Digital platforms provide level playing field for all businesses
The widespread use of digital platforms and social media has revolutionised the way we run our businesses. We are no longer confined to the age-old traditions of having brick-and-mortar stores. Instead, having a digital presence is seen as a must for any business to thrive.
The pandemic has brought about a digital revolution in Bangladesh with how the local businesses run their operations. Digital practices have taken a front seat with people now accepting online shopping, digital payments and more responsive towards marketing activities on digital platforms.
According to PricewaterhouseCoopers' report "The World in 2050", Bangladesh could become the world's 28th largest economy by 2030. A primary reason for this could be the emergence of local brands and the utilisation of digital platforms by smaller businesses. The extensive use of digital platforms like Facebook brings about a level playing field for all businesses alike, especially when you are talking about digital advertising.
TRADITIONAL WAYS
Before digital platforms became popular, businesses would advertise their products and services through traditional means such as TV commercials, radio, and buying up ad space on billboards. Large-scale companies could easily afford to buy these ad spaces on the back of the considerable marketing budget they would typically have. But for smaller businesses or the ones with a tight budget, advertising was always an afterthought.
A LEVEL PLAYING FIELD
According to Statista, digital platforms like Facebook have 2.85 billion monthly active users as of the first quarter of 2021 who can become the potential audience for any business and represent an almost limitless world of opportunities for advertisers to explore.
Big companies from fast-moving consumer goods (FMCG)/consumer packaged goods (CPG) are among the top five ad spend categories across most Facebook markets within the industry. According to CNN, 10 million businesses actively utilise Facebook advertising, with the top 100 advertisers in the FMCG/CPG sector representing just 20 per cent of the total ad revenue.
Therefore, the size of your company on Facebook is not the top priority regarding advertising.
The category is highly competitive while offering a level playing field for global, national, and local brands.
On Facebook, smaller businesses can successfully take on some of the largest FMCG/CPG brands. Combining creativity and measurement on Facebook is a winning formula for any brand.
PRACTICES TO PROPEL YOUR BUSINESS FORWARD
Whether they are running a big business or small, advertisers should learn to refine their marketing objective and their optimal audiences to solve potential business problems. There are certain things they should always keep in mind to push their advertising campaigns to the next level.
THINK MOBILE
Advertisers should embrace the consumer shift into the world of mobiles, placing their focus on short-form storytelling.
A total of 1.27 million new mobile subscribers and 3.43 million new internet subscribers have been added to the country's total subscriber base in March this year, according to the Bangladesh Telecommunication Regulatory Commission. Thus, brands should be jumping onto this trend, initiating direct conversations with their consumers, and reaping the results.
THINK CREATIVE
Utilising the right creative could be the token to success. A clever thought-through illustration might be just what you need to ensure your campaign stands out from the crowd.
Therefore, it is essential to focus on creative actions, which can set you apart from your competitors and leverage brand-building creative insights.
Similarly, creative agencies should incorporate the 'Facebook Thumbstoppers' feature, which allows advertisers to showcase their product in a short window of 10 seconds or less than 10 seconds. This would help brands bring inspiration to their customers, leading to increased purchases in a very short time.
THINK DATA
Leveraging Facebook's advanced measurement tools, advertisers should aim to develop adaptable and straightforward measurement strategies. Using so will help advertisers understand their customers better and allow them to make the most influential business decisions.
Advertisers need to balance their long-term and short-term needs, identify move metrics, and drive brand growth. They should create and run practical tests to quickly understand and adapt to necessary changes on an ongoing basis to optimising campaigns. They should conduct experiments and studies to test new hypotheses and stick with what works.
With the amount of information available to us and the technological advancement we are enjoying, it is easier to conduct a business than it was a decade ago. It is just how efficiently we use those resources that determine how successful our business becomes.
The author is Facebook Partner Director of Httpool Bangladesh.
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