Advertising is an investment in your business, similar to other investments to improve and expand your business. The return you receive depends on the planning and thought that precede the actual commitment and expenditure of advertising dollars.
This Financial Guide is not intended to be an in-depth analysis of advertising principles and alternatives — that is beyond its scope. Rather, it is intended only to provide a basic review — to stimulate your thinking — of how to develop an effective advertising program. Unless you are very familiar with the opportunities in this area, you should seek the advice of an advertising professional.
The basic premise of an advertising plan requires you to thoroughly analyze the answers to key questions before you can make effective advertising decisions. There are four key questions to ask yourself:
1. What do I want my advertising to accomplish?
2. Whom should my advertising speak to?
3. What should my advertising say?
4. What advertising medium should I use?
In the specific business situation, each question has any number of potential answers. As you think about each question do not accept any answer until you have considered and explored the full range of possibilities.
What Do I Want My Advertising To Accomplish?
The first step in developing your advertising plan is to specify your advertising goals. Be as precise as you can as to why you are advertising and what you want to achieve. Everyone wants advertising to increase business, but for your advertising plan to work it requires you to be more precise. Some possible goals for your advertising are:
• Increase awareness of your business.
• Attract competitors' customers.
• Increase the likelihood of keeping current cus ...