I have a file of ads that I found in places where they just don’t belong. This is my prospect file. I don’t want to call anyone out but be really honest with yourself...have you ever bought ad space in any form (print, digital, radio, TV, signage, wine bags etc.) because it was, “such a great deal?” You may think that there is no biggie to buy cheap space. After all, if it doesn’t work you only wagered- I mean wasted- a little money. I submit to you that every dollar of your marketing budget wasted is one that could have been spent properly. In marketing, ROI (Return on investment) is law.
In order to avoid the lure of great deals, have a plan. Understand specifically who your ideal customers/clients/patrons/patients are and how to best engage with them. These people are your sources of revenue. Remember revenue is the reason you are in business. Revenue will help you grow your business in order to achieve your personal goals. It sure is nicer to grow your business through earned revenue instead of borrowed money.
Compare any potential advertising venue to what you know about your revenue sources. Does this advertising venue:
• Reach the right people
• Allow you to engage with them in the way they want to engage with you
• Provide the right timing
• Give you a platform to make enough of an impact
Challenge every advertising venue to back up its statistics. Never accept blanket assumptions or generalities. If a venue reaches women ages 45-65, that is great. However, the way in which women may engage with you at ages 45-50 is extremely different from ages 60-65. Get specifics.
Advertising packages and media kits all seem awesome. It is hard to put these offers into perspective especially when the dollar amount seems ok, cheap, inexpensive or affordable. Create a standard for buying advertising so that you have a benchmark by which to measure every purchase. If an offer meets your checklist of requirements then, by all means, begin the negotiations. If not, politely decline and spend that marketing budget on successfully engaging your revenue sources.
Consider every dollar of your marketing budget precious and wring every bit of value out of them. Sometimes you may have to put those dollars away until you can make a purchase that will have the frequency and impact that you need. Advertising is only one component of your marketing budget. Where else can these dollars be spent to achieve your goals?
Marketing’s sole purpose is to positively impact your revenue or profitability. Operate by that rule and you will find success. Get a marketing plan!
Vanessa Marttinen is currently the Founder and Senior Consultant of American Marketeur. American Marketeur is an independent full-service marketing firm, based in Wilmington, NC, focusing on building revenue-generating marketing plans. Vanessa Marttinen offers her clients completely unbiased advice by never taking mark ups on media buys. American Marketeur accommodates any type or size of business or practice through an enormous network of innovators, designers, programmers, experts and visual producers. Visit www.AmericanMarketeur.com or contact Vanessa Marttinen at [email protected] or 910-338-6479 for a free, no-obligation consultation.
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