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Advertising on A Budget
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How Can I Get the Most Out of My Limited Advertising Budget?
Making every advertising dollar count takes some planning. Each ad must contain the right message, be targeted to the right customer, and be placed in the right vehicle at the time the customer is ready to buy.
The Right Message
Delivering the right message increases the chances your potential customer will make the purchase of your product/service. Issues to consider in crafting the right message include the benefit your product/service provides the customer and the advantages over the competition. Make it easy for the potential customer to say Yes! What is it that makes your product/service special? Once you have identified the benefit, be sure to develop the message in the most appealing way.
If the benefit of using your service is saving money, for example, the message might be “Reduce your automobile insurance by up to 50%”! This is a very different message than “Save money on your automobile insurance”. You’ve added a comparison that gets attention. Providing measurable results within a given time frame lends a sense of urgency. “Lose 20 lbs. in 30 days” is much more powerful than “guaranteed to help you lose weight.
Consider the benefits of your product/service, the advantage(s) over the competition, and provide a sense of urgency for the most effective response to your advertising.
The Right Customer
Targeting the right customer greatly increases the results of your advertising efforts. If your perfect customer is a homeowner, it makes little sense to include renters in your targeted audience. Identifying your perfect customer requires a little research. Most businesses operate under the 80—20 customer rule, meaning 80% of revenues are generated by 20% of their customers. Do you know who your perfect customers are? A review of your sales records will be instructive.
Many beauty salons, for example, perceive their perfect customers are the women who stop in 3 or 4 times a year for color and other expensive treatments. A look at the records may indicate that the customer spending more dollars annually is the woman who comes in for a shampoo and set every week. She spends less money each visit, but the volume adds up over the course of the year. Know who your perfect customers are and allot 75-80% of your advertising budget to attracting more of them.
The Right Vehicle
Advertising rates are based on the number of readers or viewers they reach, no matter the profile of those readers or viewers. Choose advertising vehicles that not only fit within your budget parameters, but are targeted specifically to your perfect customers.
Print Advertising
Large metropolitan newspapers have huge readership, but may not be targeted to your perfect customers. You pay to reach thousands, or perhaps millions, of individuals who are not all good prospects for your product/service. Community newspapers with limited geographic reach, specialty publications with targeted readership, and special interest magazines are generally better buys. Many national magazines have regional advertising opportunities that are more cost effective and reach a more targeted geographic area.
Direct mail campaigns can be very cost effective, sent to the right list of potential perfect customers. Your own database of existing customers is a good start, and lists are available for purchase, as well.
Broadcast Advertising
Radio advertising can be cost effective for annual or semi-annual promotions or during certain seasons. In some areas, local and regional television ads are available on network stations. Cable television ads are affordable in most areas, and many stations will assist in the production of your ads.
The Right Timing
The final factor to consider for your advertising plan is not only when, but how many times does it take to make the sale? Obviously, if you’re selling seasonal products or services, your ads need to be placed accordingly. But whether your product/service is seasonal or something to be purchased any time during the year, consistency is key. Placing one ad in one publication or sending out one direct mail piece and expecting to generate sales is foolhardy.
Even the right message to the right customers in the right vehicle needs to hit your customer when he/she is ready and able to make the purchase. A series of ads or postcards with a consistent message is necessary to generate results from your advertising. |
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