The next 3 months are usually not the best time to "buy" advertising. I'm not saying it's a terrible time to run advertising, just that you should have already bought it before the traditional holiday push that depletes media inventories, driving prices up. I'll give you some tips on when and how to make media decisions in future posts.
So, where should you be spending this quarter if you haven't got an ongoing schedule? If you own a service or retail business that isn't reliant on holiday sales (HVAC, Medical, Financial, etc) think about putting some of your ad budget into sprucing up the Personal Experience of your customers.
Here are a few ideas…some more expensive than others.
The bottom line is….if the holiday season is slow for you, don't just sit on your bottom. Get busy doing something so when your own season rolls back around, your customers will be delighted by the "new" you!
QUESTION: This list isn't exclusive. What other suggestions do you have?
You hear a lot of people talking about how stupid it is to stop advertising during a recession. They recount how so many businesses stayed the course and came out the other side with increased market share.
Question: Were they just better equipped to weather the storm, or did their advertising work better during the downturn?
If your competitors are cutting back (or belly up) you can actually get a boost in the effectiveness of your advertising because your Share of Voice just got bigger.
The Advertising Performance Equation accounts for how your market share relates back to the Share of Voice that you've purchased through your advertising. All things being equal, if you have fewer competitors barking on the airwaves, your ad will do a better job of "branding" your business in the minds of consumers as the first place they think of and feel best about, when the need for your product or service arises.
You see, Share of Mind, is the result of your Share of Voice times the Impact Quotient, or level of effectiveness of your message. Couple a powerful message with an increased Share of Voice and something magical starts to happen. If you don't fritter away this advantage by delivering a below-average customer experience, increased market share is sure to follow. It's all in the math.
It's not simply that your competitors have left a void in the market, but they've left a void in the minds of their customers.
Will you step up and fill that void?
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