The current times demand a diversified marketing approach that encompasses both traditional and digital advertising techniques. Though traditional media outlets such as television, newspapers and radio are still viable channels, businesses should allocate part of the marketing budget to online advertising. The challenge is striking the right balance between the two – conventional advertising and the more promising internet marketing.
Consumers continue to spend more time online. To keep in step with consumer trends, the marketing mix must also evolve and adapt to it. Business owners and executives should prepare the marketing budget based on their anticipation of the consumer trends over the next year.
Increasing importance of e-commerce in businesses
E-commerce is becoming an important channel for small and large businesses. Sometimes, there is a huge gap between the marketing budget and sales trends. This can happen in businesses that have always relied on traditional media channels and retail stores. These businesses still perceive e-commerce shopping cart solutions as a secondary sales channel rather than mainstream business model.
Many times, the most effective media is not identified correctly by progressive marketers. The source that generates most revenue is not linked to the advertising media. Though traditional advertising techniques can be used to promote e-commerce websites of businesses, it makes more sense to advertise the site using online marketing including pay per click, search engine optimization, social media marketing etc.
The effectiveness of internet marketing is compelling due to the instant return on investment associated with the marketing spend. Recent surveys show that more than half of the businesses in U.S. are shifting marketing budgets from traditional advertising to online.
Allocating the budget for digital advertising
The marketing executive should allocate adequate funds in the marketing budget to implement online advertising more aggressively. Before forming the marketing budget, executives should consider these figures:
- Sales: Compare the sales from traditional and online advertising. From these figures, what can be predicted for the sales trend going into the future?
- Profits: Compare the profit margin from the marketing mix. Should digital advertising be pushed more than traditional media?
- Return on investment: Compare the ROI of online versus traditional media outlets. Which of the two will show a higher return on investment (ROI)?
The marketing budget and the recession
The recession has made the marketing budget more accountable. Marketing executives realize the low cost of running advertising campaigns using digital media. Audiences can also be targeted more effectively, as a result of which the conversion rates are better. The recession has played a crucial part in faster adoption of digital advertising by American companies. Contrary to traditional marketing techniques, internet advertising results are more measurable. Marketing executives can justify the costs of advertising with quantifiable results.
Internet advertising has many benefits to justify a larger percentage of the marketing budget than traditional media channels. Though traditional advertising is effective in some cases, online advertising is proving to be a more economical and effective strategy that matches the consumer trend towards digital media.
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