Many businesses debate whether they should invest in short-term or long-term advertising. Which one will show the results they want? How can they be sure that they've chosen the right advertising strategy? Both long-term and short-term advertising can have advantages. In order to maximize those benefits, you must consider how to integrate long-term and short-term strategies into your marketing plan.
What is the Difference between Long-Term and Short-Term Marketing?
Long-term marketing is intended for the long approach: a marketing plan that continues through the seasons. Often, long-term marketing is intended primarily to help raise brand awareness. Other times, long-term campaigns are designed to educate consumers about the things you sell or the services your business can offer.
Real estate agents and car dealerships are well aware of the benefits of long-term marketing. These businesses often recognize that they have to raise awareness for consumers over time. Their advertising campaigns are designed to span the seasons and continue to keep consumers informed, no matter when they come in. Any type of business will find that long-term advertising helps raise awareness of their brand and create deeper connections with their customers.
Short-term marketing, on the other hand, is designed to address an immediate need. Short-term marketing might be adapted to a specific problem--a lack of business or consumers who don't seem to know about a particular product or service--or to a set promotion. You might increase your marketing around sales or increase your marketing efforts during the holidays to raise immediate awareness at a time when it is more likely to generate the biggest return.
The Benefits of Each Type of Marketing
Both short-term and long-term advertising offer distinct advantages that can help you advance your business.
Short-term marketing brings consumers to your door immediately. It's designed to create a fast response. Think, for example, about what happens when a local fast food restaurant releases a new burger: the signs go up, the emails go out, and fans get reminded that their new favorite is on hand and they can come in to purchase it. Short-term marketing can help get your business through a tight patch or make consumers more aware of your business during a critical time, like the back-to-school season or the holidays.
While short-term marketing offers short-term benefits, long-term marketing is designed to produce benefits over the long haul. Marketers who plan for long-term marketing will discover that they are able to bring in more business over time. Consumers remain more aware of the brand. It stays top-of-mind, which means consumers are more likely to think of it when they have a need in that specific industry. Long-term marketing can also build a sense of familiarity. Your long-term marketing efforts may also help expand your reach since you can put your ads in front of more people over time.
Advertising consistency is critical for the ongoing success of your business. Consistent brand presentation can increase your revenue by an average of 23%. Meanwhile, 48% of consumers expect the brands that they follow regularly to present them with additional information that can help with their needs--which means a consistent, long-term marketing plan.
What's Better for Your Business?
Both short-term and long-term advertising plans have a place in your annual marketing plan and budget. Your business might need to put together a short-term advertising campaign to let consumers know about a great new product or promotion you're offering. Long-term marketing efforts often integrate more forms of marketing, reach more people, and increase brand recognition over time. An effective marketing campaign will include both short-term and long-term elements. To grow your business effectively, you should focus on a long-term marketing effort that will help keep you top-of-mind for consumers.
Are you ready to create a marketing plan that will help expand your reach and increase brand awareness? Working with a media partner can help. A media partner can design short-term and long-term marketing strategies that will create immediate recognition of your brand and ultimately grow your business.