Category Archives: Marketing Plan
Make Sure You Have the Right Advertising Strategy for 2010
Like most other Americans, on the heels of holiday indulgence, I spend January exploring diet trends. When I find one that sounds promising, I head to the grocery store with a laundry list of weird, expensive food substitutes. Last year, I tried the Flat Belly Diet. It appealed to me mostly because it allowed rather large quantities of dark chocolate and peanut butter. And here’s a shocker—it didn’t work! But it did manage to give me acne.
For no discernable reason, I decided to share my dilemma with a chubby checker at Stater Bros. She recommended I purchase a Wii Fit since she’d owned one for a week and was certain it would work. So, I convinced my husband that the magic bullet for sustained weight management was to spend $300 on the at-home convenience of a Wii Fitness system. And I actually used it for several weeks before pulling a muscle doing virtual yoga.
Over the years, I’ve tried pretty much every diet and fitness regime. And while you won’t likely see my face on the cover of Prevention Magazine or Muscle and Fitness, I do manage to trim a few pounds every time I lead my family into nutritional purgatory. And I shudder to think of how large my frame would be were it not for my annual January dietary ritual.
My business partner and I take similar steps when it comes to trimming the fat from the advertising strategy for Mountain Marketing Group. At year end, we redo brochures, order giveaways and finish advertising contracts, with an eye to re-evaluating and re-prioritizing after the first of the year. I must admit that doing so is about as much fun, and as necessary, as dieting.
When times are tough, some entrepreneurs make the mistake of ceasing all advertising. While this may, initially, appear to improve the bottom line, it’s a lot like shooting yourself in the foot. Unless you plan to shutter your business, lean times call for more, not less, decisive advertising action. If your business is in trouble, make 2010 the year you turn things around. Here are a few suggestions:
- Place an ad on Craigslist. You might be surprised at how much interest a free advertisement on this website may generate.
- Include your company on every available free directory listing. Since funds are tight, you need to be diligent to stay on top of these sites, since new ones pop up daily.
- Consider affiliate advertising. Assuming you maintain a credible website and/or blog, (which are mandates for anyone in business in the 21st Century), you might consider allowing affiliates to advertise on your site.
For example, CollegeRecruiter.com pays affiliates a $100 commission whenever a visitor to one of their sites clicks through and buys something— anything— within 365 days of that initial click-through.
On a Budget
When cash flow is tight, carefully evaluate your Return on Investment. It is possible to completely revamp your entire advertising strategy without spending a penny more than you already do. Just make sure you see a direct response from each of your efforts.
One of our clients was shocked when we pointed out that his $300 monthly Yellow Pages’ outlay yielded a meager 2 calls per month, which meant he was paying $150 per lead. By shifting his budget to pay per click ads, we multiplied his ROI tenfold.
The Sky’s the Limit
If you have cash on hand, take advantage of new media. Imagine the advantage that business owners had when they first realized the potential of advertising on television. The USA’s first television advertisement was broadcast on July 1, 1941. The watchmaker Bulova paid $4 for a 10-second spot, accompanied by the voice-over, “America runs on Bulova time.”
By today’s standards, the $4 price point is laughable. The same will likely one day be said about the current cost of digital advertising. So, instead of waiting for everything to shake down before you make your move, go for it. After all, even if your results are not typical, advertising online won’t likely lead to acne.
Until next week, I’ll be counting calories and Bowling for Business.
This column first appeared on RimoftheWorld.net on December 21, 2009
I don’t know why I even bother writing down my Near Year’s resolutions. Instead, I should just make several copies of the same list, because the items on it never change.
- Lose weight.
- Eat healthy.
- Watch less television.
- Read more books.
- Spend more time with my family.
- Stay on top of the laundry.
- Clean out the pantry.
- Spend less. Invest more.
- Actually implement my New Years’ resolutions.
When it comes to business, I have compiled another list, which I will be happy to share. It is my idea of the top 10 marketing tools for 2010. Now, by recording these, I know I run the risk of being compared to Nostradamus, whose predictions are always menacingly scrawled across the front of scholarly journals like the National Enquirer. But I think it’s important to note that my ideas are not based on dreams. Nor are they presented in quatrains. But, they do appear in print. So, you never know…
Kathy Bowling’s Predictions of the Top 10 Marketing Tools for 2010
- Food—People will continue to eat this. So I suggest that you find ways to use it to promote your business. You can do this either by printing your marketing message on candy wrappers or by bribing potential clients with pizza.
- Money—No matter the economy, people like cold, hard cash. So if you want them to pay attention to you, I recommend giving away dollar bills while you speak.
- Freebies—if you print your name on virtually anything and give it away, people will take it. I can attest to this because we have an entire drawer filled with corkscrews, potato chip bag clips, visors and refrigerator magnets, many of which are emblazoned with logos of companies which have long been out of business.
- Telephones—this might seem an antiquated suggestion. Most business owners actually have at least one phone line. However, to their peril, some have forgotten how to use it. I encourage you to make 2010 the year that you abandon the impersonal practice of replying to every note with a text message or email. Don’t be afraid to pick up the phone and call your clients and vendors. It might take them awhile to find the phone. But when they uncover it, they’ll be pleasantly surprised to hear the sound of a human voice on the other end of the line.
- Cell phones—when cell phones first went public (Yes, I am old enough to remember this), they were about as convenient to carry around as a bale of hay. They are now quite small and weigh considerably less. So consider purchasing one. A note of caution, however. Once you buy one, it won’t be long before it attaches itself to your ear like a parasite. When people know they can reach you 24/7, they will try to reach you 24/7.
- Face-to-Face Communication—even better than a phone call, personal interaction is the best way to do business. People are more likely to abandon etiquette when they can hide behind technology. So, as often as is practical to do so, try to do as much business as possible in person.
- Computers—while some business owners hide behind technology, others reject it. If you are stubbornly refusing to accept the fact that Cyberspace is here to stay, I recommend that you pry the cold, ballpoint pen out of your frigid fingers and invest in a PC.
- Ads—some folks have traded costly advertising campaigns in favor of “freely” pitching their products via Twitter, Facebook and the LinkedIn. I caution against this practice. While the majority of social networking sites provide direct lines of communication between buyers and sellers, these tools lend themselves more to public relations than to direct marketing. Put down the bullhorn and grab a cup of coffee. Listen to the conversation and earn your right to participate. When it comes time to advertise, you will need to ante up, just like in the old days. The difference is that, after interacting with your target market, you’ll better understand how to use or alter your product so that it addresses your target markets’ needs and concerns.
- Charity Sponsorship—with belts so tight, donations have lost their allure. Even so, it will always make sense to share resources with those who are less fortunate. Holland Lowe, director of Operation Provider, says that donations are at an all-time low and requests for help are at an all-time high. Consider a year-end gift, which will not only help your organization at tax time, but will demonstrate your commitment to something beyond improving the bottom line.
- Networking—once known as relationship marketing, the practice of getting to know people as individuals instead of potential customers is the best way to grow a business, and, more importantly, enrich your life. Find a group that encourages friendship and active referring. My membership in the San Bernardino Business Elite Chapter of BNI has multiplied my own success, exponentially. And, in the infamous words of Clarence the Angel, Second Class, in the classic Christmas movie, It’s a Wonderful Life:
“No man is a failure who has friends.”
Until next week, I’ll be Bowling for Business.