3 of 10

Write now Article Tools

If the old adage that "half of all advertising is wasted" is true, then some serious consideration should be given to the determination of which "half" is working and which is not. Cost effective advertising starts with setting a successful strategy and there are several action items in this process.

Research the Company's Assets and Opportunities

Many otherwise intelligent business people plunge headlong into spending money on advertising and promotion without first researching their assets and the marketplace. This can be a very expensive mistake.

By dispassionately "listening" to the market, management of a company can usually determine compelling opportunities to pursue and "landmines" to avoid. It is advisable to get qualitative and quantitative research on several fronts.

Qualitative research is that which can come from off-the-shelf research done for similar products and service or it can come from such tactics as focus groups among the target population for the company's products. Quantitative data can come from one-on-one questioning from visitors of shopping malls (mall-intercept) or via large samples of telephone surveys. Both tactics will offer the company a snapshot of current awareness and demand of the product or service and the potential for future opportunities.

With this research, the company will want to discover real data in several areas. Some of these include; (1) current awareness of the company and its brand (s) among the target population, (2) potential for sales among existing and potential customers (3) importance of a store or business's location, (4) salient features and benefits of the company's product in the minds of potential customers.

A Unique Selling Proposition Will Help to Focus the Advertising Message

When this research is completed and evaluated, the company should line up its product assets and compare them against consumer demand in the area where transactions will be completed. This should lead to the creation a unique selling proposition (USP) for the product or service to be advertised.

The primary question to be asked by the company should be "what is it about our business or products that are unique or compelling to the largest group of consumers in the market." When this is answered, a USP can be formulated and the advertising strategy will follow this.

Examples of successful exploitations of unique selling propositions that have been turned into successful advertising strategies and tactics are just about everywhere.

• 1
• 2
• 3
• 4
• next page >>

Add your voice

Know something about Tips for setting an advertising strategy?
We want to hear your view. Write now!