Have a big launch coming up? Here’s how to decide on a marketing strategy.
When it comes to launching a new product or service, it’s fun to set large revenue goals. It’s a little less fun to implement the strategies that will actually take you there. When it comes to advertising, there are tons of options, and it can be hard to decide which will bring the greatest amount of value.
However, there are two advertising strategies that seem to be ruling the marketing space right now, and those are Facebook ads and influencer marketing.
As Facebook continues to play around with its algorithm, it’s becoming harder and harder for your business content to be seen. By paying for advertisements or boosted posts, you can ensure that your content is being spotted.
On the other hand, influencer marketing is becoming more and more powerful. If you can buy sponsorships on influencers’ podcasts, YouTube videos, blogs, or Instagram pages, you can attract a large audience in an authentic, meaningful way.
So how to choose? Here are a few questions to ask yourself.
Pro: Facebook offers extremely accurate targeting. Facebook allows you to select specific demographics to send your ad to.
Con: Ads can be difficult to manage. The ad analytics aren’t always easy to read if you aren’t used to them.
Pro: The audience potential is higher on Facebook, since it’s the world’s largest social media platform.
Con: Since it’s so large, it can be difficult to accurately target your ads if you’re new to them, even with Facebook’s advanced algorithms.
Pro: Flexibility with format is a major plus. You can play around with video ads, text ads, photo ads, etc., and see which are performing better. Then, you can turn the less effective ones off.
Con: Facebook has extremely specific restrictions for their advertising content, and they’re only growing stronger with the recent political atmosphere.
Pro: Influencer marketing has a more authentic feel than traditional advertising, leading consumers to trust it more.
Con: It’s hard to track its effectiveness or utilize any analytics with the same accuracy as Facebook.
Pro: Influencer marketing tends to cost less overall than Facebook advertising.
Con: If an influencer is promoting a variety of products, yours may have a hard time standing out from the crowd.
Pro: You can purchase packages from influencers that include cross-promotion, meaning your content may get featured on multiple social media platforms.
Con: If an influencer does something that gets negative press or angers your audience, it may hurt your overall strategy.
No matter what you choose, both options will bring you bang for your buck. But before you make your decision, think about the above pro and con lists.