Money for Nothing
Every business is different and the audience on every market segment has different needs, wants and behavioral patterns. This is why not every strategy works for every business out there. Multiple factors need to be considered before setting up the exact media mix to be used and the specific objectives quested on each promotional strategy. The basic factors that need to be addressed first are budget, timing, man-hours, competition activities, consistency and monitoring.
Social media and online advertising, is great but it can also be like a black hole eating up all the money you invest with no return at all. All online platforms have carefully designed the advertising plans they offer to their customers similarly to a casino were the house always comes out to be the winner at the end. It is perfectly normal for them to think of their own profit first. This means that if you do not play your cards right, the longer you play, the more you lose! Every online promotion plan looks extremely attractive when presenting how profitable it can be for your business. But to turn it to a moneymaker (and there are plentiful examples of small businesses that have done that) you really need to think twice developing a more serious approach.