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Once you have completed your market research, you are ready to advertise your product or service to your prospective customers. Although targeted advertising is essential to the success of a home business, many fledgling entrepreneurs dod not know how to execute an effective, yet realistic plan. Understanding what advertising can and cannot accomplish is a critical first step. What Advertising Can Do For Your Business 1. Remind customers and prospects about the benefits of your product
or service What Advertising Cannot Do For Your Business 1. Create an instant customer base Advertising's Two Critical Benefits 1. You have complete control. Unlike public relations efforts, you determine exactly where, when and how often your message will appear, how it will look, and what it will say. You can target your audience more readily and aim at very specific geographic areas. 2. You can be consistent, presenting your company's image and sales message repeatedly to build awareness and trust. A distinctive identity will eventually become clearly associated with your company. Customers will recognize you quickly and easily - in ads, mailers, packaging or signs - if you present yourself consistently. What Are Advertising's Drawbacks? 1. It takes planning. Advertising works best and costs least when planned and prepared in advance. For example, you'll pay less per ad in newspapers and magazines by agreeing to run several ads over time rather than deciding issue by issue. Likewise, you can save money by preparing a number of ads at once. 2. It takes time and persistence. The effectiveness of your advertising improves gradually over time, because customers don't see every one of your ads. 3. You must repeatedly remind prospects and customers about the benefits of doing business with you. The long-term effort triggers recognition and helps special offers or direct marketing pay off.
Developing A Comprehensive Advertising Plan 1. Define Your Objectives Start by defining your company's long-range goals, then map out how your marketing techniques can help you attain them. Set measurable goals so you can evaluate the success. How much can you afford to invest? Some companies spend a full 10% of their gross income on advertising, others just 1%. Research and experiment to see what works best for your business. 2. Identify your marketing position What are the features and benefits of your product or service? How does
your product or service actually help them? Who is your competition? Knowing what your competition offers that you don't, and vice versa, helps you show prospects how your product or service is special, or why they should do business with you instead of someone else. Knowing your competition will also help you find a niche in the marketplace. 3. Evaluate Your Choices Your next step is to select the advertising vehicles you will use to carry your message, and establish an advertising schedule. In most cases, knowing your audience will help you choose the media that will deliver your sales message most effectively. Advertising extends beyond placing paid ads in the newspaper. To succeed, you must put saturate your target market with the name of your business. Savvy business owners imprint their company name and graphic identity on pens, paper, clocks, calendars and other giveaway items for their customers. Consider putting your message on billboards, inside buses and subways, on vehicle and building signs, on point-of-sale displays and shopping bags. You might co-sponsor events with nonprofit organizations and advertise your participation; attend or display at consumer or business trade shows; create tie-in promotions with allied businesses; distribute newsletters; conduct seminars; undertake contests or sweepstakes; send advertising flyers along with billing statements; use telemarketing to generate leads for salespeople; or develop sales kits with brochures, product samples, or application ideas. The number of promotional tools used to deliver your message and repeat your name is limited only by your imagination your budget. Principal Advertising Methods for Home Businesses
Word-Of-Mouth
Public Relations
Direct Marketing
Inventive Advertising
Ideas for Free or Low Cost Publicity
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