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Don't Waste Those Advertising Dollars
by Marnie Pehrson
Have you ever thought, "If only I had more money to put into advertising, I could be more successful in my business"? Did you know this isn't always true? I've watched people spend money on advertising and still not make money. Why? Because they make three cardinal mistakes:
- They lack focus.
- They don't have a line of products/services in place to recoup their investment.
- They don't convert "lookers to buyers."
A typical web business example would be that people visit your site and become so confused by what's there that they don't know where to go or what to do first. They might not even be able to tell what you're selling. If you are selling something, it isn't designed to lead a customer toward buying an introductory product, and then a second product and a third, etc. If you intend to survive in business, you simply must have lead-in products that guide people toward becoming repeat buyers.
So what's the solution?
Make Sure Your Foundation Is in Place
First, know who you intend to serve. Financial freedom expert Sharman Lawson says, "Knowing the demographics of your customer is extremely important. The demographics answer the questions who? what? why? and where? about your typical customer. If you have not researched and determined who your potential customer is before advertising, it can be wasted time and money."
Once you know who you're serving, get clear on how you intend to serve them. Before you spend any money on advertising, get clear on what you do and what you offer. You should be able to easily describe what you do in a way that makes people say, "Yeah, I need that!" or "Oh, I know someone who needs that!" Know your typical customer's needs and develop a product or service that solves them.
Can you promote your product or service before it is ready? You sure can! If your product or service isn't developed yet, you can still advertise, but you'll want some incentive to get people to subscribe to your notification list so you can announce your product/service when it is ready. This could be a free report, audio, or teleclass.
Make Sure Your Advertising Is Trackable
Once you're ready to start advertising, Allan Katz, copywriting expert, shares this advice with you, "When you select an advertising medium, make sure you can track the results of your ad, like direct mail or Pay Per Click advertising. These are measurable by the amount of responses you get and you can know quickly whether to continue advertising. You may need to tweak your copywriting during a split test of different ads to make sure you're achieving the response you desire. Get Allan's special download on 7 Ways You Can Use Online Tactics To Improve Your Offline Business.
"Why even spend on advertising when so many free PR opportunities are out there?" asks PR and media expert Nancy Marmolejo. She says, "Entrepreneurs who understand how to use the media as their source of free advertising enjoy two great payoffs:
1) Thousands of dollars of free advertising, and
2) The stamp of credibility that no paid advertising can deliver.
The next time you're tempted to shell out for a magazine ad, contact the editor and see if you can get quoted in a way that spotlights your expertise." Get Nancy's free audio 7 Steps to Stand Out and Sizzle as a Sought After, Recognized Expert to learn more.
Once you have your foundation in place: you know your typical customer's needs and have a product or service to fill those needs, start testing your ads and tracking your results. And don't forget to take advantage of media and PR as an economical way to get the word out about what you do.