Businesses in Singapore has traditionally relied on marketing methods from print media and advertisements on national TV. It boasts the widest coverage, reaching over 3 million citizens nation wide. Print and TV advertisements are so effective in Singapore compared to other countries because there is a monopoly within the companies who does this. Mainly Mediacorp, the public transport for print advertisements and Straits Times and its related press publications. However, in the 21st century, people are starting to realise that TV and print advertisements are dead.
Advertising on these platforms can mean tens of thousands of dollars a month for prime timings and placements. Although the reach is massive, it can be difficult for advertisers and businesses to calculate their Return in investment.
Return in investment is calculated by:
revenue / cost of investment
Because it is almost impossible to track how these traditional means of advertisements, you do not really know much more business you are receiving from such avenues. In addition, there is a high percentage of viewers and reader who are simply not interested in your advertisement.
In a post by theguardian in 2010, 90% of respondants commented that they would skip their adverts on their screen and switch to their mobile devices. With majority of Singaporeans owning a mobile device, it is more likely for this trend to increase.
What Alternatives are there?
Marketing is the core of any business no matter how small or large you are. If you are looking for more targeted marketing, the best is probably through online outlets such as search engine marketing, search engine optimisation or social media marketing. Do click on them to find out more vital information.
The key success factor for these forms of advertisement is targeted user acquisition, 24 hour availability and the ability to track the campaigns you are running.
Targeted User Acquisition
Ask any business and they’ll tell you that meeting the right people is the first step to converting leads into customers.
Online search marketing answers all that. The first reaction most people have when they need a service or a product is to search online through Google and if you are in that first page, chances are you’ll be able to convert that visitor into a client.
This works the same way as social media marketing. You are given the tools to segment the market you want based on various metrics such as demographics, geographical location and even their interest.
24 Hour Availability
One of the best assets you can have is a 24 hour sales associate present when your client requires and a website handles that perfectly for you. A well executed website can present information needed by your client and also assist in giving additional help as and when required. In fact, research has also shown most people look for products and services they need during working hours. If you have a website and is present online, the higher the chance of your website serving your potential clients.
Tracking Your Campaigns
Being promised 3 million viewership without any ability to track your Return of Investments (ROI) is like shooting a million bullets but not being able to tell how many hit the target. Online marketing allows you to track real time performance and historical data to ensure your website is working the way it should. Through these tracking such as Google Analytics and Webmaster, you can pin point the exact point your visitors enters and leave your website and optimise your website accordingly.
With all the benefits mentioned, the biggest benefit is the cost. Most online campaigns only charge you for what resources were used. For example, Google charges people through it’s Pay-Per-Click (PPC), meaning if no one clicks on your ad you won’t get charged even though is visible. The low cost overall combined with the high return rates makes online marketing the best there is. Find out how Google can be the solution for your businesss.