What companies or industries have allocated most of their budget to advertising? Does it benefit them in the end even if it’s too costly? How cost-effective their marketing strategies are?
Despite the recession, the fluctuating inflation rate and the stock market, and the unpredictable consumers; businesses don’t seem to hold back on spending thousands of dollars in advertising. In fact, worldwide advertising has been estimated to rise up to 4% by the end of 2019 or roughly 560 billion US dollars as compared to the prior year. This is mainly accountable to the out-of-the-box marketing ideas from small to large enterprises just to maintain their operations yearly. Several companies turned to different cost-effective marketing strategies combining traditional and digital approaches to level up the battlefield.
Companies with Cost-effective Marketing Strategies
When it comes to companies, Apple and Samsung under the mobile sector spent almost $15 billion dollars in the US alone. Their advertising expenditures are mainly attributed to their cost-effective digital marketing strategies such as digital and traditional marketing through print, online, and broadcast media. With these strategies, they were able to increase their bottom line above their advertising budget thereby making their mobile products a household name. That being said, their flagship devices became a luxury or a status symbol for some.
In the automotive department, Ford Motor Company founded by Henry Ford in 1903, has allocated $ 2.4 billion dollars in advertising. The auto company promoted its brand heavily via traditional and digital methods such as TV commercials, online ads, magazines, and other types of media. While General Motors, the country’s biggest automobile manufacturer, responsible for brands like Chevrolet, Cadillac, GMC, and Buick; spent around $3 billion dollars in marketing and promotions too.
Meanwhile, companies such as Comcast, Verizon, and AT & T spent $5.75, $2.64, and $3.52 billion dollars respectively. Their advertising budget was also allocated to cost-effective marketing strategies both in digital and traditional forms just like the other industries. The chosen medium of advertising landed these companies to be one of the top spenders in marketing both online and offline.
There are also medium organizations who don’t spend that much on advertising but were able to increase their sales through cost-effective marketing strategies. Their advertising budget may not be comparable to those bigger corporations, but the results they are getting are pretty much bang for the buck. Say, for instance, bigDAWGS Promotions, who uses a cost-effective marketing approach combining digital and traditional methods. Founded by Edgar Davin in 2009, the company began offering custom manufactured sound devices and musical greeting cards for companies who want to stand out from the rest of the competition. bigDAWGS’ creative ways of advertising have landed them clients as big as Microsoft, Motorola, HP, Dunkin Donuts, Michelin, among others.
Does It Still Matter this 2020
Undoubtedly, whether you are still building your empire or the role model for start-ups, advertising offline and online will still matter this 2020. It all boils down to your budget and the chosen strategies you are willing to take. Remember, the competition is getting tougher day by day. The market is unpredictable and changes too often. By that alone, you need to come up with a unique approach to capturing your target audience to keep your business ahead of the competition. The cost-effective marketing strategies are your best solution in doing so. More often than not, nobody wants to see their organization fail, go back to the drawing board, and start over.