In the fast-paced world of advertising, a bargain does not always translate into sales for your business or save money in the long run. Now, couple this fact with a down economy, care must be given on how and where you spend your hard-earned money.
Know Your Customer,
o Do your homework. Ask customers a few probing questions such as, “What do you like/dislike about our product/service offerings?”
o Discover what type of advertising (TV, radio, print, or online) resonates with them. This is your guide on where to spend your money.
o Offer customers a reward for their continued use of your product/service. Many retailers offer a reward after so many visits. This generates repeat use and continued sales for your business. Remember that volume is better than a one time only big sale. Offering a reward is another opportunity to ask those questions mentioned above, gain an e-mail address and become aware of some insights about who your customers are and what makes them spend. The e-mail address can be used later to advise about new products and/or promotions on a regular basis.
Invest Wisely
Spend only a small amount of your advertising budget on one type of ad. If you are wrong about the advertising method you first selected, you still have funds available to learn from that mistake and try again.
Spending Within Budget
Grass-roots methods sometime offer the best opportunity to achieve your sales goals while operating within your tight budget.
Word-of-mouth is the best method, but it is not always the fastest way to get your product/service in the hands of customers.
Direct Mail comes in a few forms. Solo mail is typically a letter or coupon that is mailed to customers. This tends to cost more due to printing costs. However, with the right mailing list, it offers a good return on investment (ROI). Many newspapers offer mail programs where you can target their subscribers by zip code. This tends to be very effective if your trading area is confined to a set area. Electronic newsletter is advertising through e-mail. This typically has a high ROI as there are no printing or postage expenses.
Promotional events can range from events sponsored by radio and TV stations to community festivals and/or local seminars. The trick is to look at who will be attending the event and decide if the attendees are your customers.
Social Media is the latest buzzword in advertising. Everyone, it seems, has a Facebook or Twitter account. Social Media has been tagged with having a viral affect of spreading the word-of-mouth to other potential customers. A good campaign here can ignite customer awareness of your business. One word of caution—make sure this type of advertising fits with your product or service and your target market. In other words, if you sell industrial lubes, sending Facebook messages may not be your best route.
Advertising can be very beneficial to achieving success for your business. Even with the above examples, there are always exceptions to the rule. Don’t be afraid to seek help from experts to set you on the right path.
Adele Lassere is a marketing/advertising consultant with 20+ years experience, freelance writer and soon to be published author of “Elements of Buying: An Advertising Reference Guide for Business Owners.” She can be reached at lassere@bellsouth.net
