Advertising programs – Discover the right formula for business growth

Many small business owners get nervous when committing to big ticket advertising. While Social Media is important, it does not replace traditional advertising, rather it supports it.

Building a business is like building a house. Think of your website and Social Media as the foundation of your house. The exterior of your home, landscape and gardening are the advertising inviting those passing by to come and take a look.

Without the advertising, many may not find you. Relying on your business coming up on Google alone is a dangerous proposition and here's why. Someone who finds you on Google because they have typed in some keywords, may find you but will also find your competition who are also likely advertising in your keyword category.

If you are advertising both on Google and through conventional advertising like radio and television then you will see the best of both worlds; business through search engine searches and business through other advertising programs.

Many business owners have allocated more of their advertising dollars, in recent years to search engine advertising programs which can be more affordable but also highly competitive. This doesn't work for all types of businesses, so how does one know if they should be doing both; search engine advertising and conventional advertising?

The most important things that should be considered when deciding if conventional advertising will work for your business is:

1. Assess your appetite for risk. Thomas Jefferson said that "The man who stops advertising to save money is like the man who stops the clock to save time". If you are afraid to take risks, not advertising at all is not the answer. Explore advertising programs that will cost no greater than 4x the fee earned on one sale.

2. Look at your average value per/deal. If the average fee that you earn per/deal is $2,500, start out with a budget of $ 10,000 per/month.

3. Research, research, research. Define your niche market and ask advertising entities for data that supports who watches/listens to their medium to ensure that you choose a station that speaks to your niche in the marketplace.

The goal is to find an advertising program that will work. Throw all your money behind one well researched entity. So many businesses make the mistake of taking a decent advertising budget and spreading it around between several mediums. I like to follow the philosophy "own the station you are advertising on". You will have more success placing the dollars in one place and having a good rotation (your Ad's play frequently) than to spread your budget around (less frequency across more mediums).

Finally, don't give up. It may take time and some investment to find the advertising formula that will work for your firm. Once you discover the right formula, you will enjoy business growth that will exceed your expectations. For more information visit www.marketingforce.ca

About the Author

Assure Assess will connect you to your markets online.  Our team will work with you to ensure we understand your objectives and target audience to craft online media programs that will attract the right buyers.

We focus on your success!

Call 1 (888) 766-1221 or visit www.marketingforce.ca

Emerging Market Manufacturers Show Greater Interest in Resource Conservation

Demand for technologies aimed at bringing about resource efficiency will be on the rise in 2011-12 as businesses focus on reducing their carbon footprint. Key strategies involve using new materials, conserving existing resources and reducing waste and pollution, all of which will help to reduce overall input costs and increase competitiveness.

In an industry poll amongst 95 manufacturing companies by Global Intelligence Alliance (GIA) in late 2010, North American/European respondents said they see reducing carbon footprint, recovery in US/European markets and growing interest in safety and standards as the top three areas of growth over the next two years. In contrast, emerging market manufacturers from Asia and Latin America said that conservation of resources is their top area of growth. (Respondents included manufacturers of steel, testing and measurement equipment and agriculture and construction products).

(Chart: see http://www.globalintelligence.com/insights-analysis/bulletins/emerging-market-manufacturers-show-greater-interes)

European businesses in particular are bullish in the area of improving resource efficiency, with almost 70% of Europe-based companies citing this as a top priority. Core environmental industries in the EU, in the fields of pollution management and control, waste collection and treatment, renewable energy and recycling have a combined turnover of over 300 billion euro and have global market shares of 30%-40%. This sector is growing at over 8% per annum and is offering many new green jobs. A resource efficient Europe is a key component of the EU's growth strategy, which is centred around being a smart, sustainable and inclusive economy under the Europe 2020 programme.

Recovery at home key focus for American and European manufacturers

Over 60% of North American companies (compared with 43% of European based companies) cited this as a key opportunity area for 2011-2012. According to the latest IMF update of the World Economic Outlook, GDP growth in the US in 2011 is expected to be 3%, followed by 2.7% in 2012, whereas the Euro zone is forecast to grow at a more tepid rates of 1.5% and 1.7% respectively.

Government and banking leaders at the recent annual meeting of the World Economic Forum in 2011, warned that growth in the US/Europe could no longer rely on public sector stimulus and policy makers are urging the private sector – which is seen to be sitting on large profits – to start spending and investing. While governments in developed countries, especially in Europe, focus on fiscal debt restructuring, the impetus for investing in innovation, creating jobs at home and increasing export competitiveness needs to come from the corporate sector.

Meanwhile emerging and developing economies are projected to continue on a strong recovery path, with China and India leading the way at 9.6% and 8.4% GDP growth for 2011. As a result, businesses in Asia Pacific and Latin America are less concerned with growth in the developed world and believe that conserving existing resources is the biggest opportunity area for them in 2011, in line with the overall global trend towards higher resource efficiency.

(Chart: see http://www.globalintelligence.com/insights-analysis/bulletins/emerging-market-manufacturers-show-greater-interes)

Skills a key source of worry    

Slightly over 50% of European manufacturers believe that the lack of skilled manpower is a key challenge, while most North American businesses (nearly 60%) cited the retirement of skilled workers to be a key detriment to business growth. Businesses in Latin America and Asia-Pacific cite lack of creativity among workforce and lack of skilled manpower (62% for each) as the top two challenges.

According to leading workforce solutions provider, Manpower Inc's most recent Talent Shortage Survey, covering 35,000 employers across 36 countries, over 30% of businesses surveyed are struggling to fill key jobs critical for organisational success. Similar concerns are highlighted in a recent study by the American Society for Training and Development which states that by 2015, 60% of the new jobs created in the US will require critical STEM skills (science, technology, engineering and math) which only 20% of the workforce will possess. Talent is indeed becoming a scarce resource and companies need to become more agile in attracting, retaining and developing their employees.

Contract logistics drives growth for emerging market manufacturers

On average, 46% of all the manufacturing companies in the poll believe that growth in contract logistics will drive growth in their business of up to 10%.

About half the European and North American based manufacturers polled were more conservative regarding the impact of contract logistics and predict that consequent benefits will be less than 10% business growth.

Firms in Asia-Pacific and Latin America are more bullish, with nearly 60% predicting that the upturn in the contract logistics industry can lead to an incremental growth in their businesses by at least 10%.

(Chart: see http://www.globalintelligence.com/insights-analysis/bulletins/emerging-market-manufacturers-show-greater-interes)

In summary, the world's global manufacturer plan to drive business growth further over the next two years by improving resource efficiency, leveraging contract logistics and attracting, training and retaining workforce talent.

Author: Peter Read, Senior Vice President, Asia Pacific, Global Intelligence Alliance

This article and others from GIA's Asia Pacific practice can be found at Global Intelligence Alliance Insights and Analysis

About the Author

Global Intelligence Alliance (GIA) is a strategic market intelligence and advisory group. GIA was formed in 1995 when a team of market intelligence specialists, management consultants, industry analysts and technology experts came together to build a powerful suite of customized solutions ranging from outsourced market monitoring services and software, to strategic analysis and advisory.

Visit Global Intelligence Alliance

Starting And Growing Your Business

The decision to start up and grow your business is an exciting one. In order to truly succeed and develop, there are a number of steps you should follow.

Evaluate your Idea

You really need to consider if your idea for a business is capable of working. You need to look at it critically and objectively. This way you'll really be able to assess whether your product or service is the one that will take off. A good way to achieve this level of understanding is to become as knowledgeable in your field as possible. This will also enable you to figure out what you'll require in terms of people, resources, and money.

Creating your Business Plan

A plan is a vital part of starting a business. It'll not only help you set your aims and objectives but also allow you to figure out more clearly any costs involved and possible pitfalls to avoid. It's worth contacting a consultant who can provide proper guidance.

Marketing your Business

When running a business, the way you market your product or service is vitally important to its success. For this, you'll need to carry out a thorough research in your target audience and also the competition you'll face. A marketing consultancy firm will be able to assist you in creating a good market strategy so that you can start up and grow your business.

Financing your Business

No doubt you'll require some money to get your business started. You'll need to carefully work out how much money you need and for what purpose. Once you've got a figure, you can consider how you'll be able to pay for these costs. You'll then be able to start up and grow your business.

Legal Issues

This will apply to certain business ventures more than others. But, it's important to check out any possible regulations, for example, the issues like permits and taxes. To start up and grow your business, you'll need to be aware of these.

Preparing for Business Growth

Once you have your business up and running, you can consider how you'd like to develop. By planning for this, you can make sure that your expectations are kept realistic. A plan can be created by looking carefully at how your business is currently operating and by setting reachable growth targets.

Further Financing

In order to expand, the chances are you'll need more financing. Again, you'll have to consider the best way to do this. Once you're bringing in profit, your business will be able to finance itself.

Business Monitoring

Monitoring your business is vital for growth. In order to succeed, you need to manage all the different areas. Through this, you can see where you're most efficient and where you're lacking. To start up and grow your own business is a great venture. With proper planning and the right guidance, you can truly be successful. By considering all these factors, you'll really be able to start up and grow your business.

 

About the Author

Blueshift Consultants provide various packages and strategies to help you start up and grow your business. With an emphasis on saving costs but increasing turnover, Blueshift takes your company from where it is, to where you want it to be.