Advertising

Posted: Thu, 23 April 2009 14:31:14 +0100

Tiptoeing thru the Tulips...

By Deborah Lee Marlow
When you have a small business and your advertising budget is tiny to nil remember some old fashioned but tried and true rules of advertising. Advertising has its place within your business development model if you can afford it and if you spend wisely. Conduct some homework before you spend any money

HOMEWORK: (1) Once you have established your target market and AFTER you have TESTED it and are certain that the this potential customer base WANTs and will PAY for your product then and only then prepare a specific, targeted advertising CAMPAIGN ..the operative word is 'campaign': "an organised course of action in support of a cause."

(2) Use your own buying habits as a model for creating a campaign for your customers. How many times in the last quarter have you responded to an advert? What about the advert compelled you to buy the product or use the service? Ask your friends AND customers if they saw any PRINT (or in any other medium) adverts in magazines, newspapers, flyers etc. that made them respond and buy the product or service. How many times in the last three months did YOU buy something from a magazine advert or newspaper advert or radio advert or an online 'banner' advert? How many times did you see/hear/read the advert before you responded? I'm using 12 weeks for your historical review because a typical advertising campaign takes about 12 weeks to begin generating tangible results.

(3) Look at what your competitors are doing for advertising and branding. How are they advertising? Have you the resources to match them? If not what about your own advertising campaign will capture business from your more established competitor's customer base? What is your 'compelling' value that will make the consumer convert to your product or service?

Advertising works on repeat value. About 65% -80% of your print advertising budget will be automatically converted to establishing brand recognition, so don't expect quick 'results' as in customers calling you UNLESS you've created a call-to-action advert: This is a specific advertisement that is time or price sensitive in which the market must take an ACTION to get the value advertised: EXAMPLE: 2 for 1 price offer good for a period of time.

Always advertise using a multi-media approach radio + print is a common advertising combination. Guerrilla marketing and advertising is another area to consider.

I'm just suggesting that you think very carefully before you spend any advertising monies.

If you have created a Board of Advisors for your business refer to them on this subject. If you've not established a Board of Advisors seek out advice from other (successful) small firms. Ask lots of questions of everyone until a common theme emerges that'll help you determine a sensible direction forward.

Good luck and yes DO advertise but tread carefully and act informed.