Make the Most of Your Advertising Dollars

These days, most U.S. markets are buyer's markets, meaning that consumers have great leverage to get a lot of value for their dollars.
Right now, this is especially true in the advertising world. Which is good news if you're just starting your company or revamping your existing marketing strategies.
In fact, this is in stark contrast to a few years ago, when advertisers in some markets were being bumped in favor of higher-paying advertisers for the same TV or radio spot, or were stuck on waiting lists for outdoor billboards in high-traffic areas.
We're also shifting from an economic winter to an economic spring. This means you can pump your ad budget up with loads of added value that could result in increased reach and frequency--both of which are key to getting more business and profits for your company.
So to make sure your ad budget will be a wise investment as opposed to an unnecessary expense, here are a few things to remember:
1. Leads are more important than branding. No matter what the media or ad agency experts tell you, generating leads for your business is more important than building a brand at this point, especially in startup mode.
The most critical component of your campaign will be drilling down to find media that deliver your message to people actively looking to buy your product or service, as well as those looking for a new, lower-cost or better service provider. To truly build your brand, you need to be that provider.
2. Negotiate, negotiate, negotiate. Since it is a buyer's market right now, you're in a good position to push for as much value as possible. In TV, this may mean additional mentions into or out of commercial breaks. For radio, it may mean more frequency or co-sponsorship of a local promotion or event. And for print, it may mean a bigger ad or additional placements, or even space for an advertorial.
3. Remember PR. These days it's great to be contrarian: optimistic because everyone is pessimistic, or opening and running a business when everyone else is getting laid off or is fearful of starting his or her own company.
4. E-mail is a necessity, but don't forget direct mail. E-mail marketing has taken off in the past few years, but there are limitations. Double opt-ins--where people have to confirm twice that they want to receive your emails--are the norm these days. Even so, click-through rates average less than half of 1 percent.
Remember, marketing is all about numbers. Be sure to test, measure and track your ads to determine how many leads they generate.
It may be a buyer's market, but as always, it's important to know what you are buying and to make sure you are getting ROI and strong leads from your advertising dollars.