13 Ways Mount Dora, FL Businesses Can Spend Their Marketing Dollars
Creating a marketing and advertising budget is one of the most important things you can do to set your company up for long-term growth and success. It can also be complex and challenging. Not only must you select the appropriate channels and strategies, but you also must consider your industry’s current state and the advertising trends that are seeing success. Then, you have to develop ad campaigns that help your company stand out from the crowd.
Your team has many different directions it can take. You could pour more funds into digital marketing, social media, or traditional ads. You could add a few new channels to the mix. Or, you could combine these strategies to fit your company’s specific needs.
Below, the Mount Dora Area Chamber of Commerce shares some practical advice for getting ahead of advertising trends.
1. Calculating Costs
First of all, it’s important to know how much money you have available for spending on marketing and advertising. Only then can you make intelligent decisions on where to direct your ad spend.
Take the time to research standard rates for content marketing, social media market, email marketing, lead generation, video marketing, and other strategies. Then, evaluate your company’s overarching budget and goals to determine your total available marketing funds.
One of the easiest ways to go about this process is to use an online marketing budget calculator. Several tools on the web can help you quickly calculate the spend for various marketing channels, saving you lots of time, money, and stress. Remember to leave a bit of cushion in case-specific costs are higher than the industry standard or you run into unexpected challenges.
2. Admin Automation
There are many technologies your team can leverage to boost operational efficiency and productivity while freeing up more funds to direct toward marketing and advertising. Instead of utilizing valuable resources and paying a lot of admin fees, research the various automation tools that can take care of menial daily tasks. Here are some of the business tasks you can automate:
Social media posts
Completing online forms
Collecting documents and signatures
Customer service and engagement
3. Leveraging Expert Resources
When it comes to developing impactful marketing and advertising strategies and campaigns, you’ll only get one chance to make a lasting first impression. And it’s critical to get it right. That’s why it’s worth considering hiring a reputable third party who knows your target market inside and out. Look for local experts who can help you create content and strategies that will bring your company growth and success.
4. First-Party Data
First-party data is customer information that a business collects directly through its systems and software. It can include customer behavior, preferences, purchase history, digital interactions, and other factors. If your company is not collecting and analyzing such data, you’re missing out on invaluable information that could make the difference between success and failure for your marketing campaigns. Invest in the right tools and expertise to use first-party data as you create your ads, content, and experiences tailored to your target customers’ interests.
5. Connected Consumers
People have become even more connected to their devices and the web since the pandemic emerged. Consequently, digital marketing has become even more important for businesses of all sizes. Promoting your brand through digital marketing is a cost-effective way to build brand recognition among your target consumers, so consider connected consumers at every step of your decision-making.
6. Targeting a Niche
We live in an increasingly niched-out world and you should consider that as you strategize your marketing and advertising. Many companies are spending more on CTV and OTT ads than on social media and search engine ads. As more companies learn about these mediums, the barriers to entry are lowering, which brings up incredible growth opportunities to expand into new markets.
7. Going Social
Social media advertising is still crucial for advertising these days, and your brand can get ahead by incorporating result-driven ads around social media trends. More people are using Instagram, Facebook, and other platforms than ever before, which presents excellent opportunities for significant ad spend returns.
With that said, it’s essential to use the appropriate social media platforms for your target market. By promoting on social media, you can narrow your targeting to boost brand awareness among the customers you are targeting, which can lead to higher conversion rates. Research the trends among the consumers you’re pursuing and develop your strategy accordingly.
8. Content Creation
Content is the fundamental quality consumers are attracted to. Yes, the delivery method and medium are important, but customers are increasingly pursuing specific types of content, meaning it should be a top priority for your business.
Learn about your target market’s behavior and interests to create content that will speak directly to their desires and purchasing habits. In other words, investing in top-notch content creation is one of the best things you can do.
Once you know what your audience wants, look for great ideas. If you find that you have documents with the right content, but that there’s too much of it, you’ll need to pull the right information out. If you're trying to split pages, you can use a free online tool. Simply add the file to the drop zone, set up the divider lines to the content you want, and click Save. You now have a separate file ready for sharing.
9. Omnichannel Videos
Omnichannel marketing is a staple of modern advertising, as is video content. Invest the time, energy, and resources into designing video campaigns with linear TV, CTV, and other mediums in mind. Creating omnichannel videos will allow you to reach more of your target audience regarding geographic location, lifestyles, schedules, and other factors.
10. Connected TV (CTV) Advertising
More brands are investing in CTV than ever before, and that goes for various industries. Many marketing agencies and businesses are moving away from linear TV. With digital marketing, you’re ultimately trying to deliver a specific message to a specific potential customer at a specific time.
If you want to reach the right customers, using marketing technology that clearly shows your returns is essential. And it’s hard to beat inbound marketing tools because they lay out the entire buyer’s journey. Spending ad dollars on these technologies can take your marketing initiatives to the next level.
11. Product Placement
More and more people are streaming movies and shows on Netflix, Hulu, Amazon Prime, and other platforms that don’t contain traditional advertising. If you want to reach this massive market, pursue product placement, which essentially puts your product into the streaming content so that many potential customers will see your brand. Product placement isn’t cheap, but the returns can be astronomical.
12. International Ads
If you have aspirations to enter the global market or expand your influence internationally, take the time to identify the areas in which you could make the most impact. Look for places with high demand and low supply so that you can create an effective marketing and advertising campaign to quickly claim market share. Incorporating an international strategy can go a long way in boosting your company’s bottom line and brand recognition.
13. Marketplace Optimization
You might be surprised by how many of your competitors are not taking advantage of marketplace optimization. Research the most dominant marketplaces in your desired regions and determine how you can optimize your strategies accordingly. Invest in high-quality SEO-friendly content to maximize marketplace traffic, leads, and conversions.
No matter what type of business you run, your marketing and advertising strategies will likely play a vital role in your business’s overall success. Keep the 13 tips above in mind as you develop your approach for building brand recognition and increasing sales. Regularly monitor market trends to ensure you stay a step ahead of your competitors, and use the tools at your disposal to create great marketing campaigns for a fraction of the cost of hiring a marketer. Together, these strategies will help you to promote your business in an effective, yet sustainable, way.
Join the Mount Dora Area Chamber of Commerce to connect with local entrepreneurs and resources that can help your business grow.