How would you spend advertising budget and prepare for online business?
Online business will be tomorrows reality. Still its in the beginning phase, often you do not go online to order a packet of milk or a chocolate till its not for an occasion. Few people do that but because of certain limitations, perhaps can't go to buy often or its too much of work. But when it matters to buy a thing people want to touch it before they sell hard money on the same.
AI, VI, AR, VR all came ahead of time but these technologies are timely help in the times of pandemic, COVID 19. Ecommerce companies still not using too much of those techniques but in future they will look to go with such things that involve less human interaction and make lives better. World will be looking to count on more human independent technologies, I feel so.
Online business was much like a billboard till date specially in geographies like India but now it will be a marketplace full of crowd. And certainly there would be help for small and medium businesses. If you want to generate sales or find new customers you need to go online. You need to tell your customer where you are so they can pick a product from your shop. Delivery models will change and slowly world will adopt to pick things online, virtual reality will customers to feel the product before they actually buy. Perhaps sooner or later or may be little later but that will be part of everyday life.
Almost every potential customer uses smartphone today. There are two kind of usages, one to interact with people and two, to do a task. Social Media also has deployed app for convenience. In app experience is like a test drive of a car before you buy however social media gives you leverage to take people's opinion about a product or service. And people need both, a product as well as advice. Social Media works best for interaction, though its a saturated medium but people want to talk. Definition of socializing will change. I won't be surprised if in future marriages host will give food coupon to guests or something like that. So on one hand people will use social media to invite and inform guests while to select a bridal dress they will be much dependent on Shopping Apps. And small shops will get equal opportunity as bigger one operates under certain rules.
Where you will spend your advertising budget depends on many factors but if you know where are your customers I would suggest to go for a 50/50 rule over an year. For example in the off session you can spend 60% on social media and when its peak time you can spend 60% for in app advertising. You need to try different permutations and combinations to find exact numbers where to put what. The main task is finding right platform that correlates with your business.