Henry Ford once said “A man who stops advertising to save money is like a man who stops a clock to save time.” Many Lafayette business people I talk with adopt this approach – of stopping advertising when in fact they should concentrate it. The problem is not the money. There is not a business person alive who fears investing money – what they fear is not getting it back. You see advertising is a business investment and must be seen as such. When you do it correctly it will produce a return on that investment.
When Lafayette business professionals analyze their business process what sets off red flags are variable expenses. Advertising is one of those things that tends to be variable. And the variance comes from not having a good, solid plan. The approach for most businesses is to put a little money here and a little money there, spreading it so thin that it can’t possibly do any good. Some get so frustrated by the lack of perceived success that they just stop all external messages entirely. The godfather of modern business management, Peter Drucker, once said, “concentration is the key to all economic success.” Yet, too many people suffer from what I like to call the “spray and pray” method described above. Here’s a thought – don’t do that!
When considering where to invest in your long term advertising strategy – consider this set of questions.
1. Where are my customers/targets?
2. What is my method for reaching them?
3. Which medium can deliver and have the most impact?
4. What does it take to dominate that space?
5. What position can I own?
When formulating your advertising plan, understand what you want to accomplish, and be specific. Figure out how to reach who you would like to reach. Find out what it will take to be successful. Then and only then consider the economics. When formulating plan or a budget, find out what the most successful people in the space are doing and find out what the average is. Make your plans based on what the best users of the space are doing – and make sure you are above average! Not sure where to start – call me at 765-637-2143 – one of our trained Lafayette account professionals will be happy to sit down with you and go through the process.
Neuhoff Media Lafayette
Certified Radio Marketing Expert