Down The Drain

It’s OK to waste money right?

It’s OK to agree to waste $5,000 on advertising…simply because you’re too afraid to say No.
Sounds ludicrous when you put it like that right? But it’s no secret that many business owners give into the pressures or persuasions from great advertising reps. We’ve all fell victim to this at some point in our professional careers, but surprisingly there are still many business owners out there continuing to make mistake after mistake because they are not tracking their results. I feel it necessary to insert a disclaimer here before I get too many of my advertising friends off side. I am in no way, shape or form, implying that all advertising reps are sharks, in fact the good ones realise the importance of getting the very best results for their clients and will work with them to ensure the advert placement, offering and call to action is spot on. However on the flip side you have the sales shark. You know the type, rings you every second day offering an amazing, once in a lifetime deal. Applies the pressure hours before deadline, so that you feel compelled to submit a half assed advert that is at risk of ending up on the “Worst Advert Eva” compilation. Well I’m out to change the mentality and make business owners realise the importance of vetting these offers, thinking them through and making decisions based on data. Ultimately it’s about becoming educated and feeling comfortable with telling reps where to go, and if applicable tell them to go where the sun don’t shine in order for them to stop bullying you and take your seriously. Here’s 4 reasons your ears should prick up and your Marketing Guard needs to become engaged for combat.

1.       Features
I enjoy hearing of an upcoming feature, simply because I am well aware it’s a sales gimmick to package advertising in an “easy to understand format”.  For example your Industry is being featured, yet when you ask what other businesses are committed the rep talks around the fact. Just the other day I seen a marketing and signage feature that had a ½ page advert for one signage company, followed by a smaller ¼ page option taken out by an obvious smaller market player. I thought to myself, “Poor Bugger, he was sold to” My Advice – do not take part in features. If you want to advertise, advertise on your terms, away from your competitors with a compelling call to action. Features are a waste of time and will not provide you with the ROI you are expecting.

2.       Deals
When I think deals, I think Car salesman, Realestate Agents and Advertising Reps. I intend to laugh internally when being offered “the deal of a lifetime”, followed by the words, “If you want it, I’ll need to know today, so I can secure your space” There isn’t a day goes by when I don’t hear the words. “Oh we decided to do an advert there, because it was just so cheap, couldn’t really loose on it” Umm forgive me if I’m calculating this wrong, but aren’t you loosing $100? A deal is only a deal if it’s right for your business, hits your target market and provides ROI. My Advice – take that money and buy yourself a coffee every day, shout a client or two while you are at it, research would suggest you’ll get better ROI.

3.       Competitors
It’s human nature to watch what our competitors are doing. So if they start advertising on the radio, we think it’s a good idea to do the same. Likewise if our competitor is advertising in the local paper, we one up them and advertise on the front cover. Our default human nature often gets the better of us, as we cave to peer pressure and act like carless idiots. My Advice: It’s time to stop worrying about what your competitors are doing, loose the sheep mentality and create a leadership culture within your business.

4.       Ego
Perhaps one of the hardest lines to deliver to a business owner would go something like this:  “I’m sorry John but your advertising is feeding your Ego, not increasing your business and lining your pocket” Often business owners really enjoy hearing their radio advert, seeing their glossy mugshot in print or getting obscenely drunk at a networking event spilling red wine all over your white shirt and telling people how amazing you are…. The latter point truly happened a few years back, the memory of that night is still etched into my mind as I looked on and listened to this guy making a real d**k of himself. In my opinion unless your advertising is providing you with ROI and fattening your wallet, then your ego should be deflated. Why? Because you are making poor decisions with your marketing spend and running a business that is wasting unnecessary money, therefore making you a poor business operator. Nothing great about that aye?

At the end of the day all decisions need to be made with data at the forefront. If you’re smart you’ll have these systems in place to capture data and analyse your current Marketing Platform performance. If not, stop winging it and give us a call 0800 627 266