HIT AND MISS ADVERTISING

In today's over-communicated world a small impression is no impression. One survey indicated that if you're not number 1,2, or 3 in the consumer's mind you have only a 1 in 20 chance of getting their business. This includes not only direct competitors but also anything that competes for consideration for disposable income. Dine out tonight? If so, sit down fine dining? Which restaurant? Or fast food? Burgers, tacos, chicken? Or cook at home?

Virtually all decisions on how to use disposable income involve consideration loops. We consider spending on those items we have value for. Value is created through knowledge. Knowledge is attained through communication. Advertising is persuasive communication designed to increase knowledge of the benefits offered which increases the perception of value and lifts the items advertised higher into the consideration loop.

None of this happens if your advertising can't stand out amid the clamor and clutter. Which is why having a miniscule share-of-voice (your share of the total advertising on the medium you're using) on many advertising outlets will never perform as well as having a large share in very few (sometimes only one) advertising outlets. It is better to own of the total than to merely make an appearance to 20%. When you own an advertising audience those people will know enough about your benefits to include you high on their consideration loop.

NO U.S.P. (Unique Selling Proposition)
FORGETTING THE NUMBER ONE GOAL of a business is to grow and maintain a base of customers.
UNDERSPENDING OR OVERSPENDING on advertising.
POOR COMMUNICATION with employees.
TOO MUCH PROMOTION—especially when you think it is advertising.
THINKING LIKE A SELLER instead of a buyer.



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