Great Ideas > Big Budgets
Television marketers have long relied on a large media spend to get their products in front of the masses. With the advent of social media and online video, brands no longer have to fork over massive amounts of money to be seen. Now, inventors and smaller players have a chance to perform in the mass market.
Social Media
Social media marketing is low cost compared to television advertising. While there are still social media advertisements, the cost of entry is extremely low if not free. For example, if an inventor wants to get their product in front of their target market, they can look to Instagram. If said inventor created a lipstick line that lasts for 8 hours, this inventor or company could target “micro-influencers” to post about the lipstick. These micro-influencers are individuals that have up to 100,000 followers with a highly targeted and engaged audience. If this inventor was to pay 10 micro-influencers, they might spend maximum $10,000. If this inventor were to try to get his or her product on television, they would be looking upwards of $100,000.
Online Video
YouTube and Facebook have been enormously successful online video platforms for digital advertising. While television normally relies on high production value 30 second to 2-minute advertisements, YouTubers tell a relatable story without massive production dollars. While there is no guaranteed formula for a hit, viral videos and online video are much more cost effective than a traditional television advertisement.
