When you hear the term "multimedia marketing", you may think of advertising your business across radio, TV, Facebook, Google, Instagram, etc. and become overwhelmed. As I've said before, if you don't know what you're looking for or understand your digital strategy, you will get buried in mountains of information that only leave you even more confused. However, I also have seen people who, because they don't understand it, think it is too expensive and therefore not worth their time.
I don't think I have to go into how ludicrous this line of thinking is. Think of it this way: Let's say that a man came up to you at your place of business and opened up with the phrase, "Digital and multimedia marketing can help your business" and before he can say another word you reply "I don't think I can afford that." However, the next words out of his mouth would have been "and it will not only pay for itself, but it will also increase your revenues by 15%". This might seem a little extreme but I know people that as soon as they even hear the word "multimedia marketing", they are done with the conversation.
I know, the digital aspect of your business can be overwhelming and even frustrating sometimes. If you're still unfamiliar with our 3-phase strategy and breakdown of the entire process for your company's digital side of operations, click here.
It's Not That Bad!
Multimedia marketing is complicated only if you let it be. Let's break it down to its most basic form, the definition. The current definition for multimedia marketing is "Multimedia marketing is a method of combining different forms of media to reach your audience and build brand recognition. The approach uses traditional media such as radio, newspaper ads, and direct mail, as well as digital channels such as email, video, and social media."
So, now that we know the definition of multimedia marketing, what does this mean for you? First off, when considering a new marketing strategy, keep it simple. For some businesses, you can rule out several outlets immediately. For example, if you're a digital service company like The HOTspot , you can already rule out newspaper and direct mail marketing strategies. When figuring out which outlets would fit your business best, think of the customers and clients you already have and what media outlets they use. This will help you figure out which outlets you need to use in order to reach more of your target customer.
You Don't Have to Break the Bank!
One of the biggest mistakes I see made is the initial ad budget for new businesses. There is a common misconception that when first starting off, one needs to spend tons of money on marketing and then they can back off and the crowds will come. I look at this like a beginner runner. At the beginning of the race, they will sprint out, putting themselves in first place, giving it all they have. Sure, some in the crowd will point them out and be impressed, but after the initial explosion, the beginner starts to realize that this was not a sprint, but a marathon. Slowly but surely, the runner will begin to get passed by everyone else until they eventually burnout and don't finish the race. In the end, although they initially gained some attention, no one will remember their name, nor will they be listed in any of the top finishers.
Marketing is the same way. I have seen people who have spent over $70,000 in the first year on marketing and made $0 in sales! Meanwhile, The HOTspot works with clients who have a budget of $225/month and reach over 15,000 people consistently. Marketing is a marathon, not a sprint. As you go along, adjustments will need to be made and the ads should always be getting more efficient. The HOTspot does 3 ads per month for each client to maximize diversity in the ads and to see which ones get a better result. By doing this, the budget is spread out and utilized more effectively. So remember, keeping a good pace with your marketing will help you outlast the competitors!
If you can take these two pieces of advice and apply them to your existing marketing strategy and budget, you'll be better off for it. The HOTspot offers multimedia marketing as our 3rd phase in our overall 3-phase strategy. Multimedia marketing is an extremely important part of your businesses online strategy and shouldn't be overlooked. It also shouldn't be over-analyzed either. We tell our clients that they know their brand better than we could so we always make sure that the marketing efforts we put out are in line with their overall brand. If you haven't already, I highly suggest you check out "The Three Phases of Your Digital Presence" to get a better idea of where you're company is at with its digital journey.