Marketalk Advisor

The Million-Dollar Question: Is Advertising the Right Approach?

By Jesse Kalfel and Robin Lawson, Marketalk

Here's an email we recently received from a journalist. "I'm writing an article about whether advertising is the correct approach for small businesses ($999,000 - $10 million). If not – if advertising is too expensive, too crowded to break through, etc. – then what is the best way to get your name out there?"

Unfortunately, there's no easy answer to that question. Advertising in print or on the radio is one way to reach your target market, but there are many others – brochures, publicity, Web sites and direct mail, to name a few. In reality, there are endless ways that businesses spend lots of money on marketing communications, often with amazingly little return.

Why is reaching the right audience so hard? For most businesses, it is simply for lack of a sound plan. Without a thought-out marketing plan, businesses try to talk to people without knowing who they are or what they really need. The message gets lost because the audience isn't interested, doesn't understand, doesn't hear, or isn't motivated to respond.

The first step in creating a strategic marketing plan is to figure out what you want to accomplish. "Getting your name out there" is not the true goal; chances are, what you really want to do is increase sales. You can do that by getting existing customers to buy more, or by getting new customers. Either way, you need comprehensive information about the buyer. Who will buy from you? What motivates their purchase? Why should they buy from you instead of the competition? What do you offer that differentiates you in a crowded marketplace? What should you say and do to convince them to buy?

You can analyze your own customers to collect this information, or use a market research firm. Once you have the data, you're in a much stronger position to communicate clearly – to create a message that will resonate with your target audience. How you deliver the message will be based on who your prospects are, and the best way to reach them - and of course, your budget.

In short, the correct approach for small businesses is sound analysis and planning. It's the only approach that works.

This article originally appeared in The Navigator, the official newsletter of the Greater Newburyport Chamber of Commerce.

The authors are partners with Marketalk, which helps businesses develop and implement practical, cost-effective marketing plans with a solid return on investment. Marketalk works on our clients' behalf to deliver the right marketing solutions to meet their specific needs. For more information, call 978/465-7033, email info@marketalk.com, or visit www.marketalk.com.