Spending for digital advertising in the calendar year of 2023 passed 600 billion dollars with only projected growth to come in the future. From Papyri in ancient Egypt to the modern, digital age, advertising has been around as long as people have had a message to get out into the world. So how can senior living communities make the best use of this timeless practice in a modern age? Let’s walk through the fundamentals of creating a budget strategy that brings leads through your doors.

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Building the Best Budget For Advertising

The beauty of digital advertising is its budget-friendliness. Whether it's social media or Google ads, advertisers have control over their spending. Mastering digital advertising involves maximizing ROI while minimizing costs.

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Build on a Strong Foundation 

Before jumping feet first into any type of advertising, it is important to have a strong foundation from which you jump. When you begin advertising on social media, YouTube, or Google, you have to remember that you are entering what could be called a “rented space.” A rented space is a platform that allows you to advertise and operate within its guidelines and procedures. This is in contrast to an owned space. This would be something like your website where you have more control over the user experience.
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Although advertising is an important part of your marketing strategy, having a strong foundation is essential. Here’s why. Think of your advertisement as an invitation into your home that you send out to a large number of people. Let’s say a percentage of people respond and are now on their way to your home. At this point, you are likely going to ensure your space is prepared for guests. You will likely make sure your home is clean and easy to navigate. You will ensure everything is functional. You may even offer some treats for those who show up. All of this seems natural when you have real-life people entering your real-life home.
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Now consider your website as a home. Unfortunately, many businesses will jump at the opportunity to invite people into their “home” en masse, but it is difficult to navigate, doesn’t function well, and leaves the visitor wanting more. This severely hinders your chances of converting visitors into leads. How does this apply to advertising? If your website/owned spaces are not ready for guests, then it is better to save your money and repair your foundation before spending on advertising. Otherwise, your advertising budget will ultimately be wasted.

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Spend Wisely

There is a misconception that throwing enough money at advertising will just start working. Granted, having a 4 billion dollar budget like Nike would be nice. However, 4 billion dollars spent recklessly is as good as nothing. Regardless of how much you have in the budget, it has to be applied correctly. Here are a few tips for you to enter advertising in a cost-effective way.

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Utilize Free Advertising

Not all advertising needs monetary investment. Free methods, especially on social media, can effectively reach your audience. While primarily applicable to social media, there are also free options for Google visibility. With dedication, these avenues offer the most cost-effective means to establish your presence.

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• Strategic Content: The content you create can be a game-changer in advertising. While posting alone can aid your efforts, it's crucial to be strategic. Utilize trending audio in Reels and leverage informative carousel posts. This attention to detail can significantly impact your impressions, turning a few into thousands.

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• Commenting: Engaging with other industry accounts on social media is a powerful way to boost your visibility. By providing valuable insights, you can set yourself apart and attract attention from a broader audience. This interaction opens doors to new exposure and potential connections. 

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• Collaboration: Similarly, collaborating with other brands can be a great way to reach new audiences. Hosting an event? Do a collaboration post with your caterer or entertainment. Hosting an outing with a local establishment? Try a collaboration post with the venue. This is extremely effective with Instagram’s collaboration feature because it not only puts you in front of your audience but also the audience of whoever you collaborate with. Imagine having your social profile placed in front of everyone who follows your local museum or diner. There are a lot of potential leads to be found through collaboration. 

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• SEO: Keywords and SEO audits offer a cost-effective means to enhance visibility, albeit more complex than social media. It's integral to building a strong foundation, as website structure influences search engine rankings. While Google ads are beneficial, investing in SEO can elevate your brand above competitors. Incorporating elements like blogs, landing pages, and intentional copy enhances website performance for optimal results.

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Having trouble getting your name out there? Learn how Solinity Marketing can help!

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Fire Bullets Then Cannonballs

Jim Collins coined the phrase "Fire bullets, then cannonballs" to emphasize the importance of calibration in advertising. Start small with targeted campaigns to test effectiveness before committing large budgets. Avoid the trap of assuming what works for others will work for you. Rushing into big investments without calibration leads to wasted money. Successful advertising requires patience and follows a scientific method. Invest time to learn what works best for your brand and audience. Launch large-scale campaigns only when ready.

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Practice A/B Testing

Another way to ensure optimal spending is through A/B testing. This feature involves testing two different ad versions to determine the most effective one based on data. By removing guesswork, it reduces the risk of missing desired results. While it requires additional time, launching a successful ad later is preferable to risking failure now.

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Measuring Your ROI

Once you've created and tested your ad, it's time to release it into the world. However, this isn’t the final step. After the ad campaign concludes, it's crucial to measure its success and assess the return on investment. Here are key metrics to consider when evaluating your ad's performance:

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1. Impressions: The number of times your ad is displayed to users. This metric indicates the reach of your ad campaign. Exposure is good, but high impressions don’t always mean the ad was a success.

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2. Click-Through Rate (CTR): The percentage of people who clicked on your ad after seeing it. It measures the effectiveness of your ad in generating interest and driving traffic to your website or landing page. This is an extremely important metric. Rarely are you going to want an ad to just build brand awareness –  you want the audience to respond to the ad in some way.

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3. Conversion Rate: The percentage of users who completed a desired action after clicking on your ad, such as making a purchase, filling out a form, or signing up for a newsletter. This metric indicates how well your ad is performing in terms of driving desired outcomes. This serves as a great metric to help you determine how you need to calibrate for your next ad.

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4. Cost Per Click (CPC): The average cost you pay each time someone clicks on your ad. It helps you understand the efficiency of your ad spend and how much you're paying to drive traffic to your website.

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5. Cost Per Conversion (CPC): The average cost you pay for each conversion generated by your ad. This metric provides insights into the overall cost-effectiveness of your ad campaign in achieving your marketing goals.

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Reach Your Target Audience 

Once your budget is set and you've determined the most effective allocation, it's crucial to ensure your ads are reaching the right audience. This requires self-awareness—understanding your brand and audience enables more effective communication through advertising. Here are key considerations:

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Not All Platforms Are Equal 

Jumping on new platforms solely because they're trendy doesn't guarantee success for your brand. Resist the temptation to follow the crowd without assessing relevance. Case in point: Meta's Threads app aimed to rival X, but its short-lived hype proved otherwise.

If your social media strategy revolves around adopting every new platform, you might encounter poor ad performance. Instead, analyze your performance on each platform and focus more on those where you thrive. This data also informs audience targeting. It's acceptable to cater to specific platforms like Facebook if they resonate with your audience. The key is to reach potential customers effectively, no matter where they are.
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Google ads have a broader audience reach than specific social media ads and operate uniquely. Advertisers set bid amounts for targeted keywords, and Google determines ad placement based on bid quality and amount. Consider competition levels and budget constraints when running Google ads. High competition and low budgets require strategic bidding, while low competition may not be a concern.

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Send the Right Message To The Right People 

Knowing which platforms align best with your target audience is crucial for effective advertising. Tailoring your ads to the demographics of each platform enhances their impact. For instance, if your assisted living or memory care community is recruiting CNAs, Facebook may be the most suitable platform for reaching those caregivers. Instagram could be effective for targeting Gen Z and Millennial professionals for corporate positions. It's essential to reach your audience where they are most active to maximize ROI. Fortunately, social media ad tools provide options to target specific demographics within each platform, further optimizing your advertising efforts.

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Hook, Line, and Sinker 

Once you've determined the appropriate platform for your ad, it's time to create the pièce de résistance - your ad itself. While aesthetics are important, they're only part of the equation. A compelling message is paramount. Here are essential components to consider when crafting an effective ad:

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• A Good Hook: In the fast-paced digital world, catching attention is akin to stopping traffic on a busy highway. Users scroll rapidly, making it a challenge to halt their movement. A strong hook is essential; knowing your audience enables you to craft a compelling hook that grabs their attention. Questions, especially ones your audience can relate to, work effectively as hooks.

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• Engaging Visuals: Strong visuals are essential for capturing your audience's attention. Whether it's well-balanced layouts or appealing color schemes, visuals are integral to your message. Ensuring that your audience enjoys what they see is paramount to keeping them engaged.

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• Clear Value: Don't allow your audience to exit your ad without understanding your offering. Think of digital ad space like an elevator pitch—be concise in demonstrating how you can benefit your audience.

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• A Compelling Call To Action: Once you've stopped and captivated your audience, it's time to prompt them to take action. An ad isn't complete without an urging to do something. Modern advertising benefits from the ease of leading your audience precisely where they need to go with the click of a button. Use landing pages to shorten the journey from the ad to action as much as possible.

Mastering a budget strategy in senior living advertising is crucial for navigating the digital realm effectively. By understanding the fundamentals outlined here, communities can ensure maximum results. From building a strong foundation to spending wisely, each step contributes to success. Let Solinity Marketing guide you in elevating your advertising strategy. Contact us today to learn more and take your marketing to new heights.