Digital advertising over the years has undergone a metamorphosis, so much so that print advertising is virtually extinguished. Although not totally out of the picture, it pays to know how the two differ from each other and just how effective digital advertising is compared to traditional print.
In terms of budget
When you’re publishing an ad in a magazine or a newspaper; you’re not the one pulling all the strings. The terms of budget are dictated by the publisher. You don’t have much say in the matter. If the cost of advertising is $2,000, then that’s what you pay. It does not matter if the ad is seen by 100 or 10,000 people, your price is the same.
With digital marketing the story is entirely different. You’re the one setting a budget. It doesn’t matter whether you want to spend $100 or $10,000. Control over the ‘spend’ is in your hands; pay for the exact clicks you will be getting, nothing more and nothing less.
In terms of CPM
For any marketer, stats related to CPM (cost per thousand) offer great insight as to just how effective the ad is proving to be. With conventional advertising, there’s no way to keep track of how many people are viewing your ad. Companies are able to measure distribution, and unable to provide insights into ad views or engagement. In a world driven by data, analytics provide critical information that print cannot deliver.
For example, the purchase a $3000 print ad might net you 500 views, creating a cost per view of $6. In contrast, digital advertising allows you to reach 1,000 people for a fixed price that is no where near a $3000 spend. You will reach the right demographic target, and know how much to spend on future campaigns. Essentially your metrics justify the budget.
In terms of customization
Let’s take Facebook as an advertising platform. You know almost everyone is using the Facebook. Globally you have access to over 2,000,000,000 people around the world covering all demographics and geographic locations.
Facebook as a platform allows for razor sharp customer targeting, down to the most granular level. You can access all sorts of data such as who all is visiting your page, what age groups are they coming from, buying pattern and search preferences. No magazine or paper can provide such detailed information about your audience. Using this information as a weapon, you can customize ads to make sure they are only seen by the target demographic. That way, no click goes to waste and you maximize the value of every penny you spend.
Gary Vaynerchuk is a highly successful entrepreneur, best-selling author, and social media influencer who build a brand online. When it comes to spending money to grow a business, he will point you directly to Facebook because it works!
That’s a lot of potential customers for every business to target. Every single second that you’re missing out on this great advertising platform; you’re missing out on so much of business.