Stretching Your Advertising Dollars
“A perfect marketing mix [for the budget-conscious] is a combination of activities,” said Mac-Millan. “It is consistent and also reactive.”
The problem, he said, is that consumers are hit with an average of “5,000 advertising messages a day and can only retain six or seven of them.”
MacMillan said there are different types of marketing mixes:
MacMillan said businesses do not need to continue to push their company history and reputation on customers if they have already made the decision to buy.
With that in mind, MacMillan suggested seven ways to set up a marketing strategy and 10 tips to stretch a marketing dollar.
Set Up The Strategy1. Invest the time.
2. Do a “strength-weakness-opportunity-threat” (SWOT) analysis with your staff.
3. Have fun; encourage new thinking.
4. Identify your objectives.
5. Define realistic expectations.
6. Empower someone to set up a marketing strategy.
7. Revisit, revamp, and revise.
Stretching the Dollar1. Implement a “pulsed” ad campaign, which is not a regular day-by-day campaign.
2. Utilize media stories in place of media ads.
3. Learn printing tricks (e.g., create a formatted newsletter and run large volumes). Ask printers if they have any excess card stock to use for your newsletter.
4. Take out smaller ads in the newspaper; place less emphasis on ineffective Yellow Pages ads.
5. Utilize the web.
6. Host a public relations event.
7. Target your market.
8. Stand out from the clutter.
9. Create a co-op with local businesses in order to share advertising/marketing resources.
10. Keep a “brag book” (pictures of your best jobs).
publication date: 09/24/2001