Small business owners, the ways that you can promote your business and attract attention have changed dramatically in the past decade.Now is a great time to capitalize on the growing trends and to advertise your business. In this article, we’ll look at the ten most popular advertising platforms and how to use them to market your business in 2020 and beyond.
Pay Per Click (Search Ads)
Make no mistake; Google is an advertising machine. It may appear to be giving you helpful information and tools (Google Docs, Gmail, Calendars, etc.), but it’s providing all these cool things to make sure you see their ads. 85% of Google’s revenue comes from the Google Ads platform.
The growth in the popularity of Google ads over the past ten years has been staggering. In 2019, there were 160 billion+ monthly Google searches. Businesses make an average of $2 for every $1 they spend on Google ads.
One of the huge benefits of pay per click advertising is the fact that you only pay for what consumers click on. The ability to target and test specific markets and to run niche campaigns means that buyer interest is substantial.
Perhaps the only downside is the competition from other companies in the same industry. Due to the ease of access to Google Ads, most popular markets have several advertisers vying for the top spot.
Pros: Very easy to set up, spend only on clicks, good value for conversions
Social Media Advertise
Advertising is the financial engine that drives all social media. LinkedIn began offering paid advertisements as early as 2005, and Facebook launched ads in 2007. Instagram added ads to the platform in 2013, only three years after the app was launched.
The world has become used to the idea of seeing ads in their social media feed. Many people will skip past them, but they still see them, which leads to familiarity. With the invention of tools such as Facebook leads forms, the platform has increased the ways that advertisers can reach their market.
For those wanting to advertise on Facebook, the average cost per acquisition (CPA) on Facebook is reasonable. A 2018 study from Wordstream showed that the average CPA across all industries was $18.68 on Facebook (compared with $48.96 CPA on Google Ads.)
Pros: Lower cost than Google, a high volume of impressions
A reasonably new and somewhat untested model of advertising has grown from the increased popularity of micro-celebrities and influencers. Popular on both Instagram and Youtube, ‘influencers’ are people who have a large follower base (10,000 plus followers is a typical metric).
Influencer marketing can help to both grow your brand reach and offer sales incentives. According to a study by SproutSocial, the average price to use an influencer to promote a brand is $271 per post. For influencers with more than 100,000 followers, the average cost was $763 per post.
Pros: Can access niche markets and build brand trust quickly
With the rise in popularity of podcasts during the past ten years, there are a lot of opportunities for advertisers to tap into an interested audience.
Podcast advertisers are often called ‘sponsors’ as they allow the podcasters to stay in business. As a trade-off for the sponsorship, there is typically an ad read (similar to the radio) that the podcast host delivers on each episode.
The considerable benefit of advertising on podcasts is that the audience has high trust with the person reading the promotion. Most listeners know that the podcaster will not advertise products or services that don’t suit their audience.
If you want to advertise on a podcast, typically, the going rate is $18-25 CPM (cost per thousand downloads). Some of the most popular podcasts can charge between $40-80 CPM and will often only advertise products that they use personally.