When we start with these, we can build a strategy around what platforms would be most effective when considering campaign goals and efficient when considering budget options. Putting weight to the different factors helps us come up with a plan that is unique for each client and each campaign.
The other thing to keep in mind is the creative development cost that goes into each campaign. For example, a video might drive the best brand message awareness and reach on CTV and local television, but there might be new video production costs to create the spot. Factoring in creative development is part of the conversation when planning a new campaign.
Let’s break down the different factors.
1) Campaign goals
Not all campaigns are built the same. For example, launching a new product or service without introducing it to the market and investing all your ad dollars into conversion-based campaigns usually leads to lackluster results. Campaign goals closely match up with how you would think of a traditional sales funnel:
1) Awareness - introducing the brand, product, or service to the market
2) Prospecting - qualifying potential customers
3) Retargeting - focusing on frequency with messaging to targeted individuals
4) Education - answering FAQs and addressing pain points with targeted individuals
5) Conversion - creating a strong hook and CTA to drive sales, usually offer-based
2) Target audience
Identifying who the campaign is trying to reach is key to not only creating and crafting the message but also identifying the best platform and settings for your campaigns.
3) Identifying Desired Outcomes
Not all campaigns should revolve around sales. A healthy campaign is balanced addressing the different points of a sales journey with customers. But desired outcomes can also look like referrals, a higher rate of returning on existing customers, establishing brand values, creating brand stickiness, reinforcing brand market share, or even just introducing the brand to a wider audience.
4) Understanding Your Budget
Knowing how much you want to invest and over what length of time will also give structure to what is the best move for your business to reach those goals. Different platforms have different costs associated with them. While the best approach is having a diversified platform strategy that integrates multiple channels, that’s not always realistic for small businesses.
But what about available channels? How do you know when to place a social ad versus a billboard? While there’s more to it, here’s some simple pros and cons to each:
1) OUTDOOR & Billboard
Pros: high visibility/reach, cheaper on a Cost per Impression basis, good plays for awareness & equity, geographic targeting
Cons: no way to track engagement, hard to track results from boards, not a great play for call-to-actions, no demographic targeting
2) radio advertising
Pros: high frequency, cheaper on a Cost-per-Impression basis, higher engagement with audience, strong for awareness and brand equity, geographic targeting
Cons: little ability to track engagement or results of ads, no demographic targeting
3) Print
Pros: great for building brand equity and reinforcing brand value with publications catered to target audiences
Cons: can be more expensive, hard to track results
4) Broadcast
Pros: build brand equity, strong for brand awareness, better engagement, strong Cost-per-Impression efficiency, good for geographic targeting
Cons: hard to track results, larger budget required, lack of demographic targeting
