Implementing the Ad of your Lifetime
Finally you have that killer ad. You are on the edge and want to see it work. What should you do next.
Running an ad is far from doing a job in a laboratory that is easily controlled. Things happen, sometimes it can even backfire. Market volatility, new laws, unexpected infringements, stronger competition and disasters and miscalculations.
There is a good chance however that you can come out with better results if you consider the following suggestions.
If you have set realistic targets with detailed projections about income versus statements that can be measured by quantitative and qualitative means and you use this to measure performances against expected results, you have a good foundation for your monitoring function.
1. Your advertising Plan
This gives the overall plan of your advertising from its objective to its detailed action steps. Based on your best research, and preparation to meet contingencies, the plan also details milestones in your advertisement broken into yearly, quarterly, monthly, even on a weekly basis in terms of advertising expenditures and sales returns. You measure this through the following tools of analysis.
• Sales analysis – measuring and comparing sales targets and projections against actual sales generated and revenues earned.
• Market-share analysis – comparing your sales against that of your competition. This allows you to track your position against the industry in your chosen segment to enable you to, among other else, find potential for growth.
• Advertisement expense-to-sales analysis – tells you the developments towards getting your desired results that you are getting.
• Financial analysis – track your profits, asset turnovers, return on assets, financial leverage, and return on net worth.
• Customer satisfaction – Are your products performing according to what it claimed. Is it satisfying your market is it growing your customer base?
Conduct customer surveys and feedback. If you can have a channel or a medium that will encourage comments and suggestions, that too will help. Remember if you are aiming for longevity in the business you have to always be in touch with what the customer needs.
2. Advertising, Promotion, Public Relations and Sales.
In advertising, there is no substitute for frequency. You have to be felt in the media. I is the battle for brand and product recall. Successful corporations worked this out hard…over the years. This is why we know what Tide is for, or Nike, mc Donalds, Victoria’s Secret, etc.
Benefits and features have to be communicated constantly to your market if they are to stop from being your “potential” customers. Your customers have to be induced to trade with you buy from you and invest in you.
This is where promotion you implement promotions. Promotion encompasses training the sales force and merchandising teams, and deals with public relations.
Many times an advertisement comes out that arouses curiosity. People call sometimes to their disappointment. It is not always that the person on the other side of the phone is conversant regarding an ad that is placed. Either the person on the other side is untrained to handle the inquiries, or simply lacks accurate information. Often to the customer is transferred from one person to another which can make for a lost opportunity. While it is obvious that people representing the company should be equipped with the correct training and information this just doesn’t always happen. When it does, sales are lost and so is the value of the ad.
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