Advertising….Part Two – Benefits.
In the previous post, I discussed briefly the need to be able to ensure that your advertising dollars were actually providing a return on your investment. Dollars out = Benefit In. At least in an ideal world.
But what type of “Advertising benefits” could we be looking at?
Well, although in the previous article I eluded to the return of dollars for dollars (no slight to those who are on a different monetary system….), there are other types of benefits that you can get in return. Ultimately they should all return back to you as a financial return, but there may be some “intermediaries” that provide the more immediate metric of ROI for you. Let’s look at some.
Different types of Returns on Your Investment
This is the most important return that you are looking for. But it may not always be the first that you see. It’s basically how much money you make from each dollar you spend. It’s not always easy to be highly specific about where the money is going…or coming in, but the greater the level of granularity that you can achieve in your analysis…the better off you are. Dollars in return is the numero-uno you need to strive for.
Getting people’s contacts information to allow for you to stay engaged. Sometimes you are doing advertising or other forms of engagement and/or contact with your potential clients or customers to do one thing…establish a relationship. And the best way of doing that is to know WHO you are talking with and HOW to continue to get information to them. That’s why next to dollars, contact information may be the top item that you strive for in advertising.
Visual (or other) Familiarity
To do this you need something that will burn into their memory. A catchy tag-line, jingle or most typically…an informative logo. Visual familiarity is important for individuals to recognize you when you are back in front of them. It’s the Coca-Cola logo. Dodge Ram. Google. You get the idea…it’s about becoming a household name. Something…or someone who is familiar. Customers and clients are far more likely to do business with someone who they know. Even if they really don’t know you, but you are familiar.
Comfort with You and Your Product or Service
The more people see you and your visual familiarity, the more likely they are to want to engage with you for business. Some may call this “expertise” or other forms of authority. It is closely related to familiarity but may have a greater level of specificity. If I showed you a logo for Apple, you would be familiar with the company. But if I provided you with a bunch of testimonials on how the iPhone changed people’s lives…then they start to develop a comfort level with your product. Many times this is developed through the use of testimonials, but there are many other ways of developing comfort with your customer / client.
Quick Analysis of the Big Boys
Going back to the previous article, let’s take a quick look at what the top three big boys may have gained from these gi-normous advertising spends.
My Pillow….$67 M
In this case Mike Lindell has totally blanketed (pardon the pun) the market with his “patented” pillow design. Let’s face it….the proof of a pillows desirability is by the user. But Mike has EVERYONE talking about his pillow and making you feel like you are an alien if you don’t like it.
Dollars….I have a feeling that he is making a bundle. Let’s put that to rest (…another bad pun…)
Contact Information...he is getting it through purchases but this is an area that really doesn’t apply in this promotional campaign. Why? Because his product isn’t really a renewable product. To understand what I mean, see the next company.
Familiarity... “For the best ….in the whole wide world” jingle is annoying. REALLY annoying. But when I hear it…I think about Mike’s pillows. Annoying but it works.
Testimonials (comfort with the product): Ditto. His ads make you think that everyone has thrown away their other pillows because they were inferior. We know that’s not true, but it’s all about psychology.
Ok, let’s face it. Americans are generally fat. They don’t want to be, but they are. And they are self-conscious of it. So they will do ANYTHING to lose weight, as long as it’s easy and they don’t have to put out much will-power.
Dollars….I am sure they are making a bundle. They have been around for a long time. They don’t call them fat-cats for nothing.
Contact Information..You can bet that once they have your contact information from your first purchase, they will KEEP advertising to you on a regular basis, while you are buying (i.e. with the upsell) AND especially after you stop buying. They got ya.
Familiarity... I think it’s Marie Osmond. Pretty familiar to baby boomers. Heck if she can pork out then become hot again…it HAS to work for you. At least that’s what they want you to think.
Testimonials (comfort with the product): Ditto. His ads make you think that everyone who uses the system regains their optimal weight AND fitness. By the way, they also have a better wardrobe, but that’s not included.
Contact Information..You can bet that once they have your contact information from your first purchase, they will KEEP advertising to you on a regular basis, while you are buying (i.e. with the upsell) AND especially after you stop buying. They got ya. Just like Nutrisystem.
Familiarity... They don’t use a lot of famous people because most famous people don’t want to be shown to millions of consumers to be a normal pimple-faced average schmo. So instead, they use an average, pimple faced shmo to make you feel familiar. Plus those schmos probably are a lot cheaper to hire.
Testimonials (comfort with the product): Before and after pictures. Dramatic. Effective. Nothing more needs to be said.
What other benefits do you see from advertising? Heck, I am not the only person with experience…share yours below. What have you learned about the benefits of advertising?