Paid promotion, by definition, is when you pay for media space and placement of content. This is more commonly referred to as advertising and allows you to focus on a specific target audience or segment.
Now, whether paid promotions are worth it for are not dependent on multiple aspects having to do with you and your business. Each situation is different, and therefore, whether paid promotion would be a worthy investment depends on that.
In most cases, however, paid promotion will not hurt you in any way. It’s an investment in your marketing, which by definition means that if you go with the right company, you will reap the rewards of said investment.
While it isn’t always an easy decision to make, it’s worth considering what it could do for your company. To make things easier, let’s first answer this question with other questions.
Who are you trying to reach?
One of the biggest steps towards growing your business and meeting your goals is to first understand who your target audience is.
Once you’ve determined who you’re trying to reach, then you can figure out the platforms that will be most useful to you and communicate them there.
If you have lots of competitors on the market, it can be very difficult to set yourself apart and reach that audience. In this case, paid promotion is extremely useful if nothing other than to get your brand in front of the right audience.
What’s important to consider is that having competitors is inevitable. However, if you’re a new company or lesser known, paid promotion can help you jump ahead and create an awareness for your company amongst consumers.
Where are you trying to reach them?
Now that you know who your target market is, where are you trying to reach them? Are you using the right platforms? What platforms is your target market using?
More questions, we know, but they’re important to consider! If you have a regular presence on Facebook, but your target audience is largely on Instagram, you’ll need to re-evaluate your marketing strategy.
The problem isn’t always that your content isn’t interesting or you’re going after the wrong audience, but that you’re seeking them in the wrong places. Again, this comes back to the competitors in the way.
While hashtags on your posts can take you part of the way, differentiating yourself from the competitors is going to be the hardest part. If you’re doing all the right things and your social media platforms and customer relationships are well established, paid promotion may not be necessary. But if you’re just now getting your footing, it could make a huge difference.
What kind of return have you had on previous marketing?
If you’re considering paid promotion as part of your marketing strategy, it’s time to check the analytics. How well has your previous marketing done?
The point of an investment is that you get returns on it, and if you aren’t getting appropriate returns on current and past investments, it’s time to switch strategies.
If you don’t already have data and analytics to look at for your marketing, this is a big pro of doing paid promotion. Whether it’s Facebook, Instagram, or any other platform, most paid promotions come with analytics so you can actually determine what’s working and what isn’t.
This is important because it allows you to really analyze everything and make the appropriate changes to your strategy. Marketing isn’t the kind of thing where you can stick to the same routine permanently. Marketing is a constantly changing part of running a business, and keeping up with this data through paid promotion will keep you on top of things and ahead of competitors.
What are you trying to accomplish with paid promotion?
One of the biggest questions here is, what are you trying to accomplish with paid promotion? Really, what are you trying to accomplish with your marketing in general?
Setting goals keeps you on track and determines the level of success your business is capable of reaching. It also drives motivation within the company.
The good news is that paid promotion can help you meet most marketing goals that you may have set. From growing your following to increasing the amount of interaction you receive from viewers, there are many things that paid promotions can help you accomplish.
Even better, paid promotion will allow you to keep track of the progress and accomplishment of the goals that you’ve set. Even setting these goals alone will help direct the paid promotion exactly in the right direction of what you seek to accomplish.
Hopefully by now you’ve answered these questions to determine your answer. Who is your target audience? Where can you reach them? How have prior marketing strategies performed for you? What goals are you trying to meet?
While there’s always a chance that the promotion doesn’t go well, if you do the right research and answer those questions, paid promotion will most likely help you.
The goal of a marketing agency is to get you where you want to be, so the best thing you can do is to help them help you!
Paid promotion is definitely more than meets the eye, but because of this, you receive more benefits than you may expect. Not only will you be more likely to reach your goals, but you’ll be spreading your brand awareness and growing its name recognition.
You get out of things what you put into them, and that doesn’t just mean monetary value. Best case scenario, you’ve done your research and can communicate with your marketing department or marketing agency. In this instance, you’ll likely excel and be surprised by the difference that paid promotion can make.
While it isn’t for everyone, it’s more than likely that if you’ve made it this far into the article, you could benefit from paid promotion.
Great news – you’ve got a marketing agency that knows the ins and outs of paid promotion right at your fingertips! Perfect Imprints would be happy to discuss your options and help you get to where you want to be.