In this last part I would like to take a very short comparison between different types of media and what needs to be kept in mind. I am not an expert on the different media and their costing methodologies. You would be well advised to look at some experts , especially if you intend to go the online and social media way.
So I will start with the physical media like print ads or physical letters or events. The positive about these is that once defined, the prices more or less are constant. So from a predictability perspective this is good. On the other hand, you only come to know the response to your ads or events after the whole thing has taken place.
So if you have targeted to do an event for 100 people and on 10 come on the day when it’s planned, the event has failed and you have spent all your money which was budgeted. So testing with physical media is a lot tougher , time consuming and expensive.
On the other hand with online and social media, you can do simultaneous testing of various ads and also put a limit on your spend while doing the tests or while running the campaigns. You can also stop an advertisement after running it for just one day on most social media platforms.
The downside with social media is that you don’t understand the algorithms that are running behind the selection of the people to whom the ads are being shown and when the site will change the rules / algorithms. So you are at their mercy. However if you have a diversified mix of social media sites giving you results then the whims of one particular site will not impact the business too much.
I hope you gain from these quick tips for doing a budget. Will look forward to hearing your comments.
Till next time then.