Sharpen Your Media Buying Skills

by Valerie Ferrari

Advertising. Just the term alone brings indigestion to many small businesses. Where should I advertise? When? How often? The constant stream of sales reps knocking on your door adds to the confusion. And to top it all off is that nagging little feeling that the program you just bought might not accomplish anything. Business owners often wonder what to do about advertising and if it works.

KNOW YOUR MARKET
Before we discuss the how of advertising, we must ask ourselves a few important questions: Who are the customers? How do I reach them? How do I motivate them to buy? Those are the important questions to ask before moving forward and it can costly to get them answered.

Market research consists of gathering information on your customers or prospects. A “market” is a group of people who:

  • Can be identified by some common characteristic, interest, or problem
  • Can use your product or service
  • Can afford to buy it
  • Can be reached through one or more advertising mediums

The more you know about your industry, competition, and current customers, the better you’ll plan your advertising program to reach new customers.

Start by writing a description of your target market.
Be as detailed as possible by categorizing sex, age, income, education, geographical location, and race. In short, you want to get as much information about your target market as possible. Another effective method is to conduct a survey, and ask your customers what they want your business to provide and they will tell you.

MARKET RESEARCH IDEAS
Here are some ways of gathering research information on a small budget:

1. Learn a lesson from Radio Shack...they record the name and address of the purchaser on every sale. This provides a valuable customer mailing list and a source of information as to where their customers live.

2. Contact the marketing department at our local university to find students who can help (for a small fee or as a class project) to design or administer a customer questionnaire.

3. Contact other merchants in your area who share the same geographic customer base and explore the possibility of having a professional research firm design a report that several merchants can use, sharing the cost.

4. Contact a local TV, radio or newspaper representative (rep) and ask if they have any research reports on your particular type of business.

YOUR MEDIA MIX
Studies have shown that most sales are made after nine exposures to your product or service through various media, and only every third 'media exposure' gets noticed by your prospect. In order to develop an effective marketing strategy, you must have a media schedule and mix that provides at least 27 exposures to influence most prospects into action.

For example: It is known that direct-mail response rates can increase when combined with telemarketing. And it has also been proven that direct-mail response can double or even triple when combined with print advertising. Combinations bring in the business. You'll have to learn which combinations work for your business.

When combining media, it is important to relay the same message consistently, and with a flavor that your target will relate to.

SOLVE THE PROBLEM
Unfortunately everybody has some sort of problem. Fortunately your company can be geared to solve at least one of them. A powerful marketing plan mentions both the problem and the solution to guide customers to your door. Keep the concept of problem solving alive in your mind, in your marketing materials, your sales presentations, and your company mission. Be sure your employees are tuned into this too.

KEEP IT SIMPLE
Who are you? Who is your customer? What is the most cost efficient way to reach that customer with a selling message?

BE CONSISTENT
Always project the same image in everything you do. Grab hold of a good creative concept that fits you like a glove and repeat it and repeat it and repeat it. If your efforts remind people that they've heard your message before, you've succeeded.

SELL
The purpose of advertising for most small businesses is to SELL. It may be entertaining, it may be informative. And, it may be used for name recognition. But its primary purpose is to sell. If it doesn't ring the cash register, it is time to adjust the marketing plan.