Do Not Waste Your Advertising Dollars
by Kyna Steinfurth, Media Director
A lot of business owners feel that if they are going to grow their business they need to market their message to everyone and use the most impressive marketing options to stand out from the crowd. The problem with this way of marketing is that it is extremely expensive. They do not see an ROI (Return-on-Investment) and it starts the vicious cycle of seeing your business lose dollars and not be able to afford the marketing that you need to do.
Instead of going all out on your marketing efforts, look at ways you can advertise more effectively. Some examples are below:
- Direct Mail: Sure, you COULD send your customers a 16-page catalog showing them holiday gift idea options. Or, you could send them a more cost-effective direct mail piece that has a few gift idea images, as well as a gift card and then sends your customers to your website gallery with additional gift ideas.
- You also need to focus on customers that are more likely to take advantage of the offer. Condense your mailing list so that you are hitting customers that have shopped with you within the last three years and would have purchased more than an inexpensive silver charm. Do not pay to deliver a piece to a customer that walked in your door five years ago and spent $200.
- Trade Marketing: For B2B businesses, their first thought is trade marketing. With our specialty in the jewelry industry, we have extensive experience in B2B marketing. We have an amazing group of trade publications, but you need to really think about who you are trying to reach. If only 5% of retailers are appropriate for your brand then spending your dollars on reaching all of them is wasteful. Look at building your prospect list and market just to them through various direct mail and digital efforts
- Broadcast Media: The top radio or TV station in the market also typically has the highest costs. Look at advertising on a secondary station instead. They may reach a smaller number of consumers, but a higher percentage of those listeners may be your target audience. Additionally, the advertising demand isn’t as high, so their rates will not be as expensive.
- Digital Media: I have seen too many retailers push their bridal messaging out to consumers in their market without knowing which are in the proposal funnel. Always target consumers who are most likely to purchase first. If budget allows, then target the consumers who will (hopefully) be in the mindset for engagement rings next. Setting up the parameters will allow you to spend fewer dollars.
If you’re like the rest of the industry, you have felt the pressure to build your business and may initially think that getting your message out there to everyone (and everywhere) is the best thing to do. It’s not. Be strategic and determine what message you want to promote and to who. Find cost-effective marketing solutions to support your goals.