Paid media is one of three arms of your overarching marketing strategy – along with earned and owned – necessary for generating product or service sales and franchise development. With it, you can expect more visitors to your website, which could lead to more downloads of consumer apps and content aimed at potential franchisees. As with earned and owned media, paid media can result in new customers, customer loyalty and ultimately an expanding franchise system.
But, as an emerging franchisor with a limited budget to invest in paid media, you will have to pick which elements – TV, print, radio, online – will work best for you. Because you want to reach as many people as possible, paid marketing can be useful in different ways:
Television advertising is useful for selling your brand’s product or services, but its effectiveness depends on how many people view it and how often. However, you must be cognizant of what shows your target demographic watches and when they air, and strive to have your ad run then. Your ad should hook viewers by generating at least one of these emotions – acceptance, anger, anticipation, disgust, fear, joy, sadness or surprise.
As an emerging franchisor, you’re probably not planning on buying national air time for your ad during the Super Bowl, when a 30-second ad can cost as much as $4 million. But, advertising on TV can still be expensive. Consider running your ad locally vs. regionally to save money. If done right, TV ads can lead to a 5 percent increase in sales.
However, because viewing habits are changing and more people turn to the Internet for information and entertainment, the amount of money brands spend on TV advertising is decreasing, but expenditures for advertising online are increasing. It’s common these days to see or hear a brand’s website address mentioned on TV commercials to drive consumers and entrepreneurs to the brand’s owned media.
Print advertising is typically used to promote brand awareness. Similar to TV, advertising in print should be targeted in order to reach the demographic you seek as your customers and franchise owners. Therefore, you’ll want to advertise in the print publications you know your desired audience is reading.
Because online advertising is so versatile, you’ll need to get creative when developing your print ads. In recent years, some brands have developed engaging, interactive print ads along with some ads that integrate digital marketing.
Radio has proven to be an effective medium for lifting sales, according to a study commissioned by Westwood One. Radio reaches more than 228 million adults, but the recipe for success – as we’ve seen for TV and print – is targeting the right audience and developing an ad with them in mind. Consider the medium – there’s nothing visual about it, it’s all based on the auditory experience. Tone/emotional appeal, wordiness/length, and an appropriate call to action need to be taken into account.
Two of the most common forms of paid online advertising are display advertising and pay-per-clicks.
- Display ads – Typically contain images and text or video and appear on websites as distinct advertisements. The most common display ads will often appear along the top of a website and are referred to as “banner ads,” or they will show up in the right-hand column of the page. You can track what resonates with consumers by tracking the number of clicks, impressions and conversions from the ad.
- Pay-Per-Click – PPC ads typically appear as links at the top of a page when a user conducts a search that includes certain keywords relating to the business offering. They look like the other links but with a little box containing the word “Ad” next to a brand’s URL. Brands submit bids to search engines to appear in this location, and they also pay a fee when Internet users click on the link.
With nearly 3.4 billion people worldwide using social media, paid social advertising only makes sense as part of your digital marketing strategy.
There are many benefits of social paid advertising, including:
- Enlarge your reach
- Boost your targeting
- Increase brand awareness
- Maximize your content marketing
- Reach mobile users
- Collect market insights
Ultimately, just like your marketing strategy should combine earned, owned and paid media, your paid media strategy should include multiple elements, too.
For help developing a paid media strategy that will work for your emerging franchise brand, turn to Winmark Franchise Partners. With 30 years of franchising experience and more than 800 franchise owners representing over 1,200 locations for five brands, Winmark Franchise Partners can help grow your brand through sound strategy and expert franchising advice. Contact us here or at (844) 234-8520.