4 Reasons Why You Need To Diversify Your Advertising
How many times did you face the situation when you need a quick turnaround in lead generation? Or maybe your client – if you are an agency – required you to condense the brand awareness, consideration and conversion cycle to an extremely short period of time?
Seems familiar? This is the dilemma most of businesses and marketers have, if not all.
Though mostly businesses and marketers would think the challenge is achieving lead generation or ‘conversion’ in a short time frame. It is not. The challenge is achieving ‘scalable conversion’ in a short time frame. This is where the concept of ‘pairing’ your advertising channels to play ‘in concert’ is crucial to achieve this goal.
We summarized four main reasons why this concept in marketing speeds up the lead generation cycle.
You Truly Understand Your Competitors
Unless you are opening a new market, in order to achieve faster lead generation than your current baseline, the first thing you need to realize is how your market penetration will actually work.
When you design your marketing strategy based on pairing advertising channels, you start evaluating your competition differently. You can spot right away the strengths and weaknesses across channels, identify opportunities and make more sense of competitors’ campaigns. You also start to evaluate what channels of advertising for your product or service is harder to penetrate, which channels do your competitor focus on for reach? For frequency? And much more.
It becomes critical to understand the full playground before you start a rigorous lead generation campaign. It is actually half of the battle.
You Realize Timeliness Potential Of Your Campaigns
Your audience, regardless of industry, is getting more and more personalized day after day.
Unless time stops, this personalization aspect of marketing your product is going to get more dominant, more essential to consider in advertising. Your advertising needs to be more than ever, personally relevant and personally ‘on time’.
The diversity of advertising channels opens up the doors to unlimited options of timing the correct message to your prospects. More importantly, once you understand your client very well, it opens unlimited opportunities to introduce your brand during their daily activities.
On the other hand with only one advertising channel in your strategy, your game would be limited.
You Realize Strength Of Cross Promotion
If you run multiple advertising campaigns on different channels, you will realize more the strength of your message in the market, and learn how to use the tool of cross promotion to leverage more your market share and speed up your conversions.
We found that generating leads for our clients is 26% to 38% faster when launching campaigns in two or more mediums with different time conversion span.
For example running a publication campaign – long life span – along with an intensive digital campaign that has a short conversion time span. If done right, what happens is that this tactic in advertising puts an emphasis on the ‘consideration ‘cycle of customer experience with your service or product, leading to faster conversions.
The catch here though is to carefully have a consistent message across your campaigns in different advertising channels. Again, it is a ‘consideration’ game that is providing potential clients with an affirmed expectation that leads them to be in touch.
With a strategy that entails pairing two or more advertising mediums, you surely understand how your brand works and how cross promotion can edge up your lead generation.
You Understand Your Saturation Point And Market Share
Do you need to spend more to get more leads? Is that all the market share you can acquire? Or are you already overspending and reached your saturation point?
Reality is, without ‘pairing’ advertising campaigns in different mediums, 99% of the time, there is no way to tell. The main key here is that reaching your baseline for market saturation in any advertising channel is a process.
It is a process that depends on certain consumer demographics, consumer behavior and acquisition tactics which might be highly different in another advertising channel. And in many cases, advertising in a new different medium can be an eye opener to push your market share in your traditional advertising mediums.
There is a strong correlation between opening a new market along with starting a new advertising channel, if you drop the option of diversifying your advertising, your risk losing revenue and knowing your actual of market share.
It might sound challenging to have a faster than usual lead generation successful campaign. But it has a formula, and the formula is ‘pairing’ your advertising campaigns.
It is also important to mention that, if this ‘ pairing’ is not done right, it is very common – and painful - to see businesses stagnating at a certain level of revenue generation or just burning money heavily.
This is where your marketing strategy should be at its best. How does the branding resonate across all campaigns? Are you collecting the right data and making the right decisions? And is your progress sustainable and scalable?
If you are unsure where to start or make a decision about ‘pairing’ your advertising campaigns across different mediums like TV, Radio, Digital or publication, let us know, we will help.
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