Check out some of the pros and cons of each marketing strategy
As an energy broker, you may find that there are a few hurdles you need to jump for your business to really take off. One problem you will face is that the idea of an energy broker just hasn’t been around that long. People don’t have an ingrained understanding of what you do or why they need you to help them lower their energy costs. What we’re saying is that marketing yourself well will be incredibly important to the success of your business. That’s true for any business, but especially for a profession that hasn’t been around as long and established a high level of trust.
So what is the best way to market yourself to customers? Experts usually break it down into two different categories. You can market yourself using traditional marketing methods, or you can use digital marketing to get your service out there. Is one better than the other? Take a look and decide for yourself.
Traditional Marketing–made up of ads in newspapers, magazines, mail, and television. Any marketing practice that was around before the advent of digital marketing.
Traditional marketing has proven success rates. These systems have been around long enough that marketers have nearly perfected the techniques behind them. When you use traditional marketing, you’re using proven techniques that the general public already understands and is comfortable with. As a profession that has recently come about, using traditional forms of marketing may help alleviate some distrust from older customers.
The potential downsides to traditional marketing lie in its cost-effectiveness and reach. Traditional marketing usually has a much greater cost than digital marketing, mostly because of the mediums it encompasses. Ads on TV, in newspapers, and in direct mail will cost quite a bit more than online ads. This also brings up the question of who you are reaching with these ads. Traditional marketing is great for reaching an older audience, but younger generations rely heavily on digital advertisements.
Digital Marketing–includes anything online. That means websites, banner ads, content marketing, and social media.
Digital marketing has the potential to reach a vast audience that traditional marketing can’t compete with. Digital marketing is also incredibly cost-efficient. You may not have a huge budget for direct mail or newspaper ads. Using social media and website advertisements can be a cheap, but effective, way to reach a large audience.
One of the disadvantages of digital marketing is that there are still trust issues when it comes to online advertisements. Constant virtual ads and promotions mean that your digital marketing can easily get lost in the crowd. You also have to be sure you are updating your ads and social media constantly. Leaving up old and outdated information will hurt your image online.
So what’s best for your energy brokerage? It’s most likely a combination of the two. Using traditional methods to draw attention to your digital efforts can be effective, and you don’t risk losing a demographic in your marketing strategy.
If you’re doing all you can to grow your brokerage, and still feel like you need some help, contact Brokerage Online Exchange today, and see how we can jumpstart your business.