Ok, the title might be a little dramatic, but my face up top is not. I have a serious case of wearing my heart on my sleeve and my thoughts right smack dab across my face, and THIS is the one I give when someone says they spend thousands on print advertising, but investing in online marketing seems risky. Yeah... we're going to have to break this one down.
Online marketing is easier to track, whether that is Facebook, Instagram, Google, etc. You can see exactly how many people saw your ad and even the number that took time to read it. From there, you can adjust your strategy, investing in what works and dropping what doesn't. With print, there is no realistic way to track efficiency. (I mean, sure... you could install hidden cameras into every store a magazine is in, use facial recognition to obtain their info if they grabbed a copy, and call every single person to ask if they read the ad... yeah, you could totally do that.)
You can also hone in on targeting through social media. When investing thousands into a single ad in magazines, newspapers, billboards, or banners, you are taking a shot in the dark on hitting your target market. Maybe they will pick it up, turn to the exact page and ignore the other businesses who share a page of ads with you... maybe they won't. The beautiful thing about social media is people are GIVING you their info, on not only demographics, but also their hobbies and interest! Want to target women from 27-37, who live in Virginia Beach, are college educated, AND love hiking? No problem!
Take a look at this chart provided by LinkedIn. According to them:
Online Media Advertising
Average Cost (Yearly): $1,575,000 - $2,000,000
Monitoring & Controlling: Easy
Reach to Target Audience: 80% - 95% Achievable
Lead close rate: 14.60%
Print Media Advertising
Average Cost (Yearly): $2,200,000 - $5,500,000
Monitoring & Controlling: Difficult
Reach to Target Audience: Unmeasurable
Lead close rate: 1.70%
The choice is clear. Put your money where it will go further- after all, we take enough risks as local business owners, don't let marketing be another one.