Volume 34 • Issue 1 • January 2009
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Marketing
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Making the most of your marketing efforts
... even in a struggling economy
Story by Ryan Pemberton
No one is looking for ways to throw away money these days. Yet I routinely come across ads that make me wonder, “Who in their right mind would spend money on this?”
In our struggling economy, people are looking for ways to save money. Business owners and managers have likely reviewed their 2009 budgets and are considering cutting back on their advertising spending. While advertising may be the most convenient area in which to cut spending for some companies, cutting ad spending isn’t appropriate for everyone. This article was written to help businesses understand the value of advertising and find a marketing firm that can tell their story in the most compelling and cost-effective manner.
Why Hire an Ad/Marketing Firm?Like many other industries, advertising and marketing firms offer the assistance of professionals who have the resources you don’t, including time, tools, contacts and (let’s be honest) a good eye for design. No, that ad with the cartoon picture of a kangaroo holding a computer was not a good way to sell your computer repair services.
Other industries fall prey to “bad idea” advertising as well. One of the mistakes I routinely see businesses make is running ads that fail to line-up with their brand. If you’re trying to communicate your company’s level of professionalism and expertise, every aspect of your business should look the part, including your advertising. In many cases, the medium is, in fact, the message. The quality and professionalism of your advertising materials can serve to tell as much about your business as the messaging contained in those materials.
Spending the money to have someone else design a compelling ad, one that engages the right people (not just anyone) and that effectively communicates the value you offer is well worth the investment. Spending money on an ad campaign that you’ve been running for years without a noticeable change in your business is not good use of company dollars. Insanity has been defined as doing the same thing again and again while expecting different results, and that certainly applies in this case.
But what about the economy? Times are tough, no one is denying that. And people are certainly looking for areas to cut back, but advertising may not be the best place to cut spending if your goal is to be more profitable. Thomas Jefferson once said, “The man who stops advertising to save money is like the man who stops the clock to save time.” In many cases, people are going to continue seeking your services/products no matter how bad the economy gets. The question is, will they find you when they’re looking?
Advertising is all about telling your business’ story. It’s about communicating the value you offer and keeping that value at the forefront of your existing and potential customers’ minds. Research and experience make it clear that effective advertising is based on a very clear understanding of who you are serving and the unique value you offer. A customer is interested in only one thing when looking at your ad: What is in it for me? If your ad doesn’t make that instantly clear, it is simply not effective.
Marketing firms specialize in the many ways to share your story and can offer you expertise in what methods will be most effective for your business.
How to Find a Good Firm: Look at work, Ask for referencesIf you’re just starting to consider marketing, or if you have come to the realization that having your assistant design the company’s ads during her free time fails to present the company in a professional manner, you may be wondering how to find a good advertising firm. Here’s what I suggest: pay attention to the work that catches your eye (tear the print ads out if you need to, write down a TV ad, etc.) and start calling the companies whose marketing materials stand out to you (these may or may not be for companies in your industry, or local companies, depending on your business). The company will likely be happy to tell you who does their work (their marketing manager would be a good person to ask).
This won’t always work out and you may need to look at a number of firms to find the right fit. Or, if you’re starting with a list of marketing firms, you should be able to find examples of their recent work on their Web site or by contacting them directly. Not happy with what you see? Then keep looking.
And don’t forget to ask. Ask firms for references. And then start asking their references (or the firm directly) about the following items:
• Return on Investment. Was the reference happy with the quality of work they received in comparison to what they paid? Lowest price does not typically equate to highest quality, and that rule of thumb applies here. Just because a firm (or freelancer) offers a lower rate than others doesn’t necessarily mean they are a better use of your marketing budget. What matters is whether the work results in the desired response from your target audience.
• Working Relationship. Has the reference had any issues working with the firm? You shouldn’t consider working closely with someone you wouldn’t hire for your own company, and this should be clear after your initial meeting with the firm. Also, to what extent will they go to deliver your desired results? Will they work under tight deadlines to get your last-minute work done in time? No one likes to work this way; some firms refuse to, some just charge more. You should know this from the outset.
• Budget. Lastly, what are the firm’s costs? Are they on the low, middle or high end for their industry? The better question may be what type of work are you looking for: are you simply looking for a production house who will help you get your contact information out to as many people as possible (if so, you shouldn’t be spending money to have someone design a creative ad), or are you looking to develop an intriguing marketing campaign that builds interest in your business? The answer to this question will help you determine whether your company needs the help of a full-service marketing firm, or if an individual with a computer and Photoshop will be able to handle your needs.
Happy HuntingHave fun. Sharing your business’ story is exciting, and it should be an enjoyable experience. Finding the right firm to help tell your story shouldn’t be difficult. It should be a rewarding time to look at your business in new ways and determine that group of professionals who see your business’ value, and are able to present the company in its best possible light. If done right, this investment should help build your business’ recognition in the minds of your customers and potential customers, making for a profitable investment and a larger customer base, even in a tough economy.
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