Spend smarter not harder!

Posted By: David Robertshaw - Tuesday, 19 January 2016  |  Comments: 0

Spend smarter not harder!

Access Point Voucher Advertising

Originally posted on LinkedIn Pulse

 

I read an article this week that brings home to me how much money is wasted on advertising. I’ll declare an interest here; as a director of a company that relies on advertising for its survival you may think I would advocate companies spending more on advertising. I don’t, I just want people to spend smarter.

 

People often refer to the quote from John Wanamaker in that “half of the money I spend on advertising is wasted; the trouble is I don’t know which half”. The article I read in Campaign recently went as far as saying that “in the UK £18.3 billion a year is spent on all forms of advertising and marketing. We know 4% is remembered positively, 7% is remembered negatively, 89% isn’t noticed or remembered.”

 

That’s quite a damning statistic and even if you have a healthy mistrust of statistics it still boils down to a hell of a lot of money that companies have no idea how their money and advertising are performing for them. How did it get to this?

 

It is fair to say that a great deal of a large company’s advertising budget may be taken up with “above the line spend”, that is building awareness of a company and/ or its products. Nothing wrong with this, many studies have shown that this form of advertising builds trust in a company and shapes how an individual may view a company/ product prior to making a purchasing decision. Without above the line we would have missed out on some of the greatest advertising campaigns but even then the campaign, as it is never just an ad but a whole host of supporting activity, must abide by the simple rules of Impact, Communication and Persuasion.

 

Another method of ensuring your advertising is doing what you need it to do, increasing your sales, is to make sure you track the data. Make sure you understand your costs and then measure the sales received from the activity. The two methods of communicating your company and its products to consumers that we offer, short-term promotions and till receipt advertising tick all of the right boxes. You can follow the three rules, Impact, Communication and Persuasion. For instance make sure your promotional display is eye catching; don’t leave it to chance but make sure your design fits in the spaces you want to go and delivers your message across to your target market. Train up your promotional staff, make sure they have the correct information to hand and if possible have an internet connection to answer any queries. Lastly and best of all perhaps, you are on hand to talk to and persuade consumers to buy your products, after all you are in the business of sales, not order taking.

 

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