No matter what the size of your marketing budget, you are always looking to get the most from it. You may have a small tight budget or a much bigger one. Regardless, one thing is key for both – understanding and analysing marketing efforts to see what works best.
Another important area of consideration for marketers is digital or print advertising. Both options have their pros and cons. But for companies working on a tight budget, in particular, digital can offer a lower cost than print. But does that mean you should only consider investing in digital?
Print vs digital
When you talk about print advertising, this is talking about magazines and billboards. Digital marketing refers to the use of search engine ads, social media and also email marketing. Most marketers look at the cost of an impression as opposed to a click or an actual lead to compare.
Virtually everyone company has an online presence now and digital marketing is widely used because it is easy to get involved with. The entry barrier for digital marketing is seen as lower than for print advertising. This is appealing to companies with limited budgets and digital can create a great foundation for marketing while print can do a low more for branding perspectives.
This means if you want to invest in print, print ads can be very beneficial if they are done correctly, with the right targeting and consistency. It is rarely something you do once, with one big name magazine. Instead, you look at different options and consider the costs. A full-page ad can cost £20,000 to £300,000 where the CPM can be £140 to £1300.
Remember that magazine numbers don’t always equal people seeing your ad. Not every magazine produced is purchased. Some issues are left on the stand when the new issue arrives.
If you want to start with digital ads, the CPM can be £2-12. With search campaigns, you can customise to specific target audiences and also easily make changes. If you see a positive or negative outcome from an ad, you can easily adjust or alter the targeting.
In some cases, the CPM can be zero. Google display ads, for example, charge at CPC rather than CPM. This can be a great option if you have a limited budget.
Analysing the outcome
If you have a budget that can incorporate a print element, there are clear advantages to it. It is a great form of branding as well. For companies with a smaller budget, digital marketing can be a great starting place.
They can also look to advertise in smaller publications where the cost is much lower than with big ones. The key is to consider the target audience and where you will find them. And the ability to customise the ads to catch that audience is also a big draw for digital marketing.
The best answer for most companies is a balance of the two. Low-cost digital marketing with a periodical print ad alongside it.
So, a strong online presence and the ability to invest in print to supplement it in the real work. This can lead, to the most successful marketing campaigns.