In the age of Big Data and native advertising, marketing truths appear increasingly quaint. However, it's not just social media sites such as Facebook and Twitter that started to realize that pushing your product or service alone isn't working. With the constant innovation and new channels for advertising, companies are finding it harder to maintain their grip on traditional marketing concepts.
Before, advertisers believed plastering their product or service billboard-style all over local newspapers was the way to go. Nowadays, it seems like an impossible task for any company looking to advertise its products or services effectively online.
To help you adapt to this ever-changing world of advertising with its many twists and turns, here are five common myths about advertising that have become outdated since they were first uttered:
Although we've all heard that specific industries are cash-only businesses, it's important to remember that companies with any advertising can struggle to find new profitable revenue streams. It's also important to remember that the distinctions between "big" and "small" companies are not always clear-cut.
Advertisers of all sizes struggle to compete in an increasingly more data-saturated, context-free advertising landscape. An exception to this rule is native advertising, which is usually a paid Facebook or Google product. In these cases, the advertising is accessible to the public.
The notion that advertising is dead is based on a large amount that happens in the advertising industry to be false. Many advertisers have been lulled into a false sense of security because social media advertising isn't counted in the same category as paid Facebook or Google ads. With fake news, misleading or otherwise, rampant on social media and Google, it's easy to fall into the trap of thinking that social media is off-limits for advertising.
However, the reality is that social platforms are still primarily controlled by the industry that runs them. Even the most careful regulation can't pre-emptively stop every internet hoax or misleading post. Facebook, in particular, has proven adept at removing fake news from its platform and bringing guilty parties to justice. Facebook, in particular, has proven adept at removing fake news from its platform and bringing guilty parties to justice.
According to a report, Facebook removed more false news stories in one week than it took the company four months to discover and remove from its service. Another essential thing to remember is that these are still early days for social media and its advertising ecosystem. As more people adopt social media platforms, it's only time before more advertising opportunities are discovered.
There are many myths surrounding traditional media, but the one that springs to mind first is that it's dead. In truth, the death of traditional media isn't as abrupt or revolutionary as it might seem. At its heart, traditional media is simply changing. Change doesn't always have a happy ending. Sometimes, change is the result of either positive or negative feedback.
If people are honest, they may also tell you that traditional media isn't working for them. For example, perhaps we grew up with the notion of seeing a newspaper ad or hearing a radio spot, whether it was on the newspaper's front page or a local station. Now, those same channels are filled with ads.
Traditional media is challenged on two levels. First, digital transformation is altering the way we consume media. And second, consumer behavior is changing, with more people abandoning traditional forms of media in favor of new digital experiences. In essence, traditional media is being challenged on two levels at once.
Targeting every audience is not always the better solution. Not only will it cost you more money, but it's also ineffective. Not narrowing the scope of your advertisement can be shown to individuals not interested in your brand's offer.
The saying that more is always better is not always true. As marketers, define first your target audience and decide on what mediums you get more engagements with often. After determining your audience, target them with messages to better practice and gain more delivery of your brand messaging.
Although this may shock you, only a minority of social media users use Facebook or Twitter. 70% of users of Instagram indeed use a Facebook account, for example, but that accounts for only 9% of Facebook's total user base. At the same time, users of these platforms are also using other social media platforms and apps. In other words, you can boost your Instagram engagement without boosting your Facebook engagement.
Furthermore, Facebook's and Twitter's algorithms have proven challenging to crack. For example, improving your click-through rate (CTR) by just one percent can result in a two-fold boost in your engagement rate. Facebook's CTR is currently around the mid-20s, and even a two-fold increase is considered significant. Finally, social media has a minimal upfront cost for advertisers compared to traditional media. You don't have to spend money to reach your target audience. All you have to do is post content to your social platforms and see what happens.
You may be familiar with the myths stated above. We've all heard it before, and we've all believed it back. But just because something is a common sense idea, that doesn't mean it's true. So, while sharing your product or service on social media platforms is nice, don't get too excited. Most of those shares are likely from people interested in your product or service, not your brand.
At KLB Solutions, we do market research to help our clients take their marketing efforts to the next level. Then, through strategic planning and monthly analysis, we ensure the tactics we put in place provide value to our client's bottom line.
Reach out to us and let us help you with your next marketing project and help your company succeed!
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