Business and Financial Tips

Posts Tagged ‘Advertising’

This includes weekly shoppers, free local TV guides, newsletters, community papers. These publications are targeted toward a specific audience with relatively low ad rates. You’re looking at a small market segment either geographically or by the consumer’s special interests.

Classified Ads
Weekly newspapers, metropolitan dailies, national magazines. Readers in these areas may not be looking for your product, but your ad will be seen by individuals who are looking for specific information.

On that note, classified ads need to be written in a clear and simple manner. Only feature one product/service per ad. If you offer more than one product, consider running a separate ad for each product you want featured.

Coupon Mailers
You’ve probably received a package of these at some point. They contain cards advertising several different companies and their products. These are also known as “card decks” and reduce the cost of mailing from 34 to 40 cents all the way down to about 5 cents per piece.

Handbills and Fliers
While you may not want to distribute handbills on the street yourself, you can hire a high school or college student to do the grunt work for you.

There are even distribution services you can hire at a low cost to pass these handbills out. You’ll still save money on your advertising and it only takes one customer to make up for the cost.

You can also post fliers on bulletin boards, put business cards under windshield wipers, hang ads on doorknobs and pass out your promotional materials in office buildings.

Another place you might want to consider distributing these materials is at a trade show for your specific industry. Think of all the targeted prospects that are right there at your fingertips!

Think of how much advertising you run into every day. Magazine ads, television, radio…in some places you’ll even find advertising in bathroom stalls!

You must make a marketing difference. You need a strategy. You have to be distinct.

So just how do you stand out from the competition? It’s a long, well-thought out process. And it begins with your marketing plan.

There are several key factors you must identify to make your marketing plan a strong one:

• Who are your potential customers?
• What’s the most effective way to inform your potential customers?
• What do your customers want?
• How can you position your product/service in an appealing manner?
• Look closely at your target market. What’s their age, sex, profession, income level, educational level and residence?

If you’re selling $70,000 vehicles, it really is a waste of time to target an audience who’s making minimum wage. Sure, they may come by the dealership and test drive the car. But will they be able to afford the payments? It may sound like a cold way to approach your marketing strategy but, after all, you’re in business to make money.

Learn all you can about your competitors:

• Who are your nearest direct and indirect competitors?
• What are their strengths and weaknesses?
• Analyze market research data.

Now compare your product/service to your competition:

• Is there a demand for your product/service?
• What are the similarities and differences between your product/service and the competition?
• Assess the unique features of your product/service.

Once you identify how your product/service is different, you can begin your description. Emphasize the special features.

Hit your selling points. Is your product easier to use, faster, smaller, cheaper?

You know your company provides a product or service that’s better than your competition. Now you’re ready for the meat of your marketing plan. Your marketing budget includes:

• Advertising and promotional plan
• Costs allotted for advertising and promotions
• Advertising and promotional materials
• List of advertising media to be used and an estimate of costs for each medium

You know how much you can spend now and just where you should spend it. You’re ready to focus on your product’s pricing strategy.

Write a brief description of your pricing techniques. Several elements can help you determine your pricing strategy:

• Retail costing and pricing (for retail businesses only)
  Competitive position
  Pricing below competition
  Price lining
  Multiple pricing (for service businesses only)
  Service components
  Material costs
  Labor costs
  Overhead costs

Overall, your marketing plan is designed to give you short- and long-term goals as well as a strategy to achieve those goals. Spend as much time as you need on your marketing plan.