June 10, 2017
When it comes to spending — and wasting — money, most startups lose the most to advertising and marketing. There is an old saying when it comes to advertising: Half of a company's budget is put to good use, while half of it is just a waste. These days, with digital and mobile advertising becoming increasingly popular and necessary, it's easy to spend too much if you don't exactly know what you're doing.
On the other hand, some startups just assume customers are going to find them and don't budget enough for advertising. What little they do doesn't go to the right places. Both problems can be equally harmful to your budget and your business.
We sat down with Arya Bina the CEO of Kobe Digital, who provided us with these five tips that can help you maximize your startup's advertising budget and cut back on the waste.
Social Media, Social Media, Social Media
If your startup is not on Twitter, Facebook, and Instagram at the very least, you need to sign up for accounts as soon as humanly possible. Anyone can do it for free, and it has become a top digital marketing tool in recent years.
Not only can you advertise on your own page, but you can get other to advertise for you. Engage with your followers or potential followers. Hold contests, create your own hashtags, and reach out to social media influencers who can promote your product. There are so many ways to build a following. Even if you do want to pay for an extra boost, such as a promoted Tweet or Facebook post, the price is pretty reasonable.
Stick to Old Campaigns
Some startups feel like they need a new ad campaign every time the weather changes, but if your old campaign is working, why change it? Sure, the creatives who work for you might get a little bored, but launching a new campaign can be super expensive. If your original feels a little stale or outdated, try updating instead of coming up with something totally new.
Just think about those commercials you see for companies that have had the same jingles since you were a kid. They may be updated, but the general idea is still the same, and obviously, they are doing something right because they're still in business 20 or 30 plus years later.
Get On Board with Programmatic Advertising
The hottest trend in digital advertising right now is programmatic, and if you haven't heard of it or tried it yet, you probably will soon. Billions of dollars are already being spent on it. If you aren't familiar, basically, programmatic means allowing a computer to buy advertising inventory for you, based on your specifications. It takes the human error aspect out of it, and it shows results in real time.
You can also make changes based on real-time data instead of waiting a week or two for your advertising department to look it over. It's much cheaper and frees up your staff to focus on the creative side of things. It also allows you to target specific customers who are probably interested in your product or service rather aiming at a large group who may or may not be.
Don't Give Up on Press Releases
So many startups think a simple press release is too old-school for their businesses, but with all of the options available to spread this free piece of marketing, why not give it a try? It shouldn't take over an hour to write it out.
You can send it to every appropriate trade journal, blog, and media outlet you can think of, and you can post it on your media section of your own website. Optimize it for SEO, and make sure you include a link to your website in the boilerplate.
Build Relationships with Creatives
When you need content, publicity photos, or good creative ideas, you may think you need to shell out for the best in the business. That's going to cost you. What you can do instead is settle for someone who is pretty good and build a relationship. Make sure they understand what you want, that you work well together, and that they can deliver.
Remember to pay them on time and be courteous, because if you like what they do, they may end up being your go-to person for your creative needs. You may even receive a discount on repeat business.
Read more about business tips and tricks here on Tech.Co
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