I have been approached by a local Kmart to put a poster size sign at the front door advertising my business. They claim 40K people per week walk through the door. Cost is about $20 per week. Do you think this is a good place to advertise? Thank you, Nancy
Hi Nancy, While the low cost is a temptation, you really want to consider is this your target market?
The cost is really not an issue, ROI (Return On Investment) is what matters.
Advertising and marketing should be an investment, not an expense. This is a key distinction and way of thinking about the money you spend on advertising.
For example: If I told you I had an ad that costs $5000 each month, and would result in $30,000 in new business over the next 3 months, you’d have to be brain dead not to jump on it.
The ROI for this ad would be 6 to 1 (30k/5k), or put another way, for every dollar you spend, you get six back.
By the way, this is a real world example from a Hypnotist friend of mine in Ohio. He perfected a full page ad that was like turning on a firehouse of new clients every time it ran in the local paper.
That’s when advertising is no longer an expense, but an investment.
Honestly all marketing decisions should be based on this type of analysis.
So back to your opportunity, you obviously don’t have any data yet, so as a clever marketer you set up a TEST.
In order to test you must set up a way you can MEASURE RESPONSE to that ad.
Borrowing an age old trick from Direct Mail and classified ads, you can put a unique offer, and they must tell you a code to get it.
Then be sure you tell them what to do (simple clear instructions)
If you use a website, again use a unique link so you can measure the traffic.
Run the test for at least a month, maybe up to three months. If it hasn’t paid for itself, either change the ad (what I would do), or stop running it.
If you change the ad 2 or 3 times and don’t get any response, then you are not most likely not reaching the right market.
If it does work, then test the same idea at other similar stores.
Should I advertise my practice or a specialty?
Think about it this way, if you’re driving in a strange part of town and you get a flat tire, aren’t you thrilled to see a gas station less than a mile away that’s open?
And I’ll bet you’re more than happy to hand them money to fix your flat and get you on your way. It doesn’t matter if it’s clean or dirty and you would otherwise never drive in there. Doesn’t matter if the guy who fixes the tire makes road kill look attractive.
Nope, they can fix your tire and solve your problem. That’s all that matters.
So you’re mission should be to find the people who have the problems you can solve, then tell them how great it’s going to be once you solve them. Give them hope and confidence and a solution and they will do business with you.
Now, go get some clients.