Advertising seems to be every one’s favourite way of wasting money:
So let’s take a look at how you can get Better Results from your advertising budget.
In my experience there are better and more cost effective ways of marketing than advertising. This said, most businesses I know depend heavily on advertising and therefore give little thought to finding more cost effective ways to market their business. Advertising is the most expensive of all marketing options so business owners should look at getting their advertising right before spending their marketing budget. If however you are advertising already, or plan to in the future, here are my thoughts on what works and what doesn’t.
Don’t Advertise if it Isn’t Working.
If this sounds silly or obvious you would be amazed at how many businesses advertise because that’s what they have always done or even worse because the competition does it, most don’t even know if their advertising works or if it doesn’t.
Measure the results of all your advertising its really important. Many businesses just allocate a certain amount of money to an advertising budget, they spend this budget every year…and only have a vague idea if the adverts are working or if there not, this is absolutely barmy. If your advertising works then use it on a larger scale if it doesn’t work STOP it immediately and use the money on one of dozens of other marketing strategies that can bring you a better return on your investment.
Use Direct Response Advertising, other forms of advertising are institutional (or brand) advertising and are designed to build brand awareness, If you’re a small or medium sized business, brand advertising is almost certainly a waste of your advertising budget.
For small or medium size businesses your advertising needs to produce a profitable response, so stick to Direct Response Advertising and watch your profits grow
RATE CARDS:
Now there’s a laugh! I often chuckle to myself when newspaper sales executives talk about rate cards, most rate cards are far too high always negotiate a better rate is my advice. 20 to 30% less for your advertising isn’t unreasonable and can make your advertising campaign profitable rather than unprofitable and I bet your sales executive is soon back looking for more business.
Just as with direct mail the HEADLINE should be given lots of thought it will if written properly increase response greatly, don’t be tempted to use your company name as the headline think of something that will grab your customers attention, remember also that the copy of your advert needs to communicate with the person reading it.
Here are some other advertising tips:
If possible place your advert on an early right hand page. This has been tested again and again. When you read a newspaper or magazine your eyes are drawn to the right hand page as you flick through, so statistically more people will see your ad if it’s on the right hand page, use Bold or Underline text in your advert especially on any offers
like I said in my experience many businesses are wasting money on ineffective advertising compared to other cost effective means like (Direct Mail, Telephone Marketing, Direct Sales, Email, Internet, Referrals, Strategic Alliances etc) But done properly advertising can be highly profitable and a good mix with other marketing forms.
Hope you found this interesting if you did pass it on or leave your comments:
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