Wednesday, May 22, 2013

Getting The Most From Your Advertising Dollars

Getting The Most From Your Advertising dollars

In today's economy getting the most bang for your buck is necessary for your business succeed and be profitable. That  requires that marketers have a high ROI ( Return Of  Investment ) get a lot of value for their advertising dollars.

That old saying that it "takes money to make money" has never been more true, when it comes to promoting your business. And when it comes to spending money on advertising, how do you make sure that your advertising is working hard enough, without spending a fortune that consumes all your profits?

Always make sure you focus your advertising dollars on your correct public. Research your public (your ideal customer) who they are, what they do,  how they found you, the more you know the better you can communicate with there needs. Does marketing create needs or does it just satisfy needs?

No, marketing does not create needs. Your clients have needs. It’s your job to find out  what needs are currently not being satisfied and find a solution that will meet those needs. Now Lets figure out who your ideal customer is, and then create an advertising campaign that fills that need. The tighter your niche, the better your chances of finding the customers who are looking for exactly what you've got to sell!

See Article On Niche Marketing

Now  you know who you're selling to, look for media that targets that public.

There are so many ways to advertise. How do you pick one? One way is to consider the advertising return on investment or Return Of Investment (ROI). ROI is a measure of the effectiveness of your advertising. How much you made compared to how much you spent or invested. 

Your ROI can be calculated by dividing your sales by your advertising costs. Sales can be in dollars or, if you have a single product, in number of units sold. If the purpose of advertising is to generate leads then your advertising ROI would be calculated by dividing the number of leads by the cost of advertising.

If you are using multiple advertising methods, you will need to track sales or income as a result of each type of advertising. Ask prospects that contact you how they heard about your business. You can also include a code with your advertising and ask prospects to include the code with their order or inquiry. 

The most effective advertising gives you a high ROI. You get a high ROI if you spend very little to advertise and still get sales. You also get high ROI if you have high sales from your advertising efforts.

Depending on your services or product, Stay local one of the major down falls of a major home improvement company was that they decided to save money and remove the local community form there advertising dollars and use blanket advertising that failed drastically and are now spending millions to correct it. Take use of  neighborhood newspapers, chamber of commerce directories, high school sponsor advertising, etc. 

See Articles on Free Advertising 

Good Marketing Action
  • Lead Generate: Promoting your brand and generate new leads through advertising, internet marketing, public relations, networking groups and direct response campaigns.
  • Measurement: Measuring campaign effectiveness by tracking statistics, integrating analytics, and calculating the returns that evaluate the success of the marketing investment.
  • Optimization: Optimizing the marketing dollars to achieve the highest performance and ROI on your  marketing investment.

Now lets get out there and produce marketing programs that capture prospects needs and convert them to sales, and measure ROI and the effectiveness of your marketing success.

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