Using Media to Drive Business Success
Nearly any business that operates in today's complex marketplace must
advertise to stay alive, grow and compete. With so many options, how
does a business decide on a strategic investment which best supports
its advertising message?
Ad Planning & Budgeting
While there are a number of ways to budget your advertising, many
advertisers make two common mistakes when they begin. The first is
budgeting based on habit. Put simply, what they spent in the past is
what they'll budget for in the future, perhaps adding a percent or more
to offset inflation. This method offers no leverage to take advantage
of opportunities or to deal with competitive challenges. It is only
slightly better than the second most common ad budgeting method
- looking in the cash register to see how much you can afford today.
How Your Market Shops and Spends
Before you can advertise at all, you need to understand your customers. Many advertisers know their target market - their age, income, education and the like - but understanding how they shop will affect when you advertise, where you advertise and how often you advertise. A few concepts deserve consideration as you begin to develop your marketing plan: 1. The "Thin Market" 2. Recency and 3. Frequency.
Online Advertising Guide:
Visit our fellow New York Times Company and find valuable information for advertising online. About.com will walk you through the basics of text ads, video, rich media and search engine marketing, and discuss third-party ad servers, networks and the other components of the industry. Click here to go to the About.com Online Advertising Guidesite