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I am certain that,
as a business owner, you have often entertained the
question as to how much to spend and where to spend
your advertising dollars. For most small business owners,
these questions can add to the headaches suffered in
the course of normal everyday operations of their business.
THERE ARE NO SIMPLE ANSWERS
The how much to spend and where to spend it questions
have no easy answers.
Depending on your type of business, many people suggest
that the *how much* should be equal to anywhere from
4% to 10% of your gross receipts.
The quandary is that a business cannot survive without
a fresh flow of incoming customers. But, a business
can seldom generate a fresh stream of customers without
spending money to get the word out about their business.
THE CHALLENGE OF DEVELOPING EFFECTIVE ADVERTISING
Have you ever paid for advertising and sat back to
await the fresh flow of customers, only to find yourself
sitting and sitting and then sitting some more?
Don’t feel bad about that. It has happened to many
of us before.
See, knowing where to spend the advertising money
is not enough to get the job done.
Where to spend the money only begins to highlight
the other issues connected with advertising:
· Marketing Plan
· Advertising Strategy
· Headlines, Ad Copy and Visual Presentation
· Tracking the Success of Your Advertising Campaigns
THE MARKETING PLAN
The Marketing Plan is used primarily to identify
your own products and services, costs, strengths, weaknesses
and the strengths and weaknesses of your competitors.
To learn more about constructing your own marketing
plan, visit the Small Business Administration website
for a comprehensive study of the elements of a Marketing
Plan:
http://www.home-business.com/nav/articles/links/sba_plan.html
ADVERTISING STRATEGY
It is important to understand what you expect to
gain from your advertising.
Do you simply wish to get your name known so that
when your customer will need you, they will think of
you first? Or, do you wish to get your customers in
your front door on Saturday?
Do you want your customers to come in and take a
look around to discover the next object that they cannot
live without? Or, do you want them to come in and buy
a specific widget?
Do you hope that enough people will come in to buy
enough products or services to pay for your single ad?
Or, do you expect to gain a lifelong customer who will
help pay for your advertising over the course of several
years?
When you know what you want, then you will better
understand just how to do it.
HEADLINES, AD COPY AND VISUAL PRESENTATION
You might be surprised how many business owners put
out advertising without regard for the quality of the
sales pitch or presentation. The quality of your distribution
outlet or the amount of money you spent to get there
will do little for you if the advertising vehicle is
a junker.
Test all of your advertising materials in smaller
markets before blowing your advertising bank roll on
it. You must absolutely know the value of your advertising
before putting large sums of money behind it.
TRACKING THE SUCCESS OF YOUR ADVERTISING CAMPAIGNS
Tell your customers to save another 10% when they
tell you they heard or saw your ad in such-and-such
location. Suggest that they can register to win a free
widget if they fill out a form and have them to tell
you how they heard of your business. Advertise a specific
widget in your ad and track the sales of that widget.
It does not matter how you track your advertising
--- just make sure you do it!
IN SUMMARY
The ideal way to spend your advertising budget is
to buy a rifle with a high-powered scope and to only
shoot your targets in the light of day.
If you are not tracking your advertising, then you
are shooting a pellet gun without an attached scope,
with blinders on, and shooting in the dead darkness
of night.
Even with a bigger gun, the blinders in the dark
constitute the single largest mistake made by advertisers.
If you are unable to track your advertising to learn
what is working well, what is working somewhat, and
what is a money pit, then you are condemned to repeat
your mistakes over and again.
By relying only on gut instinct, you may be choosing
to spend more money in the money pit and to lose all
of your money in the process.
When you get down to the nuts and bolts of making
money from your advertising, you should plan, prepare,
track and study your results. You must have factual
information on which to base your advertising decisions.
When you are making the right advertising decisions,
then making money from your business might just come
easy.
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