Choosing the right advertising format hinges on your budget and the
effectiveness of your research. Before choosing your advertising medium, conduct
a cautious and detailed investigation into all forms of media. Then determine a
realistic allocation for advertising costs.
Specialty websites, Yellow Pages, magazines, direct marketing and referrals
have proved the best way for me to spend precious advertising dollars. But I've
made mistakes along the way. For example, when I began my business, an interior
design magazine approached me to advertise my products and franchising service.
I spent $2,000 on a half-page, glossy commercial ad and received no responses.
It simply was not the best market for me to promote the business.
Looks can be deceiving. Every day, business owners invest in full-page phone
directory ads that can cost thousands of dollars each month. A limousine company
or plumbing service will probably get its money back. For a small consulting
firm, startup accountant or retail boutique, the costs may outweigh the
benefits.
It isn't hard to find a reputable publication or radio/TV outlet, but you
also need to research the demographics of the reader, listener or viewer. Don't
choose a sports radio show if you're a bridal consultant, for example.
If you want to advertise in a magazine or newspaper, look at the circulation,
demographics and whether the publication is readily available to your target
market. If you aren't sure, either wait or buy a small trial ad to test the
waters.
If cash is a consideration (and it usually is), try bartering your way into a
media deal. Proceed carefully, ask lots of questions and be clear about any
additional cash outlay required to seal the deal. I once bartered for 10 radio
ads I thought would be on a syndicated radio show heard mostly by women. After
spending hours listening for the ad, I called the station manager only to be
told that barter clients were secondary to revenue clients. I was bumped to "run
of schedule," which meant the ad would be played at the discretion of the
program manager in any slot, even the 4 a.m. farm report.
Choosing to run ads on various websites and marketing your own website can be
immensely frustrating. How can you compete with the big dogs that have full-time
marketing and web placement specialists on staff? Most industries have
community-type sites that offer ad space. This can work well if the site is
publicized and offers exclusivity for its advertisers. You don't want to be
dumped in with an unlimited number of competitors. You also have to make sure
your potential clients can find these secondary sites.
When looking into web advertising, ask the right questions. What is the setup
fee? What costs are accrued for changes made, and how do they promote the
website? One note of caution: Some sites will promote your business but charge
you for potential clients who click on your site. If you are selling a business
such as a franchise or distributorship, you'll be charged per lead that is
forwarded to you. In either case, you're not guaranteed sales. Fees under these
circumstances can equate to hundreds of dollars per week. Such an arrangement
can quickly annihilate your budget.
When researching what's best for your business, don't be afraid to negotiate
rates, barter, see samples of the work and get references. A good buy will be
well worth the investment.