9.02 – Advertising: Zero to Hero

To successfully market your business, it’s crucial to convince potential customers that they need what you offer. This is achieved through effective advertising.

The essence of advertising is to narrow down the global population to your target audience and reach as many of them as economically possible. Start by analyzing the benefits of your product, isolating its features, and translating them into customer benefits. Define exactly who your potential customers are.

Key Steps in the Advertising Process

Set Objectives: Define what you want to achieve with your advertising campaign.
Determine a Budget: Decide how much you are willing to spend.
Design the Message: Create a compelling message that resonates with your target audience.
Choose the Medium: Select the most effective channels to reach your audience.
Evaluate Success: Assess the effectiveness of your advertising efforts.

Considering The Customer's Point Of View

Customers buy products or services for the benefits they offer. As a seller, your mission is to answer the question, “What’s in it for me?” from your potential customer’s perspective. You need to view all your marketing efforts from the prospect’s point of view. Match the features of your product to the benefits customers will receive and provide proof that your product or service can deliver these benefits.

Making an Exhibition of Yourself

Attending exhibitions can be a great way to gather market research data on customers and competitors. Exhibitions allow you to see if there is a demand for your product by pitching to key decision-makers gathered in one place. You can find out when relevant exhibitions are taking place by searching online directories like Exhibitions UK or TSNN.

Calculating Your Advertising Budget

Two common methods to calculate advertising budgets are:

What Can We Afford?

What can we afford? This approach accepts that cash is usually a scarce commodity and advertising has to take its place alongside a range of competing demands.

Cost/Benefit Analysis

This method is useful when you have clear promotional goals. It involves calculating how much advertising will cost and the expected benefits from increased sales.

Defining the Message

To create an effective advertising message, consider your business and products from the customer’s standpoint and answer, “Why should I buy your product?” The answer should highlight how your product is better and different, focusing on the unique selling points.

Choosing the Media

Your advertising choices fall into two broad categories:

Print media is typically a significant part of above-the-line advertising. Ensure you advertise where your target audience is likely to see your message. Obtain readership and circulation numbers and reader profiles from the publication or through industry audits like the Audit Bureau of Circulations.

Writing Effective Leaflets

Even if you don’t use a leaflet as part of your advertising strategy, writing one helps clarify what you need to tell potential customers about your product or service. A leaflet should be clear, concise, correct, and complete. It should provide all necessary information for the reader to take the next step in the buying process.

Using the internet for viral marketing

The internet is central to most businesses’ marketing processes. Viral marketing leverages the internet’s ability to rapidly spread interest and awareness through word-of-mouth. Ensure that potential customers see your name or product multiple times to increase the chance of them remembering you.

Measuring Advertising Effectiveness

Undertake advertising where you can realistically measure the results. Use the following formula to gauge effectiveness:

Effectiveness = Total Cost of Advertising Activity / Results (in measurable units such as customers, new orders, or inquiries)

Analyze and compare the effectiveness of different advertising methods to determine the best return on investment.