WOLFBITES - Issue 3
Needs first, budget second
We are constantly called by companies that want an estimate for advertising and marketing projects. The person making the request rarely offers any details, but they will admit that they have talked to other advertising and marketing agencies. So that’s it! They are looking for the best price…
But there is just one problem. Since there are no project specifications, there is no way to get comparable quotes. Moreover, the entire process is backwards. You should start with your target audience. Then set a reasonable – and conservative – estimate of the potential gains you could achieve by doing some marketing and advertising to attract this business.
Having an estimate of gain, you can now move on to the next two steps: setting a budget and determining the best way to attract the business with the available budget. In the end, you will get better results – and spend less. What a concept!
Read Wolfgang's latest marketing blog.
|Wolfgang Franke is President & Creative Director of Words at Work Advertising & Marketing, a full service communications company established in 1988. Our growing list of valued clients are found throughout our local market, Markham and the Greater Toronto area, across Canada in cities such as London, Ontario, and Edmonton, Alberta, and an expanding list of international locations ranging from The Big Apple in New York to Kanturk, Ireland.|
Mini WolfBites 4
Being BIG in one tightly defined market is far better than being small in multiple markets.
Understand the pain/price balance – for a lower price, the customer will absorb a lot of pain; for a higher price, the customer expects little or no pain.