Small Business Advertising Strategy
Small business advertising strategy. How to devise an affordable but effective small business advertising strategy for both online advertising and offline advertising.
This practical question will determine the types of media you should get into and the length of your advertising campaign. In setting an advertising budget, you should also first determine several other important factors: the amount of advertising spending in the previous year, the amount competitors are spending, your current market share, the market share you hope to capture.
How to set an advertising budget
Here are some additional tips on how to set an advertising budget, as suggested by Dupont:
- Spend what you can – this is the most popular method among small businesses
- Emulate the competition – Try to match your rivals’ spending
- Earmark a share of your revenues for advertising – research has shown that in the cosmetics sector, more than half of total revenues may go into advertising; in contrast possibly only 5% of total revenues would go into advertising
- Invest in line with your sales goals – Determine what your sales goals are for the year, and project an advertising budget based on your goals.
Small Business Advertising Success
In rank order, the most important determinants of your advertising strategy success are the following: name, logo (which represents your brand), outlets (where your product is sold, including the type of website), packaging (appearance of your e-Cover, for example), slogan (which should be a brief phrase that is easily memorable, making people subconsciously want to use your product).
Note also that successful ad campaigns involve reusing the same slogan and product personality year after year; consistency is one of the most important factors that determine your success.