In yesterday’s blog, we began to take a look at some important questions to be asked and answered by Canadian business owners who plan on advertising their businesses. With help from a Roy H. Williams article on Entrepreneur.com, we reviewed a few important steps to take before spending money on an elaborate advertising campaign.
As always, Synergy Merchant Services encourages its clients to put their merchant cash advances to good use. Advertising, being one of many great ways to use money to make more money, is a venture not to be taken without precaution. We will revisit Williams’ list of important advertising questions in today’s blog.
“How long is your time horizon?”, asks Williams. He writes that “some ads build traffic, some build relationships and others build your reputation. If you don’t have the financial resources to launch a true branding campaign focused on building relationships and reputation among potential customers, you’re going to have to settle for traffic-building ads until you can afford to begin developing your brand.”
“What is the urgency of your message?” In some cases, merchants wish to produce immediate results. If this is the case, your ad will need to communicate a time-sensitive approach to visiting your establishment. For example, a limited-time offer that will encourage customers to visit quickly so as to not lose out on an opportunity.
The next question is “What is the impact quotient of your ad?” Often, one’s ad can be judged by how it compares to the ads of competitors. It’s important to determine just how much of an impact your competition’s ads are having. How powerful are their messages? You may want to consider using media that has not been used by your competition to corner another section of the market.
Finally, “How long is the purchase cycle?” asks Williams. He writes: “How long it will take your advertising to pay off is tied to the purchase cycle of your product. Ads for restaurants work more quickly than ads for sewing machines, because a larger percentage of people are looking for a good meal today than are looking for a machine that will let them make their own clothes.”
Advertising your store is always a great idea. But before delving into your advertising campaign, it’s important to answer these questions to ensure you are making the most of the money you spend on it. Call one of our licensed funding specialists today to discuss some ideas and figure out just how much money your business will be approved for so you can started on advertising your business!