How to build a brand digitally & steadily?March 20, 2019
When you think of creating a brand identity online your first thought is create a media presence. In today’s era traditional media presence is costly which includes TV commercials & Film Pro ads. Though these traditional media presence are valuable in terms of instant publicity but on the down side you don’t get the exact facts and figures about your audiences.
This becomes difficult for you to understand which segment of your audiences do attract or take interest in your product and or brand. We all know that without any data we cannot gain much value added advertising results in the upcoming campaigns but having said that what could be the other alternative options?
Yes this is where digital ads come into the picture. It is the most easiest and widely used alternative to the traditional marketing. But, if we look at its features it does certainly fit for SMES up till 2017 and so. In the recent times we found that cost of advertising over digital platforms as such Google Ads have increased.
You need to understand why the cost of advertising has increased so much?
Well, before that let me take you in the past where SMES used to have a dedicated budget of around 15k-20k on monthly basis. This was enough to gain 25-30 leads for any service oriented business back in 2017. Now the situation is that the same service oriented businesses need around 45-50k monthly (including agency fees & paid promotion cost) to generate leads of around 30.
The reason behind is that digital platforms are gaining to much traction from their clients. We have seen many many young non technical entrepreneurs taking part on behalf of their own business to run ads. These untrained or Google taught non tech savy guys ruin the marketing game by just biding high on the targeted keywords. Because any niche that gets too much traction or competition, obviously the bids goes high. For example if you were paying ₹2 per click over a keyword with a competition less than 1000 bidders two years back and which is at moment ₹10 per click with a rise in competition of 4000 bidders.
This is the fact that small and medium business are not looking to hire any digital agency to run their campaigns with a monthly ad spent of 10-15k. This is indeed true and worth enough not to hire an agency for this less budget because there are lot of tutorials available online on how to run paid campaigns.
But for all those small time business owners who think to spend 10k monthly for around 5 months or so, I would like them to think what if they spend 50k in a single month without waiting for 5 months. This would help them because cost of lead acquisition has increased and so just imagine you get 10 leads in a single month after spending 50k and you have 4 convertible clients. Imagine you might get all what you spend in a single month with addon profits from this 4 leads. Where as if you run your ad campaigns for 4 months you get less number of leads and obviously less profit.
So, our suggestion to the business owners are to play big in order to achieve great results. There are numerous brands like borocil, India bulls, loda Group, Caratlane and more who spend 10-20 lakhs monthly and earn higher profit by capturing market capital through digital promotions.