1. Get independent advice
If you’re a company looking to advertise but you have no experience dealing with the media, sorry; you’re going to get taken to the cleaners. Advertising agencies make their money out of media commissions; it’s in their interests to have you spend big. You can go direct to the TV or radio station but guess what; they also want you to spend big and they tend not to be all that objective about how you should allocate your spend among the various stations.
If you can’t afford an independent advisor, find someone who’s been involved in campaigns before and get them to mentor you.
2. Invest in strategy
If you’re going to spend over $50K on media, make sure you spend $10K getting the strategy right. You can spend $50K on radio and get no result or you can spend $50K on radio and get a great result. It depends on getting the ad right. Hint: Your agency or independent advisor should spend LOTS of time with you making sure you’re on the right track.
3. Invest in research
Most times the client is just too close to the business to be objective. Be open to paying for professional market research. Use a Qualified Practising Market Researcher (QPMR).
4. Look out for wankers
Don’t let them snow you with flashy offices or reports full of meaningless jargon. If they write “consequently, it is valuable to differentiate markets according to their stage of development”, hey, wankers.
5. Measure the response
You should already be asking people how they found out about your business. Record this now and keep recording it during the advertising. Then work out what percentage of calls translate into new business. Then work out how much money that’s worth to you. And then compare that to your advertising spend. Advertising is an investment but it’s also a great way to flush money down the toilet.
Yep, I’m an independent advisor. I don’t benefit by making you spend more money; I’m paid to make sure your budget goes where it’s most effective. 040 990 8133 or if you’re calling from outiside Australia, +614 0990 8133.
