5 things to watch when spending your advertising budget

While the general feeling is that things are looking up we as business people need to remain prudent, giving careful consideration to where we spend our advertising money and what we get in return.

Now is the perfect time to spend on marketing and advertising to make prospective customers aware of your business and what you offer. The problem many Ballito businesses face is an very competitive market when it comes to advertising channels, so we thought we’d help by giving you a few tips to use when making the decision.

1. Reach

Reach is one of the first hurdles businesses trip up on when deciding on advertising. Reach is more than just print volume or Facebook LIKES. Quantity isn’t to difficult to reach with newspapers, the cost of print is much cheaper than magazines and therefore margins are higher while Facebook and Web is even cheaper. The real consideration should be the quality of the reach…does the advertising medium get read by a large majority of your target market? If not, then don’t spend there.

You also got to consider HOW your advertising message is being distributed? Does the company treat their product with care and does the magazine, newspaper, FB site or web site get well looked after in achieving reach?

2. Shelf Life

Once you’ve tackled which advertising channel is getting you to the right profile person for your businesses products and services you need to consider how long your advert or editorial will stick around for. Newspapers are generally weekly and don’t generally find themselves sticking around on beside tables or coffee tables. The quality of the printed product in newspaper lends itself to a short shelf life.

Newspapers are meant to be higher volume, short shelf life products that are cheaper to print. Magazines have a much longer shelf life and appeal and are the products normally flipped through in waiting rooms, coffee shops, homes and other places people like to read. Web ads have the potential to have the best shelf life if the advertising contract isn’t time based. Web exposure is great but because it is much cheaper and easier to access it is a highly competitive platform.

3. Price

Yep, price is important. There are many smart ways to calculate the cost (not price) of advertising. The best way is to work out cost per copy (CPC) over exposure time. This is simply how much do I pay per copy and how long does that advert get exposure for. High print volumes with short shelf life means you could be “burning” through your ad spend faster than you realize. You want to pay a good price to get to the right market for the longest period of time. Producing quality products costs money – you should know that running your business – which means if it can be massively discounted or the price seems to good to be true…you should be wary.

4. Editorial is a winner…not.

In tough advertising times we all use our marketing budget to get more exposure. We tend to think that getting editorial is a great value add. That’s not necessarily true but ad sales people are promising more editorial in exchange for your advertising budget because they need to find a way to try add additional value. Have they told you that readers are less likely to read “advertorials” than stories they are interested in?

Editorial has become a big selling ploy in the industry but it means that publishers are compromising their space for stories that should appeal to their readers to help sell. Readers are smart and over time they will see that a publisher is all about pushing business ‘stories’ in their publication and they’ll stop reading it…that’s wasted money.

5. Relationship and Partnership

If you spending money you want to choose partners who have your best interest at heart and want to see your business succeed as much as they do. You need to use your marketing budget to develop good relationships and partnerships. Are they open to this and can you both develop a partnership that will see both of you benefit. In big towns this is generally less likely but in a small town like Ballito good relations and partnerships may even change how you see the short term cost of an ad.

Lastly, it generally isn’t an all or nothing. You may find yourself having to select two or three different channels for marketing. It’s important to choose the right one though, and that is where the hard work comes in.

Want our opinion of which are some of the best out there? Considering the above we’d recommend the following…what are your thoughts?

Magazine                    The Ballito

Newspaper                  The Courier

Print Directory              The Whoo

Online Directory           Ballito Click

Facebook Site             I Love Ballito

Online Newspaper       Ballito News (yes, biased, we know)

 

1 Comment

  1. Sandy Broughton

    31/01/2013 at 23:17

    Hi guys thanks for always keeping us up to date. Pop into the new lLquor Depot opposite the Hampshire Hotel corner or Moffatt and Srewart Street for are weekly specials. Sandy Broughton . Cell 079 234 6456

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