In the day and age of a bit of an economy crunch, many business owners are asking the question, where do I spend my marketing dollars to actually get a good ROI? Lets look at a few facts to help our business owners figure it out!
When most people start a business, they think they need to get a phone book ad, some radio time, and begin saving for a TV commercial to broadcast their new business! Although that works for some, it is a one way ticket to empty pockets for most. As a business owner, you need to do some serious research into these avenues. A lot of times we feel “COOL” as a business owner hearing our name on the radio or even seeing ourselves on TV, but does that really bring money into the business. And if so, is it enough to cover the cost of the advertisement?
Well, nowadays, with most people walking around with some sort of device that allows them to search for what they want right from where they stand, internet marketing has become the front runner in most advertising campaigns. But, there is a common misconception with Internet Marketing.. that it is so costly, that “I can’t afford it!” Let us look at a couple of numbers!
Option 1 – Business card ad with 3 colors in a popular phone book – around $350+ per month
- You get to display in 1 category (a couple if you find a special)
- You are very limited in what you can say because of space
- You are only targeting the customers looking for that one thing and missing any other closely related categories
- Unless you spend a ton more, you are in the ‘first come first serve’ predicament with no opportunity to advance for the life of the contract.
The above situation can prove profitable, but I do not want any handcuffs on my marketing!
Option 2 – A short 15 second commercial run 7 times within a 2 hour period by a popular radio station during work hours where listeners were listening to the broadcast via their computers as well as drivers: around $275
- The cost isn’t bad, but i disappears within 2 hours! You have one good shot at repetition and hope for the best.
- Time limit bottlenecks your opportunity to really say what you are offering
- If you mistakenly pick the wrong hours, you have to play trial and error to find the right time
- You have to have a phone number or short enough website name that people remember.
This falls into the “feeling cool” category unless you have a few grand a month to spend and really get the name recognition going.
Option 3 – Internet Marketing through search engines with a reputable company: you could find a good professional as low as $399/month!
- No limit to the amount of phrases you could reach
- No handcuffs limiting your demographics
- Can be specifically geographically targeted
- Has actual historical data to prove that the efforts can pay off
- Can be strongly emphasized by you and your friends!
Now, I may be a bit biased, but Option 3 is in the same ballpark in price, offers more flexibility in how you target your audience, and a good company can make it nearly tangible with the right reporting!
I hope this helps you as you are trying to answer the question of how to spend your marketing dollars!