Advertising can be a great revenue generator, if planned and budgeted carefully. Publicizing the benefits of your product or service to potential customers, and why they should choose your business over the competition is fundamental to success. Advertising isn't an added expense; it's an investment in your business.
 Budgeting
Treat advertising like any other part of your business and allocate the right amount of money to gain the right response. In other words — spend what it takes to advertise correctly. You'll see a much greater return on your investment than you would trying half-hearted approaches.
Project your sales for the upcoming year; then decide what percentage of that amount you want to spend on advertising. Typical rule of thumb for a marketing budget is 10% of annual gross sales revenue, but some businesses require more. Budget your advertising for a full calendar year; you'll have enough time to track your advertising and compare results to previous year's sales, taking into account seasonality, sales, and slow periods. Never create a marketing plan that is built around spending less than your competition.
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 Tracking
You CAN track advertising responses! RainMaker can show you how. Comparison of a sales period when you are using new advertising methods to the same time in the previous year, is an easy way to see changes due to advertising. It can be as simple as keeping good records of changes in your foot traffic, to asking questions such as, “How did you hear about us?”
Additional ways to track advertising include special tracking phone numbers used on your ads, or coupons with unique promotional codes. When your customers call the tracked phone number or use the special coupon, you'll know they heard about you through the ad.
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Simply setting a reasonable budget, building the right marketing campaign, and tracking your results carefully will put you on the right path to not only knowing how well your advertising is working, but also how you can improve and optimize it for the future.
Remember that advertising doesn't have to be a mysterious, best-guess, unaccountable expenditure. It is an investment in your business, and you can budget for it, track it, and expect results from it. We can help.
Contact RainMaker for a free consultation, and we’ll deliver the best ROI on your marketing budget.
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