Small business entrepreneurs must find a balanced strategy for their advertising dollars. This article discusses methods for achieving such balance.
When it comes to promoting your business, the old adage "it takes money to earn money" has never been more true. How do you make sure that your advertising is working hard enough without spending a fortune that eats all of your profits or, even worse, money that much exceeds your business sales when it comes to advertising?
You have a lot of alternatives for finding cost-effective advertising that accomplishes what it's supposed to do: deliver targeted clients to your door who are hungry for what you're providing, thanks to the Internet. However, don't overlook cost-effective offline options. Here are some suggestions to get you started:
Always keep your advertising dollars focused on your target market. The more specific your speciality, the more likely you are to find buyers who are looking for exactly what you have to offer! So, rather than going abroad and trying to sell to everyone, focus narrowly and, if possible, even more narrowly! Determine who your "ideal" customer is, and then develop a marketing strategy for them. Look for media that caters to that group once you've determined who you're selling to. Consider community and neighbourhood newspapers, high school sponsor advertising, chamber of commerce directories, and other options, depending on your product or service.
Your website is currently up and running. You've got a fantastic product. You're ready to start collecting orders and making those deposit excursions to the bank! Then you have to wait... and wait... and wait some more! You'll have to wait a long time unless someone discovers your website! This is when advertising's value and utility come into play. Potential consumers are attracted to your "virtual company door" through advertising. Every dollar you spend as a business owner is a dollar you don't have. This has an impact on your revenue and profit margin. This is especially challenging if it happens when you're trying to expand your company. If you want to be successful, you must pay close attention to your bottom line and look for unique, imaginative ways to save money while still receiving what you need.
Look for regional or specific demographic periodicals if your ideal clients aren't specified by a certain geographic location. Perhaps a regional paper publishes an annual issue focusing on a subject or activity that your target market is interested in. Use local cable television to target specific markets with your commercials. You'll be able to acquire lower rates and a more targeted clientele.
Always request reduced pricing. (Many magazines provide a 15% "agency" discount; if you're functioning as your own in-house advertising agency, you might qualify.) You'll probably be turned down more often than not, but make it a habit to ask; it'll be worth it every time it works for you.
Some monthly magazines offer discounts for multiple advertisements placed over a three, six, or twelve-month period; most publications have different rate schedules for different types of advertisers — so depending on your product or service, you may qualify; if not, simply asking for the discount may result in you receiving it.
Buy leftover space or airtime, which is advertising that hasn't been filled by the publication's, radio station's, or television station's usual deadline. Of course, you'll have to take the spots that are available, but depending on your business and the product or service you're selling, the inconvenience may be worth it.
Before you write your ad, go to your local library and look through the back issues of the magazine or newspaper you're considering. Look at the ads that catch your eye, or those are repeated month after month. Those ads wouldn't be in there each month if they weren't making money.
Start with the less expensive newspapers to see what works and what doesn't. Once you've found an ad that works, keep using it. You can run it many times or in multiple publications at once. When it stops bringing in consumers, or you see a reduction in effectiveness, it's time to alter it.
If you own a retail business, look into co-op advertising funds offered by your vendors. Co-op programs provide joint advertising for you and your vendor, and you'll get a portion of the ad cost reimbursed because the ad mentions the vendor. (Note: most Co-op programs have strict guidelines, so check with your vendors to make sure you're following the rules.)
Bartering is a method of exchanging products and services. This works particularly well with radio stations and local newspapers. Check to see if you can trade your goods or services for the expense of advertising. (Also known as "trade" or "In-kind" commercials, the radio station or newspaper provides you with the ad in return for products or services of similar value, which they then utilize in a promotion or contest for their listeners or readers.) This can also be a terrific way to acquire additional free publicity, so get creative and think outside the box if you decide to use this strategy!
Don't forget to recycle good ads in various advertising mediums, and don't be scared to do so. If you have a really effective, attractive (or, more significantly, profitable) ad, feel free to reproduce it in a circular, brochure, handout, flyer, or direct mail piece. If visuals are available, use them on your Web pages.
In conclusion, your goal should be to achieve a healthy balance of internet and offline promotion. This can help you get the most bang for your money when it comes to advertising! With a little imagination, you can increase your profits while lowering your costs.