Which online advertising channel is the most effective for growing my business?

Stephanie Mendoza

How to determine the communication channels and media platforms to focus your efforts on when growing your business...

Times have changed. Are you too young to remember when newspapers were the go-to for advertising your business? 

Over the past few decades hundreds of newspapers have literally gone out of business.  An article, published by the New York Times in June 2022, touted that over 360 Newspapers went out of business in the decades leading up to the 2020 pandemic.  Newspapers used to be the leading channel for marketing a business.  Before phones, you could sell telegrams in the 1800s, and then telemarketing became a leading channel for "getting the word out". 

Short of standing on a street corner and shouting out your offer to crowds of passerby's, there was no better method to getting your story and products and services out in the marketplace. Today is a whole different world thanks to technology, mobile devices, and social media.

Social media puts a loud speaker in everyone's hand.  Now, you have the ability to reach others almost anywhere in the world, but you are at the mercy of the platforms you are on.  If a platform decides they don't like what you're saying, you risk being taken down these days. 

Censorship and privacy are serious concerns.  If you hold strong political views or moral values, you may want to consider the actions and track record of the platforms you are using and digesting content on as a consumer and business owner. 

With so many social media platforms and communication channels available today to reach prospective customers, one question we are often asked is, "what online advertising channel is the most effective to grow my business online?"

Before we talk about how to decide which channel to focus your time and efforts when it comes to growing your business online, let's first cover the different types of online advertising mediums that exists:

4 core types of online advertising

The effectiveness of online advertising channels can vary depending on a variety of factors, including your business type, target audience, and budget. However, some of the most effective online advertising channels are:

1. Search Engine Advertising (SEA) traditionally referred to as Pay-Per-Click (PPC) - This type of advertising involves placing ads on search engines such as Google or Bing. SEA is a highly targeted form of advertising as it allows you to bid on specific keywords and phrases that your target audience is likely to use when searching for your products or services.
2. Social Media Advertising - Social media platforms such as Facebook, Instagram, and LinkedIn allow businesses to create highly targeted ads based on demographics, interests, behaviors, and more. This type of advertising is particularly effective for businesses looking to increase brand awareness and engage with their target audience.
3. Display Advertising - Display advertising involves placing ads on websites and mobile apps. This type of advertising can be highly effective for businesses looking to increase brand awareness and reach a wider audience.
4. Video Advertising - Video advertising, which can be placed on platforms such as YouTube and Tik Tok, can be a highly engaging way to reach your target audience. Video ads can be used to showcase your products or services and tell your brand's story.

Hiring a marketing agency to help you with these advertising channels, can pay off in huge ROI and dividends for your business.  Paid Advertising has the benefit of being able to generate immediate results if you have a well-crafted, compelling offer for your audience.  Digital Marketing Agencies typically specialize in launching, managing, and optimizing ad campaigns to deliver the maximum ROI for their clients. 

Ultimately, the most effective online advertising channel for your business will depend on your specific goals, target audience, and budget. It's also important to test different channels and analyze the results to determine which ones deliver the best ROI for your business.  There are many fine details and nuances with platform algorithms that digital agencies are experts at managing on a daily basis, so you can focus on delivering excellent service to your clients and spend your time running your business, instead of worrying where your next prospect is going to be coming from. 

The world of social media platforms and search engines, represent a vast ocean of consumers who you have the ability to get in front of when you catch the right currents.  You catch the right current by identifying the best mediums to focus on.

Steps to identify the best media channels and platforms for your unique business:

1. Define your target audience: Determine who your ideal customer is and where they spend their time online. This will help you identify which platforms they are most likely to use.
2. Set goals: Determine what you want to achieve through your online marketing efforts, such as increased website traffic, lead generation, or sales. Having clear goals will help you focus your efforts and measure success.
3. Research your competition: Identify your competitors and see which channels and platforms they are using successfully. This can give you insights into where your target audience is and where you can find potential customers. A good digital agency will be an expert at conducting effective competitive and market research.
4. Conduct market research: Use tools like surveys, focus groups, and customer interviews to gather information about your target audience's behaviors, preferences, and pain points. This can help you identify which channels and platforms they are most likely to engage with.
5. Test and analyze: Once you have identified the channels and platforms you want to focus on, test different strategies and measure the results. Analyze the data to determine what is working and what isn't, and adjust your approach accordingly.
6. Budget wisely: Allocate your budget based on the channels and platforms that are delivering the best results. Monitor your spending and adjust your budget as needed to maximize your ROI.

Remember, the best channels and media platforms for growing your business online will ultimately depend on your specific business and target audience.  Where are your ideal customers spending THEIR time online?  Where are they congregating?  What groups are they in?  What do they like to do in their spare time?  Asking these questions will help you identify the "currents' where you can tap into the ocean of customers out there, just waiting to hear and learn about your brand and the unique value you have, to deliver to the world...

It's important to continuously evaluate and adjust your strategy to stay ahead of the competition and reach your goals.

If you would like to grow and scale your business, increase organic leads, harness cutting-edge technology to provide you with highly-qualified leads (when they are ready or interested in buying your offering) , improving operational efficiency, and cut the time to ROI with your technology and advertising investments, then feel free to schedule a call today with our highly-trained Trusted Advisors, who will provide you with a customized Online Business Performance Report, to show you exactly how your business stacks up against your top competitors in your local and regional market. 

Schedule your free call below.