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Is Your Advertising Working Hard Enough for You?
As a small business owner,
every dollar you spend is a dollar that comes right
out of your pocket and affects your profit margin, especially
when you're trying to grow your business. If you're
going to succeed, you have to pay close attention to
your bottom line and look for creative, innovative ways
to cut costs while still getting what you need.
That old saying that it "takes
money to make money" has never been truer than
when it comes to promoting your business.
So when it comes to spending money on
advertising, how do you make sure that your advertising
is working hard enough, without spending a fortune?
Thanks to the Internet, you've got lots
of options for finding cost-effective advertising that
does what it's supposed to -- bring targeted customers
who are hungry for what you're selling, right to your
door. But don't forget about cost-effective offline
methods as well.
Here are a few ideas to help you
get started:
Focus your advertising dollars on your
target market. The tighter your niche, the better your
chances of finding the customers who are looking for
exactly what you've got to sell! So rather than going
wide, and trying to sell to everyone, narrow your focus,
and then, if possible, narrow it some more! Figure out
who your "ideal" customer is, and then create
an advertising campaign for them. Once you know who
you're selling to, look for media that targets that
demographic. Depending on your product or service, think
community and neighborhood newspapers, high school sponsor
advertising, chamber of commerce directories, etc.
If your ideal customers aren't defined
by a specific geographic location, look at regional
or specific demographic publications. Perhaps a regional
paper runs an annual issue that focuses on an issue
or activity that reaches your target market. Use local
cable television to broadcast your ads only in certain
markets. You'll get cheaper rates and a more focused
demographic.
Always ask for a discounted rate. (Many
publications offer an "agency" discount of
up to 15 percent. If you are acting as your own in-house
advertising agency, you might qualify for the special
rate.
Some monthly magazines offer discounts
for multi-ads placed over a 3, 6 or 12 month time period.
Most publications have a different rate schedule for
different types of advertisers -- so depending on your
product or service, you could qualify. And if not, sometimes
just asking for the discount will give it to you.
Buy leftover space or airtime. This
is advertising that the publication, radio or television
station hasn't filled by their usual deadline. Of course
you'll have to take the spots that are available, but
again, depending on your business and the product or
service you're selling, that inconvenience could still
be worth the discount and the exposure you'll receive.
Use classified ads. They're not just
for employment offers any more. You'll find classified
ads in magazines and newspapers. Before writing your
ad, go to your local library, and look through the back
issues of the magazine or newspaper that you're considering.
Look at the ads that catch your eye, or that are repeated
month after month. Those ads wouldn't be in there each
month, if they weren't making the advertiser money.
Use those ads as springboards for ideas when you're
ready to start writing your own classifieds.
Test your ads. Start out with the cheaper
publications, so you can find out what's working and
what's not. Play with them, and tweak them. Once you've
got an ad that works, keep using it. You can run it
more than once, or in more than one publication at a
time. When it quits bringing in customers, or you start
noticing a drop in effectiveness, then it's time to
change it.
Do you own a retail business? If so,
check into co-op advertising funds that may be offered
by your vendors. Co-op programs provide joint advertising
for your and your vendor, and you'll get a portion of
the cost of the ad reimbursed because the ad mentions
the vendor. (Note: most Co-op programs have strict guidelines,
so check with your vendors and make sure you're following
the rules).
Barter for goods and services. This
can be especially effective with radio stations and
local papers. See if you can provide your products or
services in trade for the cost of advertising. (Also
called "trade" or "In-kind" ads,
the radio station or publication gives you the ad in
exchange for products or services of equal value, and
then uses those products or services as part of a promotion
or contest for their listeners or readers). This can
also be a great way to get additional free publicity,
so if you decide to try this method, get creative and
think outside the box!
Reuse your ads in other advertising
medium. If you've got an ad that's especially effective,
or looks great, reuse it in a circular, brochure, handout,
flyer or direct mail piece. Use the graphics on your
Webpages.
Finding a healthy mix between online
and offline advertising, looking for ways to extend
your reach and your advertising dollar, and cutting
costs creatively will help you ensure that your advertising
is working hard for your success.
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