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Exec summary 2
- 1. Promotional Mix Budget In 2020, Kroger spent $888 Million on advertising. Media Channels • Social Media advertising • Streaming TV advertising • Digital Billboard advertising Social Media Advertising With social media popularity on the rise, utilizing this advertisement channel, we should see more leads by views. The average cost for this form of advertisement was $6.78 CPM or cost per thousand. By having a presence on Facebook, we plan to spend up to $560 a month on our ad that will be shown on the website and app. We will also be spending the same amount on Instagram for advertising on their app. To start with the gen Zers started with brand recognition, we will spend $155 a month on advertising. Streaming TV Advertising We will be advertising on Hulu and YouTube. The total startup costs for advertising on Hulu is roughly $500 per campaign. The amount of advertising time on YouTube is measured in CPM or cost per thousand and that is about $10-$30 CPM. The length is roughly 15, 30 or 60 seconds and the ad can be used on both platforms so all that we would need would be
- 2. production costs. Production costs are $2,000-$50,000 depending on the quality of commercial we set to achieve. I believe that if we do a basic commercial for brand awareness in our target areas, we may spend an upwards of $10,000 at least with production and broadcasting. Digital Billboard Advertising The cost of digital billboard advertising is $1,200-$15,000 monthly. If we use this method of advertising, we could place ads on all the digital billboards in our target areas. We want to advertise to residential areas as well as metroplexes. This will allow future customers to be exposed to the brand across these areas. If we created an ad that just says #Krogering, for example, we will pique the interests of millennials and gen Zers and they will in turn use the handle across all social media platforms and learn what our brand is all about. This will also set the algorithm in social media platforms to show more of our ads in daily use to these leads.