‘He Who Spends the Most, Wins’; 5 Tips to Dominate Your Market
6 Minute Read
“Whoever can spend the most, wins.” This is an old adage in marketing that happens to be 100% true. If your business is prepared to meet the ever-increasing customer acquisition cost in today’s hyper-competitive digital and traditional media landscape, you are well on your way to dominating the market.
However, this does not mean that you can simply throw money around willy-nilly and hope to get the results you want. Being willing to spend big to win big is great, but it’s only half of the battle. You also need to be strategic about how you spend your money in order to win out over the competition.
The companies with deep pockets that can spend more to acquire a customer will get more customers. If your business is poised to make a major investment in marketing and take the biggest bite out of the pie, keep reading to learn the most effective ways to put “whoever can spend the most, wins” into practice:
1. Invest in the Right Digital Media Channels
Spending on digital advertising is expected to exceed $600 billion in 2023. Your business needs to be heavily invested in this space if you want to maximize your market share.
Of course, where you spend your advertising budget is an important consideration. Digital ads come in many shapes and sizes.
Google Ads provides multiple robust pay-per-click campaign options. These include text ads (the “classic” sponsored results that appear near the top of Google SERPs), as well as display ads that appear on websites across the Google Display Network.
Microsoft/Bing and Yahoo! also offer PPC advertising. Whether these search engines make sense for paid search campaigns depends on the audience you are trying to reach and where they search for businesses and information.
Local Services Ads
With Google Local Services Ads, businesses in select industries can dominate local search results for professional services. These ads are billed on a cost per lead basis (rather than cost per click); you only pay Google if a phone call from the ad turns into a lead.
Twelve Three Media has developed a first-of-its-kind, one-of-a-kind tool for optimizing phone responsiveness on Google LSAs. Start dominating your local market today!
Social Media Ads
Making organic connections represents a small fraction of what social media platforms can do for your business. If you want to stand out on social, you will need to run ads on all of the platforms you use.
The time to invest in video production is now. Video ads perform better than image ads or text ads across virtually all metrics that matter. If you want to dominate your market, you need to invest in video ads on YouTube, social media, and more.
Read More: The Importance of Video Marketing
Today, competing in any advertising channel is expensive. The same is true of search engine optimization.
SEO requires an investment in time and talent to determine how customers find your business, identify what they search for, and create content that ranks. Maximizing the visibility of high-quality content also requires monetary investment to promote; social media, PPC, and other channels can help drive customers to you over the competition.
2. Don’t Ignore Traditional Media
Investing in traditional advertising (such as television, billboards, etc.) is still well worth your time and money if it means reaching your target customers on a massive scale. Mass media is a tried-and-true strategy for bombarding the market with your message. Not everyone will convert, but spending the money to make your name inescapable will drive far more customers than a limited investment in traditional channels.
We see this all the time with legal advertising. The law firms you see on TV, on bus benches, on billboards, etc. are counting on the millions of dollars they spend to drive multi-million-dollar cases.
It might seem strange to invest in traditional media when digital has taken over the space previously occupied by television and other options. However, considering that you are likely thinking of a local law firm’s slogan or phone number, there is no disputing the effectiveness of a major investment in TV and other traditional advertising venues.
You should also consider the junction between traditional and digital viewing habits. TV ads can perform well on both broadcast television and connected TV. Investing in both channels can help to amplify your message and saturate the market with your ads.
3. Invest in Your Employees
Relationships are a cornerstone of marketing. While much of the discussion centers on engaging customers digitally, you should never underestimate the importance of hiring customer-facing employees, training them to be the “face” of your business, and empowering them to bring you new customers.
This goes beyond fully staffing your office to handle phone calls and emails. Depending on your industry, it might mean hosting community events, wining and dining business prospects, and more.
Customers are the lifeblood of your business. You don’t want to cheap out when it comes to hiring customer success managers, event planners, and other employees who can take your business to the next level.
4. Define Your Brand
Inconsistency is one of the greatest dangers when making a massive investment in marketing. Although you can distribute your message across a seemingly endless number of different advertising channels, your return on investment (not to mention your market dominance) will suffer if the message is unfocused and inconsistent.
Before you can make a big splash and start getting more customers than your competitors, you need to nail down your brand identity and key messaging. The brands people love have a clear identity and a consistent message. They also know their customers and tailor their marketing and advertising to maximize sales.
If you haven’t thought about branding before, it may be necessary to work with an expert brand marketing agency. Twelve Three Media can help!
You don’t have to be a multinational corporation to dominate your market. However, you do have to understand your unique offering and consistently communicate to customers why they should buy from you over anyone else.
5. Follow the Money
As the saying goes, “fortune favors the bold.” The businesses with the money and the mindset to shoot for the moon and take the biggest piece of the pie are the ones that typically find the greatest success.
However, your dollars must be tempered with sense. You need to carefully identify your target audience by age, demographic, income, buying habits, and other key characteristics. In addition, you need to understand what your competitors offer and how you can stand out. Finally, you need to drill down on the geographic area you want to target.
With all of these components in place, you can develop an intelligent strategy for maximizing the business you gain from a substantial marketing and advertising spend. Both digital platforms and third-party vendors should provide detailed reporting on how your money is being spent, the results of each campaign, and your return on investment.
Start Designing a Dominant Marketing Strategy Today
You won’t achieve dramatic growth if you are overly concerned about being cost-effective. However, a strategic approach ensures that you are spending money wisely in pursuit of your goal of market domination. This reduces the customer acquisition cost and results in higher profits.
Twelve Three Media has helped clients across multiple industries successfully execute campaigns with a “spend big, win big” mentality. As a full-service marketing agency, we have the knowledge, experience, and tools to help you overtake the competition.