It costs more to market new products than it costs to market existing products. So why are you spending money on banner ads seen by blind people only?
I am talking about banner ads and how in the reality only 0.001% of people ever click them. Whereas 98% people click text messages.
As small businesses, we need to be smart in evaluating where our marketing money is being spent.
A company that wants to market and established product line is looking to spend between 5-10% of the overall annual sales revenue.This means if a company wants to market an existing product with its customers it needs to spend almost $10,000 a year on marketing, if their revenue is $100,000. How do you spend this marketing money?
- Facebook advertising is where most businesses go to advertise. If they are doing banner ads, the statistics for clicks is very low. Modern day banner ads have a click rate of less than .1% (or 1 in 1000 people) which means you are more likely to complete Navy Seal training than click a banner ad.
Did you know that people are actually BLIND to seeing banner ads. One study followed the eye movement of a reader of a blog. Do you notice how all the eye movement is concentrated ONLY on the text and never the banner, not even the picture that accompanies the blog?
So basically you are spending $100 each day on banner ads whether in Facebook, LinkedIn, Youtube etc. on people who are BLIND.
2. We cannot forget mobile marketing, especially for small businesses.With a 98% open rate for text messages, this is an opportunity for retailers to connect directly with their customers by offering special promotions and informing them about new products.
With tools like the TextPanther app, you can send up to 1000 texts per month for just $4.99. This means if 98% read your text, you only spent $0.007 per person.That is less than 1 cent. Plus you can schedule the promotions in the future and everything is automated. The statistics don’t lie, for promoting new products and promotions, text messaging is the most powerful and cheapest marketing tool.
TextPanther is the cheapest solution for mobile marketing: