Advertising is big business in Australia, with an estimated $13.3 billion in revenue this financial year, according to an article in BRW magazine (21-27 March). Internet advertising is also growing, and its share of the total revenue has risen to the point where it has taken over from television as the most popular advertising medium.
Advertising and small business marketing is constantly evolving, and has moved from print media, to radio, to television over the last century. Now, internet advertising is in the spotlight, and the rise is thought to be partially due to the inception of high speed broadband, as well as the general popularity of the internet for doing anything from buying shoes, to banking to watching films. It is predicted that by 2020, the internet might be responsible for 40% of all advertising.
Other more traditional forms of advertising have been pushed further down the chain, with outdoor advertising and print advertising making up a much smaller portion than previously. Newspapers and magazines have already been feeling the effects of a reduction in advertising revenue, with many of them creating online versions to meet the needs of their readers and advertisers.
So what does this mean for the average business owner? Advertising is an essential part of any marketing strategy, and it appears that online advertising is only going to increase in popularity. If you want to compete against other businesses with your advertising, it is worth investigating online channels – if you haven’t already.
A well-targeted marketing campaign will ensure that you are advertising in the right places to catch the attention of your key audience, and will help you minimise wastage from advertising in the wrong places.
It’s important to investigate different channels, from social media, to media sites. If your audience is made up of teenagers, YouTube is probably a good place to start. Equally, if your target market is men who love sport, a campaign on a sports media site might be the way to go.
You also need to make sure you are using the right keywords, and the right sort of ads. These days, ads can be in almost any format you want, from ones that use flash in order to jump off the page, to ads that are essentially a short film.
But, ultimately, whatever you choose to do, the success of your marketing strategy depends as much on how you go about your marketing activities, as where you decide to place your advertising.
