There’s a couple of ways to do this:
- Study the advertising statistics which are available from the advertising industry so you can to decide on the most suitable media for your business
- Your own advertising strategies need to measured so you can evaluate the results of current campaigns
Other figures may be used general business planning and setting your prices. These could include:
- Census statistics
- Industry performance statistics
Remember There’s No Need To Re-Invent The Wheel!
By researching existing advertising statistics, you can gain much information about -
- Your particular industry
- Your market demographics
- Your target market buying habits
- Product & service pricing
- The most cost effective advertising options for your business
By having access to your own advertising statistics, you can constantly work on & improve your bottom line by adjusting your marketing plan to suit changing situations.
If Your Advertising Isn’t Working… TRASH IT!
Cost effective marketing is critically important for most small businesses. Big buck advertising COULD improve your business, but it’s certainly not a given. Think about this for a moment. I really don’t think you would not hire a sales person then not bother about checking his or her sales figures, would you? That would be JUST PLAIN STUPID wouldn’t it?
So, running ads in newspapers, on TV & radio or Yellow Pages without checking if they’re bringing in any more business would also JUST PLAIN STUPID, agreed? If you’re not measuring & reacting to your advertising statistics, there’s a BIG chance that you’re flushing lots of your hard earned money straight down the toilet.
And How Do I Collect These Statistics?
Evaluating your advertising results is not hard, here’s a couple of simple ways to do it.
- Ask how your customers learned about your business
- Insert a tracking code in each advertisements
- Keep a record of your website traffic
You can then use this feedback to reveal conversion rates so you know for sure what’s making money & what’s costing you money.
But What If I’m Just Starting Out?
Trying to educate yourself enough to be able to recognize suitable media for advertising can be relatively time consuming & stressful. By using statistics relative to your industry, you’ll learn the strategies that should work best for you.
Kick it off by checking out low cost advertising options. Check your data on an ongoing basis so you know what’s bringing home the bacon then change your plan accordingly based on the advertising statistics.
There’s much to learn but it will be well worth it long term.