Advertising is like insurance. Many don’t know they need it until they really need it. And, after buying it prudently, wouldn’t go without it. The good thing about advertising is that, unlike insurance, it doesn’t require a major setback to reap its benefits! Jumping into paid advertising, especially in a new market, is a risk. You spend a significant sum on a service whose success relies on the whims of other people, in other words, isn’t predictable. Thankfully, those whims can be effectively harnessed into buying action if you play your data and media cards right.
When should you advertise? Ask yourself a couple of questions. Has word-of-mouth, networking and direct sales lagged bringing in enough new business? Are you unable to devote sufficient amounts of time to sales prospecting because of other business priorities? These questions may lead you to launch an ad campaign with a budget sufficient to move the needle in qualified lead generation. Your ROI can be calculated based on tracking your results. Always have a way to know how each prospect learned about you, even if you have to ask them!
How do you measure success? Let’s say your average new customer takes about one month from an initial inquiry to making a commitment. In as little as 60 days from a campaign launch, you should be closing on some new business and have a bevy of leads in your sales pipeline. Depending on your business model, profits from one new customer might pay for a campaign that nets several new customers, and that’s growth!
Digital Pay Dirt: After a few months of dialing in your messaging and target audience based on specific interests, you will begin to have a throttle-like ability to manage business growth and it can be very exciting! Digital advertising campaigns using Google, Facebook, LinkedIn and other platforms work fast because they use scientific algorithms to find the people you’re looking for while those people are happy to see your ad pop up, answering their needs. They click… and from there, the sale is up to you.
Chuck Sink is CEO of Chuck Sink Link, Contoocook, N.H.