Last night, I attended the Patriots vs. Steelers Game at Gillette Stadium with my brother, father, and good friend John Dye (owner of Sole Training in Portsmouth NH)… As I marveled at the magnificence of the stadium, I couldn’t help but wonder how many corporate sponsors paid thousands of dollars to have their logos blasted throughout the area – such as the “Alex and Ani” logo under the scoreboard.
Sure, having your logo at the stadium is great for your ego and gives you bragging rights. Heck yeah it’s cool!
But is it effective? Does it generate a positive return on investment? Could that money be better used elsewhere?
The truth: they’ll never know for sure.
That’s because there are no tracking devices to monitor if it’s working or not – there’s no unique phone number, coupon code, call to action, or URL to identify where the sales of coming from.
But let’s be real: that wasn’t the point of their advertisement anyway.
Big ad agencies tell tales of the need to get your logos blasted as many places as you can afford (like a big Goodyear logo on a blimp) because, theoretically, when someone is ready to buy from you – they’ll recall seeing your logo and be more likely to buy your brand over a competitors.
If you’re an advertising agency, it’s an ingenious way to get people to spend lots of money with you (again, usually thousands of dollars) without being held accountable for its performance… Yup, I just went there.
You see, the brand agency’s approach to casting a wide net (costing you thousands of dollars) to hopefully catch a few fish is nowhere as effective as simply casting a line, with the right bait, in a pond where the fish are biting.
The key is:
- Know who your target market is
- What offer they are likely to respond to
- Where they are likely to respond
- How they are likely to respond
- Why they are responding
Then once you’ve determined what works – rinse and repeat.
And as a small business owner, this type of advertising doesn’t break the bank either! Depending on your media, you can get started with something like this for just a few hundreds bucks in a narrowly defined target market.
Look, if after your first advertisement you know you’re getting a 50% return on your advertising effort – then you can take out another, then another ad. Then perhaps broaden your reach to a bigger audience because you’re getting a return on investment – and you can do this because you’ve got a proven system that you know is working.
And that’s how to build your business on results.
In your corner,