Neil Askew, November 2013
A common mistake SMEs make more often than any other it’s, “Whatever is left over, we’ll use for advertising.”
Marketing and advertising is an investment, NOT an expense. Although sometimes to me it feels like an expense when I’m writing the cheque, but rest assured when the new business comes in it’s not.
If you don’t budget enough for advertising your revenue and profit can go down and before you know it you have less and less budget for promotion. How much do you focus on advertising? An average cost of advertising is usually 1 to 5% of gross sales, which can vary according to location, local advertising rates, your business and your target customer base. What do you want to achieve from advertising? In my case and probably yours I want my brand to a. to be known and b. to be in their head when they are making their buying decision. So when someone in Coventry or the Midlands needs an accountant, I want them to think “Askews”.
Outdoor promotion is not just about massive billboards on the side of the road. The transport network provides opportunities to get valuable outdoor exposure for your business. Advertising on buses, trains, trams, the tube, taxis and at airports are all highly visible. One of the key advantages of these positions is that they can put your advert in front of a captive audience. Advertising on public transport is ideal if you are targeting business people and commuters in your area. That’s what we do at Askews. We now have a fleet of taxis in the Coventry area advertising our accountancy and legal practices.
Advertising using taxis on the high street, airports, train stations and business parks catches my potential customers’ attention while they are in in business mode. A good taxi ad campaign can prompt business people and consumers to become aware of your services and trigger some to buy your services. However, advertising may get them through the door, but you still need a quality product or service and the trained sales staff to close the deal.
If you don’t have enough budget or need business advice on strategy etc. why not try our free business health check. So why wait…give me a call or drop me an email.
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