product with a small audience. It is preferable to identify the potential customers who are likely to buy the product and advertise primarily to those consumers to increase return on investment. For example, pet supplies to people with pets or toys to children.
This is where targeted marketing comes into play. It is the process of identifying the demographic most likely to purchase your product and advertising primarily to them. For example since kids are most likely to demand for toys, ideally ads for toys are mostly run on kids' TV channels. However nowadays the most effective Targeted marketing tool has become social media like Facebook and Instagram. By choosing to show your ads to people following specific interests, social media sites makes it way more convenient and cheaper to target your potential customer base.
We have mentioned in the previous articles from our "Marketing How To" series that marketing strategies are almost always dynamic, subjective, and need to be targeted. A non-targeted marketing plan, except for generic products, is inevitably destined to fail. To understand advertisement you first need to understand your specific market's needs and wants.
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