Any business, whether it’s a start-up or has been around for decades, needs to communicate to its target audiences in order to be profitable. One thing that is top of mind for most gaming executives is how to utilize their marketing budgets as effectively as possible. How do you allocate your budget for each vehicle? Are their newer or more cost effective options to market to your audience? Here are 5 tips to help you make the most of your marketing budget.
- Know Your Market and Target Audience
Every business has its unique challenges with its own unique market. It’s important to take into consideration the life cycle and value of a customer from the moment they become aware of you. This helps determine what kind of customer you’re targeting and the demographic profile. For example, a younger target may gravitate more to mobile and online social media marketing whereas an older demographic could be reached more efficiently with traditional media such as television and print.
- Determine The Budget
When determining what media strategies work for you, one of the most important things to take into consideration is your budget. There’s a misconception that regardless of the size of your budget you need to be everywhere (i.e. on every channel, radio or television station, outdoor billboards, etc.) All of the channels have strengths and can be used in an effective manner. The key is staying within your budget. That type of discipline will set you up for sustained success.
- Maximize Your Impact
Instead of maximizing your impact in three areas of marketing or advertising, properties often put a fraction of their budgets into 10 different areas. This results in diminished reach and frequency. It limits your impact and weakens your strategies rather than strengthening them. Optimize your marketing and advertising budgets by employing initiatives that you know will work for you. It’s better to dominate in a specific medium than to dilute your budget by spreading it over too many communication channels.
- Utilize Media Partners For Added Value
Developing personal relationships directly with media partners is critical in adding value to your marketing dollars. The Geary Company specializes in this strategy. In fact, we were able to get almost a million dollars in added value in one year for our clients! Added value is built on developing relationships, being creative and working hand-in-hand with the media.
- Seek Out and Utilize Competitive Intelligence
How can you beat the competition? We can show you. We’ll perform a competitive analysis on key players in your market. We will determine their strengths and weakness while comparing that to what you’re doing. This gives you a chance to test the waters on your messaging while dialing in your media dollars. The bottom-line goal is to help you gain market share—even in the face of what might be considered a hyper-competitive situation.
For more information about our services and clients, visit www.gearycompany.com.