The different ways businesses can advertise themselves changed significantly in the last decade. The most drastic change has been noticed in digital advertisements. Research predicted that the United States digital advertising spending would grow by $135 billion, which is nearly 12.4% in 2020. Zenith also reported that this amounts to 53% of total ad spending.
These figures clearly show that most people have started spending on ads online to generate leads. The COVID-19 era further promoted this as more and more businesses were forced to switch to online mediums.
All of this means that attracting audiences online is now not only easier but also essential. Businesses are making use of video marketing, social media campaigns, and even content marketing. Some hire content writers, while others use Jasper to write blogs. If you are wondering what form of advertisement best suits your businesses and what platforms/mediums are currently trending, you are in the right spot. Today, we shall look at the top ways to advertise your business in 2023.
Advertisements are the key elements that drive any social media account to create an online presence. LinkedIn was the first one to offer paid adverts in 2005, followed by Facebook in 2008, Twitter in 2010, and finally, Instagram in 2014. Even TikTok has also started experimenting with advertisements owing to their demand.
Not only are there numerous customization options available on each social media platform, but you can also opt to target different audiences or run several ads at once. This helps promote a business and also create brand awareness. Facebook offers eight ways to advertise, and even the average CPA (Cost Per Acquisition) is reasonable. The Wordstream research showed that the average CPA for Facebook was $18.68 while the average for Google Ads was $48.96 across multiple niches in 2018.
People used to click and open nearly all emails they received in the past, but the probability of this happening today has dropped low. The average email opening rate was only 22% in 2019.
However, based on your business type, industry or niche, sending emails can still be a great option. Email marketing is effective when you make use of it as part of a bigger marketing plan or strategy. Email campaigns can help you create brand awareness and keep regular and one-time customers updated about your brand and its presence. When individuals constantly see your emails, even if they do not click on them, they are likely to remember your business. This can help create a future channel of potential recurring leads.
Search Ads Or PPC
Google is surely keen on advertising. We all think that Google is simply offering us information regarding its tools like Gmail, Calendars, and Google docs. However, the truth is that Google simply aims at making you see its adverts. It has been reported that the Google Ads platform generates around 85% of its revenue for Google. This growth has been incredible over the last few years. 2019 alone saw 160 billion searches on Google in a single month. Businesses can generate a dollar for every two dollars they spend on Google ads.
The greatest advantage of PPC or pay-per-click advertising is that a business only has to pay for clicks made by consumers. Both small-scale and large-scale businesses can make use of search engine power to generate leads for a small fee. Testing and targeting specific niches and markets allows you to understand buyer interest.
This low-cost marketing strategy is great for attracting potential customers. The only drawback is the fact that other businesses are also actively making use of PPC to generate leads which leads to tough competition. Since Google Ads are so well known and can cater to a wide range of markets, you need to up your marketing game to get the top spot.
A new kind of marketing strategy that involves influencers and micro-celebrities as a means of advertising a business to the masses has slowly come into the limelight. Influencers can have a presence on popular social media platforms like YouTube and Instagram. They should also have at least more than 10,000 to 20,000 followers to be useful for advertisers.
Influencer marketing can help a brand reach the correct target audience and increase sales incentives. A SproutSocial study states that influencers charge $271 per post on average. Influencers with more than 100,000 followers charge $763 per post on average.
No matter what set of strategies you pick, it is essential to track returns. Better brand visibility allows you to cover advertisement costs through profits or revenue generated by the business. If you are spending more than you make, then it is simply not worth the effort. Due to this, it is important to experiment and see what methods work best for your brand. They should be able to keep existing customers, attract new ones and double your leads.