Business Growth Through Advertising
Advertising is an extremely dynamic field that’s constantly reinventing and evolving so it can easily utilize new tech and media to reach audiences. Companies have to continuously follow suit. However, growing a business through advertising means understanding the target audience’s values on a deeper level.
Since advertising means creating, organizing, and executing paid messages and content on a variety of marketing channels, companies have to constantly evolve their advertising strategies to make sure that the business can invest safely into future growth and positive results.
When it comes to a company’s public exposure there are three different categories to help marketers adjust their strategies to make them more effective. Due to the developments throughout the past year, we saw many marketers cutting their companies’ advertising budgets. Yet they were still able to reach customers even with those limited resources.
The way that marketers have done this successfully is by noting the company’s current levels of visibility with the public and then applying the remaining resources towards the best areas to reach the target audiences most effectively.
Different industries have gone through distinct difficulties throughout the past year, which meant that there is no one-size-fits-all approach that will work for the majority of businesses. Throughout this time, there have been three types of industries.
The industries in the dark have been hospitality, travel, along with other retail stores that weren’t deemed as essential. These companies had to stop most of their daily operations and their advertising and marketing efforts have been reduced to a minimum.
Then, there are the industries that are in the shade, so to speak, where although they’ve remained largely operational, consumer demand, or other chains have faced disruptions, including B2B products and services, consumer durables, and the automotive industry for example. Companies in these industries cut back on their advertising budgets at the beginning of the pandemic, but now they’re shifting gears and changing their strategies.
Finally, there are the industries that the pandemic ended up putting in the spotlight, such as healthcare, online retail, or insurance, which decided to retarget their advertising efforts to provide valuable information to their target audiences. These businesses were also able to take advantage of different ad tools to help them navigate the difficult global situation and ensure their messages got through to the consumers.
Nevertheless, all of these industries and companies had to retain their customers throughout the global crisis, which is the most important thing for any business during a crisis. The entirety of brand messaging for consumers had to be reduced to three main points, the safety of both the employees and the customers, the conveniences the business provides, and what the company is doing to address global uncertainty.
Finally, instead of focusing on the next several months or a year when planning their advertising and marketing efforts, many companies decided to change their schedules and shift to a weekly advertising cycle instead, to keep everyone updated on the current situation.