No business can survive the long run without some form of
consistent advertising. As a result, most business owners will
eventually consider using advertising to promote their business.
The toughest part of the advertising equation is in determining
where and how to spend your advertising dollars. If you do it
wrong, you could plunk down your entire advertising budget and
receive absolutely no return on your investment. But, if you do
it right, your advertising could continue to bring a nice return
for years to come.
HOW DO I MAKE THE RIGHT ADVERTISING DECISIONS
In order to make good decisions concerning how to spend your
advertising budget, you must first have a good understanding of
the different types of advertising and promotion available and
what can be expected to be achieved by each.
• You must understand which markets the different media's can
reach.
• You must understand the demographics of the media's
consumers.
• You must understand the buying habits of the consumers
reached through the media.
WHAT OFFLINE ADVERTISING & PROMOTION MEDIA'S SHOULD BE CONSIDERED
The media's that people think of most often are television,
radio, newspaper and magazine advertising. Of course, these are
the big boys that big businesses use regularly.
Other methods of promotion include trade shows, press releases,
direct sales, telemarketing, word of mouth, branding and
billboard advertising.
CONSIDERING THE BIG MEDIA OUTLETS
The big boys of advertising media's generally cost big bucks.
Given certain circumstances, the big media's can be bought for
very little money.
Take for example, television, radio and newspapers cost big
bucks during their prime times, but can be bought for pennies on
the dollar during non-primetime hours.
Television primetime is between 7pm and 10pm. Radio primetime is
between 7am and 6pm. With newspapers, the primetime is
Wednesdays and Sundays.
If you intend to hit a media during prime time, get ready to
drop some bucks. Primetime means that you will be able to hit
more consumers during these times. So, in most cases, a
primetime buy will enable you to reach more people with your
advertising.
Non-primetime hours can still deliver a lot of eyes and ears to
your message, and sometimes, these off-hours can be bought for a
bargain basement price.
GETTING MILEAGE FROM EVENTS
Trade shows and press releases are more event-driven. The trade
show is the event, while the press release generally exploits an
event.
Trade shows are an exceptional tool when you deal directly with
potential sellers of your products or services. Other shows are
directed at the consumer, and those can be very valuable avenues
for sales as well.
The press release is aimed towards gaining attention for a
business by distributing newsworthy information about the
business.
Sometimes the appearance of a business at a trade show or other
show can provide the necessary angle for a press release. But
most often, a successful press release will actually require
more noteworthy information than the appearance of a business at
a show.
Yet, even the most mundane of information could be spiced up to
give the real air of importance necessary to get your press
release read and printed.
The great thing about a press release is that might permit you
to get relatively inexpensive promotion on television, radio,
newspapers and magazines; for far less than what it would cost
you to buy advertising in those same outlets.
UTILIZING A SALES TEAM
Depending on what type of business you run and the consumers you
are trying to reach, you might find direct sales and
telemarketing to be very lucrative ways to drive sales to your
business.
Both are very similar in nature. Direct sales can be very
expensive, as it requires a great investment of time to
accomodate. Telemarketing seeks to minimize the time
expenditure, but it often leads to a smaller degree of respect
and attention.
Depending on your product or service --- and always depending
upon the people you employ to the task --- each method will be
more suited to each business on an individual basis.
BRANDING YOUR BUSINESS
I grouped branding and billboard advertising together in my
original list for a reason. I did this because billboard
advertising serves most businesses best by helping to support
the process of branding.
Branding is the process of establishing your business as the
supplier of a certain product or service, or in emphasizing a
certain USP (Unique Selling Proposition) as it pertains to your
business.
NO MATTER THE MEDIA OR METHOD
Whichever method or media you should choose to employ in your
advertising and promotion, you should become knowledgable about
your market, and the consumers reached by each media. It is
important to understand which consumers can be reached by a
certain media, and in what quantities.
However you choose to spend your advertising dollars, you should
always track the results of your promotional efforts. Failing to
track successes and failures will ultimately lead to the failure
of a business.
Sunday, July 6, 2008
Some tips for Advertising Your Home Business
Many people know that they must turn to advertising at some
point in the future, but they hope that day will be long down
the road. For some, this utopian concept will come to fruition.
But for the rest of us in the real world, we must come up with
creative solutions for meeting our home business advertising
needs while working within our budget.
Most people have a misconception about having to spend lots of
money in order to advertise their home business. When you start
out, you honestly will not have much money available for
advertising, and if you do, you should still spend it wisely.
Before you jump headfirst into the world of advertising, let me
share some of the lessons I have learned concerning this most
important topic.
LESSON #1
It does not have to cost an arm and a leg to advertise your home
business, unless you fail to plan and fail to test.
As much as is possible, you should always test your advertising.
If you jump in and start dumping tons of money in to advertising
without first testing your advertising, you might find yourself
broke and without sales at the end of the road. Most people who
commit this error write off their failure on the home business
they chose or the economy or any of a hundred other excuses.
But, if they are unwilling to take responsibility for their
mistake, they will never learn from their mistake. Don't let
this be you.
LESSON #2
All testing should be done in blocks. If you begin to advertise
simultaneously in newspapers, radio and television, how will you
know which advertising is bringing people to your cash register?
You won't. All you will know that something might be working,
but you will not know what is actually doing the trick.
Even if you tell people in your advertising to tell you how they
found you, my experience shows that fewer than 10% of the people
ever will tell you anything --- and those people who do may not
even get the facts straight! You cannot rely on your customers
to tell you what advertising is working for your home business.
You must put in the extra effort to know for yourself.
LESSON #3
Only when you have a proven and solid advertising portfolio
should you venture to drop big bucks in an advertising campaign.
Even then, you should be careful to keep further measurements to
determine how much the maximum advantage of an ad would be.
Sometimes you might be able to reach ten times as many people,
but depending on the kind of media and other factors, the
additional exposure will only generate twice as many sales. Keep
your eye attuned to situations like this to get the most from
your advertising dollars.
LESSON #4
As Lesson #3 illustrates, sometimes your best advertising
investment may actually cost you less money. When you are first
starting out, whether you are running a home business or a
business outside of your home, you need to be able to get people
talking and thinking about your business.
If you are busy testing ads in media's such as the newspaper,
magazines, radio, and television, you need to learn ways of
promoting your business that do not require large cash
expenditures. A few examples are:
• Word of Mouth
• Business Cards
• Press Releases
• Non-Primetime Ads on Radio and Television
Here is more information about each type of low-cost advertising:
WORD OF MOUTH
This of course is the cheapest kind of advertising on the planet
--- it does not cost you anything. Ask your customers if they
know anyone who could also use your products or services. When
they are happy with your offerings and service, they will be
willing to tell you whom you can contact, and they will pass the
word for you.
BUSINESS CARDS
You can usually pick up 500 business cards for about $20. When
you do, hand them out. Do not give more than a couple of cards
to each person. If they need more cards from you, they will ask.
Some people are known to network with others on a regular basis.
Some of these people are also known to be always looking for an
extra few bucks. With these people, you can suggest to them that
if they write their name on the back of one of your business
cards and the card is presented to you, then you will pay a
referral fee to them. You do not have to offer much ---
sometimes one dollar is enough. Look at your home business and
your offerings and decide how much would be a good referral fee.
PRESS RELEASES
Press Releases are a good source for generating news about your
home business. The business editor at your local newspaper is
always on the lookout for a good business story to fill the
business news section of the newspaper.
Of course, the business editor understands the economics of
running a paper and is more inclined to run your story if you
buy advertising in his/her publication, but will still print
stories for special events and openings.
The important thing to remember about Press Releases is that it
must be constructed in the form of a news story. Even if you are
a sole proprietorship, quotes from you should be written in a
third person format: John Doe said, "Your quote here."
A Press Release should pack the most important information at
the beginning of the copy, and leave extra details towards the
end.
You should always provide the reporter who gets the task a
simple and easy way for him/her to contact you directly. Often
the reporter will want to contact you to get details that will
enhance their take on your story.
NON-PRIMETIME ADS ON RADIO AND TELEVISION
Believe it or not, some of the best rates for radio and
television are on the overnight and non-primetime venues. These
target times are not a total waste as they can easily keep the
infomercial people in business.
These off-hours are just less populated than the primetime hours.
Don't be afraid to check your local radio and television rates
for non-primetime hours to see what bargains may exist. With
television, primetime is 7pm to 10pm. With radio, primetime is
8am to 5pm. This sure leaves a whole lot of hours available to
advertise your home business at discount rates!
point in the future, but they hope that day will be long down
the road. For some, this utopian concept will come to fruition.
But for the rest of us in the real world, we must come up with
creative solutions for meeting our home business advertising
needs while working within our budget.
Most people have a misconception about having to spend lots of
money in order to advertise their home business. When you start
out, you honestly will not have much money available for
advertising, and if you do, you should still spend it wisely.
Before you jump headfirst into the world of advertising, let me
share some of the lessons I have learned concerning this most
important topic.
LESSON #1
It does not have to cost an arm and a leg to advertise your home
business, unless you fail to plan and fail to test.
As much as is possible, you should always test your advertising.
If you jump in and start dumping tons of money in to advertising
without first testing your advertising, you might find yourself
broke and without sales at the end of the road. Most people who
commit this error write off their failure on the home business
they chose or the economy or any of a hundred other excuses.
But, if they are unwilling to take responsibility for their
mistake, they will never learn from their mistake. Don't let
this be you.
LESSON #2
All testing should be done in blocks. If you begin to advertise
simultaneously in newspapers, radio and television, how will you
know which advertising is bringing people to your cash register?
You won't. All you will know that something might be working,
but you will not know what is actually doing the trick.
Even if you tell people in your advertising to tell you how they
found you, my experience shows that fewer than 10% of the people
ever will tell you anything --- and those people who do may not
even get the facts straight! You cannot rely on your customers
to tell you what advertising is working for your home business.
You must put in the extra effort to know for yourself.
LESSON #3
Only when you have a proven and solid advertising portfolio
should you venture to drop big bucks in an advertising campaign.
Even then, you should be careful to keep further measurements to
determine how much the maximum advantage of an ad would be.
Sometimes you might be able to reach ten times as many people,
but depending on the kind of media and other factors, the
additional exposure will only generate twice as many sales. Keep
your eye attuned to situations like this to get the most from
your advertising dollars.
LESSON #4
As Lesson #3 illustrates, sometimes your best advertising
investment may actually cost you less money. When you are first
starting out, whether you are running a home business or a
business outside of your home, you need to be able to get people
talking and thinking about your business.
If you are busy testing ads in media's such as the newspaper,
magazines, radio, and television, you need to learn ways of
promoting your business that do not require large cash
expenditures. A few examples are:
• Word of Mouth
• Business Cards
• Press Releases
• Non-Primetime Ads on Radio and Television
Here is more information about each type of low-cost advertising:
WORD OF MOUTH
This of course is the cheapest kind of advertising on the planet
--- it does not cost you anything. Ask your customers if they
know anyone who could also use your products or services. When
they are happy with your offerings and service, they will be
willing to tell you whom you can contact, and they will pass the
word for you.
BUSINESS CARDS
You can usually pick up 500 business cards for about $20. When
you do, hand them out. Do not give more than a couple of cards
to each person. If they need more cards from you, they will ask.
Some people are known to network with others on a regular basis.
Some of these people are also known to be always looking for an
extra few bucks. With these people, you can suggest to them that
if they write their name on the back of one of your business
cards and the card is presented to you, then you will pay a
referral fee to them. You do not have to offer much ---
sometimes one dollar is enough. Look at your home business and
your offerings and decide how much would be a good referral fee.
PRESS RELEASES
Press Releases are a good source for generating news about your
home business. The business editor at your local newspaper is
always on the lookout for a good business story to fill the
business news section of the newspaper.
Of course, the business editor understands the economics of
running a paper and is more inclined to run your story if you
buy advertising in his/her publication, but will still print
stories for special events and openings.
The important thing to remember about Press Releases is that it
must be constructed in the form of a news story. Even if you are
a sole proprietorship, quotes from you should be written in a
third person format: John Doe said, "Your quote here."
A Press Release should pack the most important information at
the beginning of the copy, and leave extra details towards the
end.
You should always provide the reporter who gets the task a
simple and easy way for him/her to contact you directly. Often
the reporter will want to contact you to get details that will
enhance their take on your story.
NON-PRIMETIME ADS ON RADIO AND TELEVISION
Believe it or not, some of the best rates for radio and
television are on the overnight and non-primetime venues. These
target times are not a total waste as they can easily keep the
infomercial people in business.
These off-hours are just less populated than the primetime hours.
Don't be afraid to check your local radio and television rates
for non-primetime hours to see what bargains may exist. With
television, primetime is 7pm to 10pm. With radio, primetime is
8am to 5pm. This sure leaves a whole lot of hours available to
advertise your home business at discount rates!
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