In this vast consumer driven market that we have today, where there are numerous choices to fulfill each of our demands, it is the advertisements of companies that enable us to make a decision. The world's economy has opened up for one and all today, and the biggest beneficiaries of this revolution have undoubtedly been the consumers. But with so much knowledge and so much information comes the eternal conundrum of confusion. In the midst of this over exposure to information, those sellers who adopt the most efficient strategies are the ones who reap the most benefits.
Advertising is an age-old marketing tool that simplistically speaking, focuses on luring a buyer to buy your products. How you convince him to do so, lies entirely in your hands, and you can build your techniques based on your company's offerings, size, budget and uniqueness. These factors will obviously differ for all companies, but the underlying elements of all the types remain the same. Furthermore, all the strategies of today focus solely on personalization and consumer satisfaction.
Today, the consumer is the king and whatever he wants, he gets. The seller or producer who can satisfy these needs more precisely, ultimately gets the biggest chunk of the market. Advertising, is the vessel through which this message of personalization can be passed along. With a proper strategy in place, the lowliest of products can gain huge profit streams.
Elements of an Advertising Strategy
One of the most important things about a strategy is the medium through which it travels. Convention tells us that the radio, the television and the newspapers are the best channels. But this was long before the revolution of the Internet occurred. Today, the Internet is the only guaranteed medium of advertising. Mass advertising methods like billboards and banners are still alive, but their effectiveness is in serious doubt. Even though everyone knows that they are virtually pointless today, no one can afford to get rid of them altogether.
Internet, on the other hand, is cost-effective, far reaching, and omnipresent. Moreover, it also provides the consumer with an instant means to compare, so this indirectly implies that for a product to be successful, it needs to be superior. This is where product innovation comes in. The whole idea is to create something so novel and revolutionary that it simply amazes everyone, and then go all out and declare it to the world. Just look at the Apple iPhone for the best example.
Advertisements need to remind the buyer what he is getting. It is not unusual for a buyer to regularly forget what he is getting exactly when he purchases a certain product. Advertising has to take responsibility for this act, and should go about attracting new consumers, as well as retaining existing one's. This needs to be backed up with efficient customer relationships, after sales service and complaint solving capabilities.
All the companies are well aware of the importance of segmentation. The market today is huge, and as such you cannot expect the entire market to be homogeneous. Therefore, you have to divide and conquer. Advertising campaigns need to be aimed at specific target groups, and cannot be generic in nature. These divisions can be made on the basis of age, gender, income level, lifestyle, geographical divisions or psychological reasoning. All advertisers undoubtedly know the importance of the marketing mix strategy as well.
Tips for Setting an Advertising Strategy
There are several things that a company needs to keep in mind before devising their advertising strategy.
- Ensure that your headline, or tagline or slogan, is extremely eye-catching and attention-grabbing. Invest time and money into this, and ultimately it will pay the dividends.
- Imagine that your strategy is focused on one single person, and let this person represent the entire segment.
- Add some urgency to the strategy, so that the buyers know that they must make a decision fast or they will miss out on the limited opportunity.
- Constantly carry out research and studies to see how the market is responding to your strategy. If you feel that you are lacking in some area, fix it.
- Offer as much information as possible about you product, and highlight what makes it unique and appealing. Don't be afraid to get in your potential buyer's face, because the stronger you push, the more people you will reach.
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