George Bounacos Shares Online Marketing Tips for Small Businesses
Taking a cue from this trend, here is our second post in a series of three posts, in which we get insightful tips from George Bounacos on how SMBs can effectively use online advertising that gets results and stays within their budgets.
What is your best advice to SMBs who want to advertise online today versus last year or even five years ago?
The landscape is always changing. Google's share of online advertising continues to grow as the amount of online advertising grows. Google captured about 35% of online advertising dollars just five years ago. Today that number is 44% and Google has increased the number of options available for businesses with "remarketing" (those ads that sometimes appear hours, days or even weeks after you visit a site), mobile advertising and new ventures in local advertising.
Traditional search advertising is only one way organizations should advertise. There are remarketing campaigns that target prospects across the Internet, mobile-specific ads and a resurgence in display advertising due in part to Facebook's popularity.
Businesses should test all possible channels to learn which ones work best for their product or service and then constantly optimize the conversion rate.
What do you think is the budget commitment SMBs need to make for internet advertising to make sense for them?
Online advertising should be based on the profit generated by an additional new sale and whether the contribution margin is appropriate for the business model.
Many factors go into determining profit and they should be rigorously measured. One issue that SMBs have is that they often don't use a "fully loaded" profit and loss statement for a particular product or service. We don't even accept advertising clients until they go through a return on investment (ROI) process with us.