ADVERTISING YOUR BUSINESS Recognizing the importance of small business to a strong economy, Yellow Pages Publishers Association (YPPA) has joined with the U.S. Small Business Administration (SBA) to help meet the information needs of existing business owners and aspiring entrepreneurs. This Focus On The Facts discusses the fundamentals of advertising planning. Advertising Your Business Advertising is an investment in your business, similar to other investments to improve and expand your business. The return you receive depends on the planning and thought that precede the actual commitment and expenditure of advertising dollars. By first developing an effective advertising plan you increase the likelihood of a positive return on your advertising investment, regardless of the amount of money you spend. Four Basic Questions The basic premise of an advertising plan requires you to thoroughly analyze the answers to key questions before you can make effective advertising decisions. There are four key questions to ask yourself: 1. What do I want my advertising to accomplish? 2. Who should my advertising speak to? 3. What should my advertising say? 4. What advertising medium should I use? In a specific business situation, each question has any number of potential answers. As you think about each question do not accept any answer until you have considered and explored the full range of possibilities. What Do I Want My Advertising To Accomplish? The first step in developing your advertising plan is to specify your advertising goals. Be as precise as you can as to why you are advertising and what you want to achieve. Everyone wants advertising to increase business, but for your advertising plan to work it requires you to be more precise. Some possible goals for your advertising are: - Increase awareness of your business. - Attract competitors' customers. - Increase the likelihood of keeping current customers and developing their loyalty. - Generate immediate sales or sales leads. It is possible you may want your advertising to achieve all of these goals plus some others. What is important is that you prioritize your goals. Advertising works best when it is developed to meet one specific goal at a time. Who Should My Advertising Speak To? Once you determine your advertising goals you can then select the target audience for your message. Advertising that tries to reach "everyone" rarely succeeds. Successful advertising is written with a specific customer in mind. Try to picture the person you must reach in order to achieve your advertising goals. Try to describe your target consumers in each of the following: - Demographics: such as gender, age, income, location of residence or business, etc. - Behaviors: such as current awareness of your business; the products, services or vendors they currently use; loyalty to either you or your competitor's business, etc. - Needs or desires: such as what benefits consumers look for, the basis on which they will decide whether to use your product or service, and how your business can fulfill those needs, etc. What Should My Advertising Say? Once you know who your target audience is and what they are looking for in terms of the product or service you offer, you can decide what your advertising will say. Advertising should always be written to communicate a message that will be seen as important by your target customer. Your advertising should clearly and convincingly "speak" to your target audience, explaining the important benefits your product or service offers. In deciding how to discuss the major benefits of your product or service in your advertising keep "AIDA" in mind: attract Attention, hold Interest, arouse Desire and motivate Action. Where Should I Place My Advertising? Every month new advertising options become available. Beyond "traditional" media you can place ads in airports, on ski lifts and on television monitors in the front of grocery carts. Where you place your advertising should be guided by a simple principle: go where your target audience will have the highest likelihood of seeing or hearing it. Many advertising media work well to reach a diverse range of target consumers. There is no single medium inherently good or bad. A good medium for one product or service may be a poor medium for a another. As you consider media choices look for one that fits your advertising goals, reaches your target efficiently and cost- effectively and is with your advertising budget. Based on, these considerations, the following summarizes the relative advantages and disadvantages of the advertising media most frequently used by small businesses: Television Television provides a means for reaching a great number of people in a short period of time. Small businesses will typically use either spot television or cable television. A spot television ad is placed on one station in one market. The number of target audience who see your ad depends upon how many viewers are tuned into the television station at a specific time. Cable advertising is placed either on a local cable television channel or on a cable network. The number of people reached by cable advertising depends upon the cable penetration and cable channel/program viewership in a given market. Beyond television's reach, an additional advantage is its ability to convey your message with sight, sound and motion. The disadvantages of television advertising are: relatively higher cost - both the terms of airtime and production, limited length of exposure, short airtime (making it difficult to present a complex or detailed message) and the clutter of many other ads. Television ads may require multiple exposures to achieve message retention and consumer action. Also, many commercials are considered intrusive, prompting viewers to switch channels to avoid them. Radio Radio, like television, has the ability to quickly reach a large number of consumers. The major advantage of radio lies in its ability to efficiently target narrowly defined segments of consumers. The vast array of radio program formats lets an advertiser gear ads to almost any target audience. Beyond this advantage, radio is commonly used by small businesses because it is relatively inexpensive (both in terms of airtime and production costs) and because deadlines for placing radio advertising are relatively short, providing an advertiser with increased flexibility. The disadvantages of radio are: an advertiser is limited to an audio message so there is no visual product or service identification, ad clutter can be high and exposure to the message is short and fleeting. Finally, similar to television, multiple exposures may be required for message retention and consumer action. Also, listeners may change stations to avoid commercials. Newspapers Newspapers permit an advertiser to reach a large number of people within a specified geographic area. Newspaper advertising has several advantages for the small business. An advertiser has flexibility in terms of ad size and placement within the newspaper. Exposure to the ad is not limited, so readers can take their time with your message. Short deadlines permit quick response to changing market conditions. Disadvantages of newspaper advertising include: declining readership and market penetration, ad space can be expensive, clutter of competitive advertising and a relatively short life- span (newspapers are typically read once, then discarded), thus requiring multiple insertions. Magazines Magazines provide an advertiser with the means to reach highly targeted audiences. Specific groups can be reached by placing an ad in a magazine whose editorial content specializes in topics of interest to that target. This is true of both consumer and business publications. Audiences can be reached by placing ads in magazines which have well-defined geographic, demographic or lifestyle focus. Beyond the ability to reach specific audiences, the advantages of magazines include relatively long ad life and re-peated ad exposure (magazines are typically looked through several times before discard), excellent reproduction quality and pass-along value. The disadvantages of magazines include: long lead time, limited flexibility in terms of ad placement and format, and the potential for high costs in production and placement. Outdoor (Billboards) Outdoor advertising is typically used to reinforce or remind the consumer of the advertising messages communicated through other media. The advantages of outdoor advertising are: ability to completely cover a market and high levels of viewing frequency. The disadvantages of outdoor advertising are related to viewing time. Because target consumers are typically moving, an outdoor advertisement must communicate with a minimum of words. Messages must be simple, direct and easily understood. Direct Mail Direct mail advertisers use targeted mailing lists to reach highly specialized audiences. In addition to low waste in ad exposure, direct mail provides an advertiser with great flexibility in the message presentation. The disadvantages of direct mail include: relatively high cost per contact, obtaining updated, accurate mailing lists and difficulty in getting the audience's attention (direct mail is often considered "junk mail"). Yellow Pages The Yellow Pages are an advertising medium that share many of the strengths of other advertising media while at the same time avoiding some of the limitations or disadvantages. As such, the Yellow Pages are best used to complement or extend the effects of advertising placed in other media. Like other media, the Yellow Pages permit an advertiser to select a well-defined geographic area, ranging from a neighborhood to an entire metropolitan area. Once the geography is defined, a Yellow Pages ad has permanence: Yellow Pages are kept as a regular reference. In addition, Yellow Pages support your other advertising by providing a convenient way for consumers to contact sources and obtain information on the products or services they desire at the time they are ready to "take action." Also, the Yellow Pages are relatively low in cost in terms of both ad production and placement. The disadvantages of the Yellow Pages include: lack of timeliness (ads can be changed only once per year and, as a result, there is no opportunity for "price advertising"), potential clutter in some classifications and not as much creative flexibility as other print media. How To Get More Information: Television Bureau of Advertising, Inc. (212) 486-1111 Radio Advertising Bureau, Inc. (212) 254-4800 Newspaper Advertising Bureau (212) 921-5080 Magazine Publishers of America (212) 752-0055 Outdoor Advertising Assoc. of America (202) 371-5566 Direct Marketing Association (212) 768-7277 Yellow Pages Publishers Association (313) 680-8880 U.S. Small Business Administration Consult your telephone directory under U.S. Government for your local SBA office or call the Small Business Answer Desk - 1-800-8-ASK-SBA. Also, you may request a free copy of The Small Business Directory, a listing of business development publica-tions, from your local SBA office or the Answer Desk. The SBA's participation in this publication does not in any way constitute an express or implied endorsement of the cosponsor's opinions, products or services. SBA Auth. No. 88-1250. All SBA programs are available to the public on a nondiscriminatory basis. END OF REPORT ---------------------------------------------------------------------------- SUGGESTED ADDITIONAL READING 3307-3322 BUSINESS MANUALS, 10 pages or more. $5.00 each. 3307 How To Start Your Own Business Consulting Service. 3308 How To Make Money With A Business Financing Service. 3309 How And Where To Get Money For Any Franchise Idea. 3310 How To Start And Operate Your Own Bartering Club. 3311 How To Start and Operate Videotape Rental Store. 3312 How To Start A Profitable Resume Writing Service. 3313 How To Start And Operate Firewood Supply Business. 3314 How To Start And Operate Your Own Auto Tune-UP Store. 3315 How To Start And Operate Your Own Day-Care Center. 3316 How To Start And Operate A Paper Recycling Service. 3317 How To Start And Operate A Temporary Help Service. 3318 How To Start Your Own Mobile Locksmithing Service. 3319 How To Start And Operate A Carpet Cleaning Service. 3320 Start Your Own House And Apartment Cleaning Service. 3321 Start Your Own Credit And Debt Counseling Service. 3322 How To Make $5,000 A Month or More With Garage Sales. 3401 - 3425 BUSINESS REPORTS, 2 to 5 pages. $2.00 each. 3401 Reorganize Your Time To Have Home-Based Business. 3402 How To Raise Money For Starting Your Own Business. 3403 The Legalities And Tax Advantages In a Home Business. 3404 Start and Operate A Profitable Home-Based Business. 3405 Survival Tips For All Kinds of Small Business. 3406 How To Get Free Radio Advertising For Your Company. 3407 The Lazy Person's Secrets To Overnight Wealth And Fame. 3408 How To Achieve Excellence In Sales And Salesmanship. 3409 Secrets Of Getting Free Advertising For Your Product. 3410 How To Set Up Your Own Tax-Saving Bookkeeping System. 3411 Questions To Answer Before You Buy a Franchise. 3412 How To Find An Authoritative Background On Any Subject. 3415 Garage Sale Promoting For Quick And Easy Money. 3416 Paper Recycling For An Easy Source Of Extra Income. 3417 Party Plan Sales Programs: How To Develop Your Own. 3418 Bed And Breakfast: The Easiest Home-Business. 3419 How To Start And Operate A sports Memorabilia Shop. 3420 How To Start And Operate A Roommate Finding Service. 3421 How To Start And Operate A Dating And Escort Service. 3422 How To Make A Fortune With Self-Improvemant Seminars. 3423 How To Start a Bulletin Board Advertising Service. 3424 How To Make Big Dollars With Bumper Stickers. 3425 Camera Profits: Using Your Camera For Extra Money. 3501 - 3511 BUSINESS REPORTS, 6 to 9 pages. $3.00 each. 3501 Secrets To Your Million Dollar Multi-Level Empire. 3502 Secrets To Successfully Starting Your Own Business. 3503 How To Prepare A Business Plan That Guarantees Profits. 3504 The Secrets Of Free Publicity For Your Business. 3505 How To Make It Big With Your Own Used Book Store. 3506 How To Start Your Own Video Taping Service. 3507 How To Start Your Own Profitable Catering Service. 3508 How To Start Your Successful Window Washing Service. 3509 How To Start A Highly Profitable Mailing Service. 3510 How To Start A Profitable Shopping Center Paper. 3511 How To Start Your Own Home-Based Secretarial Service. 3601 - 3621 MAIL ORDER BUSINESS REPORTS 2 to 5 pages, $2.00 each. 3601 The Beginner's Opportunity Guide To Mail Order. 3602 The Easiest, Most Profitable Mail Order Business. 3603 How To Get Big Dollars In Your Mailbox ___ Everyday. 3604 Profitable New Techniques For Selling Books By Mail. 3605 The Secrets Of Making Really Big Money With Folios. 3606 How To Start A Successful Co_Op Mailing Service. 3607 How To Write And Sell Money-Making How To Reports. 3608 Big Mails: An Easy Beginning To A Mail Order Future. 3609 The Secrets To Renting Profitable Mailing Lists. 3610 How To Develop A Profitable Worldwide Distributor Network. 3611 How To Write Profitable Classified Ads For Your Business. 3612 The Dos and Don'ts Of Profitable Mail Order Ads. 3613 How To Make Big Money Fast, Renting Mailing Lists. 3614 The Money-Maker's Guide To Easy Mail Order Riches. 3615 How To Recruit Dealers/Distributors To Sell For You. 3616 How To Be Successful With A Money-Making Newsletter. 3617 How To Succeed With Your Own Money Making Ad Sheet. 3618 Secrets Of Chain And Multi-Level Letters. 3619 How To And Operate Your Very Own Pen Pal Club. 3620 The Selling Secrets Of Million Dollar Sales Letters. 3621 How To Start And Operate Your Own Correspondence Club. 3701 - 3709 MAIL ORDER BUSINESS REPORTS, 6 to 9 pages. $ 3.00 each. 3701 How To Make Big Profits In Mail Order, Form Scratch. 3702 Make Any Multi-Level Program Into A Million Dollars. 3703 How And Where To Advertise Any Product Or Business. 3704 How To Get Big Dollars From Your Mail Order Ad Sheet. 3705 How To Have A Successful Circular Mailer Business. 3706 How To Write A Folio From Information That You Know. 3707 How To Start And Operate Your Own Big Mail Service. 3708 How To Write Order Pulling Ads For Your Own Business. 3709 The Premier Directory Of Mail Order Publishers. 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