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Want a More Effective Advertising Strategy? Start by Asking These 8 Questions
As 2019 winds to a close and we begin looking to the New Year, it’s a natural fresh start for individuals and businesses alike. Particularly as it relates to your business’s advertising strategy, you shouldn’t wait one more day before digging into your existing plan and identifying what you not only want to improve, but need to improve in the coming year.
It can be overwhelming to identify where to begin. The good news is you simply must take that first step, followed by another, and then another. And there are knowledgeable and experienced professionals to guide you along the way!
Ready to take that first step toward creating a more effective advertising strategy for your business? Here are 8 questions that will help you get started.
- When did I last take a fresh look at my strategy?
This is the first question you should ask yourself because you might be surprised by the answer. It may feel like you just revamped your advertising strategy within this calendar year only to find several years have gone by. Think how much can change in that time! The economy, your business, your target audience. Start by getting a handle on how old your existing advertising strategy really is, as well as who was involved in its creation.
- What has changed about my business since the strategy was first created?
Of course this brings us to the natural next question. Turn inward and closely examine the various things that have changed about your business since the time your advertisings strategy was created. Have you added new products or services? Expanded into new markets? Shifted your mission? All of this can critically impact the effectiveness of your advertising and should be accounted for in your most current plan.
- What are my prioritized goals right now?
Be realistic with prioritizing your goals. If you adopt the “I want it all and I want it now” mentality, you may find that your expectations far exceed any reasonable results. Like anything, the results of advertising take time and consistency. Prioritize your goals so you can start at the top and work your way down over time.
- Does my budget fit my goals?
Now that you have your goals outlined, you’ll be able to see how well (or not so well) your existing advertising budget aligns with these goals. Are you hoping for champagne results on a beer budget? Something needs to change, or you will constantly be in conflict with your own advertising strategy. So choose; will you adjust your goals, your budget, or a little bit of both?
- Am I happy with my vendors?
This one is important. Pull out all of your contracts and past invoices related to your business’s advertising. This will give you a full picture of the various people and businesses you work with, and the money you’re spending to do so. Are there redundancies? Are there gaps? And most importantly, do you enjoy working with these people? Remember, you can and should shift things around if your answer to any of these questions are less than favorable.
- What do I have the power to change?
Next, you need to determine what is within your wheelhouse to change – or not change. Maybe you need to involve someone else in your business to approve and implement all of your desired changes Once you know what needs changed in order to create your most effective advertising strategy, don’t let any roadblocks stop you! This will only keep you stuck with your same, less than effective results.
- What will it take to make these changes?
Knowing the terms of your contracts with vendors and media outlets, along with understanding your business’s structure of how changes are made will allow you to map out your course of action. Will a new advertising budget and strategy need board approval? Are there penalties for breaking a contract before a certain date? Who all must approve new contracts? Understanding these processes now will set you up for success in the future.
- Am I committed to seeing this through?
Finally, be honest with yourself when asking if you’re committed to seeing this through. Yes, changing your advertising strategy, budget, and/or vendors takes some work. You will need to do your research, have the appropriate meetings, and follow your business’s processes. Focus on the results of making these changes. Envision how an effective advertising strategy that best utilizes your resources will grow your business and how the right vendor partners will make your life easier. Stay focused on the big picture and you will find motivation to make this year the best year for your business’s advertising.
On a scale of 1 to 10, how would you rate your business’s current advertising strategy? Are you willing to settle for that number? If not, now is the time to be planning for 2020 to make sure you’re getting everything from your advertising strategy that your business needs and deserves.
Are you ready to move that number up on your scale? Let’s talk today!