As a business owner or marketer, it is easy to be tempted by low cost campaigns or sales, but this isn’t necessarily the best strategy for your long term advertising plan. If you're making marketing decisions based on price rather than diving deep into your target audience’s preferences, this could lead to a common misconception about the effectiveness of advertising.
When it comes to spending your TV advertising dollars wisely, cheaper isn't necessarily better!
The Disadvantages of Cost-Based TV Buying
It’s happened to the best of us. Spending ad dollars based only on cost may result in campaigns that go off the rails. When a campaign doesn’t achieve desired results, there is always a reason. It could be the messaging, placement, focusing on the wrong KPIs, or simply not giving the campaign enough time to be successful.
One study showed that 67% of viewers consider it reasonable to watch ads during live programming. And, 47% of live TV watchers also said that they enjoyed television commercials, they just have to have the right message and be placed in the areas that are most likely to be viewed by your primary demographic.
When it comes to your audience, you need research that shows where consumers are spending their time so you can strategically place your ad dollars with the most impact. TV advertising should be thought of as a carefully planned investment with targets and timelines that you monitor along the way.
The Hard Truth: Cheaper Ads Cost You MORE Money
Going after TV spots with the lowest rates may not give you the ROI that you need to justify your marketing budget. In fact, they may create churn that burns more cash than it brings in.
Ad spend should always be considered an investment backed up by data and research. Bigger is not necessarily better. Chasing too broad of an audience can miss the mark and take focus away from your target, costing you precious time and money in the process.
You can look at a few factors to determine your target audience and place your ad spend accordingly. Conduct a discovery that uncovers factors like, what's the population of your area? How many visitors does your website or store front receive each day? Which webpages or products get the most attention? What is the age of your customers? What do they do for a living? What are their primary interests and hobbies?
Knowing key information about your primary demographic allows you to focus your efforts in the areas that make the most sense and will have the most impact. Make sure that your message is timely and speaks to the customer’s needs.
Think of Marketing as an Investment
As the saying goes, a little effort goes a long way. All of these factors provide you with the tools you need to not only create the most relevant TV commercials, but to ensure you’re getting the most bang for your buck.
An experienced media partner can point you toward the right audience while still working within your budget. Your message will be seen by real, potential customers, and that's money well spent!