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Getting The Most From Your Advertising Dollars
Copyright 2005 Stephen Wright
You now have that website up and running. You have a great
product. You are all set to start taking orders and making those
trips to the bank to make deposits! And then you wait, and wait,
and wait some more! Unless someone can find your site, you will
have a very long wait! That is where the value and benefit of
advertising comes in. Advertising is what brings potential
customers into your "virtual business door". As a business
owner, every dollar you spend is a dollar right out of your
pocket. This affects your profit margin and revenues. This can
be especially difficult if it comes at a time 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. And
when it comes to spending money on advertising, how do you make
sure that your advertising is working hard enough, without
spending a fortune that consumes all your profits or even worse
money that far exceeds your business revenues?
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:
Always make sure you 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. Sure, you might be turned down more often than
not, but make it a habit to ask. It will be worth it every time
it works for you.
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!
Don't forget or be afraid to recycle the good ads in other
advertising medium. If you've got an ad that's especially
effective, looks great (or more importantly that is profitable),
by all means reuse it in a circular, brochure, handout, flyer or
direct mail piece. Use the graphics on your Webpages if
available.
In summary, your goal should be to find a balanced mix of online
and offline advertising. This will go a long way towards getting
the greatest bang for your advertising buck! With a little
creativity you will be maximizing your profits while minimizing
your expenses.
About the author:
Stephen Wright is President & CEO of InternetMarketing.com Get
everything you need to make money online in "Dotcomology: The
Science of Making Money Online". Includes Over 30 Time-Saving,
Profit-Producing, Influence-Expanding Tools And Software
Programs Absolutely Free at:
http://www.InternetMarketingUSA.com/dotcomology.html
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