Use these steps to help draw a blueprint for your business’s advertising plan.
1. Design the framework
What is the purpose of your advertising program? Start by defining your company’s long-range goals, then map out how marketing can help attain them. Focus on advertising routes complementary to your marketing efforts. Set measurable goals so you can evaluate the success of your advertising campaign. For example, do you want to increase overall sales by 20 percent this year? Boost sales to existing customers by 10 percent during each of the next three years? Appeal to younger or older buyers? Sell off old products to free resources for new ones?
How much can you afford to invest? Keep in mind that whatever amount you allocate will never seem like enough. Even giants such as Proctor & Gamble and Pepsi always feel they could augment their advertising budgets. Given your income, expenses, and sales projections, simple addition and subtraction can help you determine how much you can afford to invest. Some companies spend a full 10 percent of their gross income on advertising, others just 1 percent. Research and experiment to see what works best for your business.
2. Fill in the details
What are the features and benefits of your product or service? When determining features, think of automobile brochures that list engine, body and performance specifications. Next, and more difficult, determine the benefits those features provide to your customers. How does your product or service actually help them? For example, a powerful engine helps a driver accelerate quickly to get onto busy freeways.
Who is your audience? Create a profile of your best customer. Be as specific as possible, as this will be the focus of your ads and media choices. A restaurant may target adults who dine out frequently in the nearby city or suburban area. A computer software manufacturer may aim at information managers in companies with 10-100 employees. A bottled water company may try to appeal to athletes or people over 25 who are concerned about their health.
Who is your competition? It’s important to identify your competitors and their strengths and weaknesses. Knowing what your competition offers that you lack – and vice versa – helps you show prospects how your product or service is special and why they should do business with you instead of someone else. Knowing your competition will also help you find a niche in the marketplace.
3. Arm yourself with information
What do you know about your industry, market and audience? There are many sources of information to help you keep in touch with industry, market and buying trends without conducting expensive market research. Examples include US Government materials from the Census Bureau and Department of Commerce. Public, business or university libraries are also a good option, as are industry associations, trade publications, and professional organizations.
You can quickly and easily learn more about your customers by simply asking them about themselves, their buying preferences, and media habits. Another (more expensive) alternative is to hire a professional market research firm to conduct your research.
4. Build your action plan – evaluating media choices
Your next step is to select the advertising vehicles you will use to carry your message and establish an advertising schedule. In most cases, knowing your audience will help you choose the media that will deliver your sales message most effectively. Use as many of the above tools as are appropriate and affordable.
You can stretch your media budget by taking advantage of co-op advertising programs offered by manufacturers. Although programs vary, generally the manufacturer will pay for a portion of media space, time costs or mailer production charges up to a fixed amount per year. The total amount contributed is usually based on the quantity of merchandise you purchase.
When developing your advertising schedule, be sure to take advantage of any special editorial or promotional coverage planned in the media you select. Newspapers, for example, often run special sections featuring real estate, investing, home and garden improvement, and tax advice. Magazines also often focus on specific themes in each issue.
5. Using other promotional avenues
Advertising extends beyond the media described above. Other options include imprinting your company name and graphic identity on pens, paper, clocks, calendars and other giveaway items for your customers. Put your message on billboards, inside buses and subways, on vehicle and building signs, on point-of-sale displays and on shopping bags.
You might co-sponsor events with nonprofit organizations and advertise your participation, attend or display at consumer or business trade shows, create tie-in promotions with allied businesses, distribute newsletters, conduct seminars, undertake contests or sweepstakes, send advertising flyers along with billing statements, use telemarketing to generate leads for salespeople, or develop sales kits with brochures, product samples, and application ideas.
The number of promotional tools used to deliver your message — and repeat your name — is limited only by your imagination and your budget.
This text was provided by SBA.gov
