Rose Royce

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Rose Royce
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SAM 95.5 Simply About Music. From Abba to ZZ Top
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supplies the highest familiarity with the least
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introduce The Valley to SAM. OH Yeah, weve go
t Bob and Sheri weekday mornings 6am 9am.
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Employing an Effective Advertising Campaign
One thing that successful companies have in
common is that they are good marketers.
Unfortunately, the opposite is also true. As
marketing guru Al Ries puts it, "Billions of
dollars have been wasted on marketing programs
that couldn't possibly work." It is important
that you use proven practices to increase your
likelihood of being successful. There are four
steps to ensuring an effective marketing program
for your business           Identify your Targ
et Market. The three main ways to select a targe
t group of customers are 1.      Demographic - c
haracteristics like age, education, income,
occupation, gender 2.      Geographic - pertaini
ng to a specific geographic area
3.      Psychographic - lifestyle characteristics
like hobbies and interests.. Examples
DEMOGRAPHICMen, age 35-64College graduates
GEOGRAPHICShenandoah Valley ResidentsZip Code
22801 PSYCHOGRAPHICBoating EnthusiastsGardener
s How would you describe your target market?
Develop a Positioning Statment that
differentiates you from the competition.
Positioning Statement Positioning is the place y
ou occupy in your target customer's mind. As
stated in The 22 Immutable Laws of Marketing,
"The goal is that, when your customer decides
they're ready to buy, they think of you first."
The positioning statement usually includes two
elements Your unique selling proposition (what
makes your business special) and your target
market (your most important customer segment).
  Example To be the most convenient provider of
pizza to the Shenandoah Valley households.
What do you see as being your firm's Positioning
Statement? Devise a winning Market Strategy based
on your strengths and market conditions
Marketing Strategy entails emphasizing key
elements of your firm's Marketing Mix Product
.. Place Price.. Promotion.
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Any good business plan should include a candid
assessment of a business' strengths and
weaknesses. A similar assessment should be done
for each of your major competitors. Two of the
most useful tools to do this are 1) The
Marketing Mix AnalysisAnd 2) The Marketing
Matrix Analysis With the Marketing Mix Analysis,
you evaluate businesses according to 4 major
areas beginning with the letter "P"
Product, Price, Place, Promotion.
With each of these areas, you evaluate your
competitive position by giving it a
        if your business holds a competitive
advantage in this area         0 if there is no
significant advantage or disadvantage in this
area         - if your business is at a competi
tive disadvantage in this area
For example, if you have a great array of
desirable products (), at very competitive
prices (), but a poor store location (-) and a
moderate amount of promotion (0), your assessment
might look like this Your Business Product .
Price . Place/Location -. Promotion 0
You then would do the same type of analysis on
your major competitors using the same chart
Your Business Business A Product . , - , 0 ,
Price , - , 0 , Place/Location . , - , 0 ,
Promotion . ,- , 0 This type of analysis ena
bles you to determine where you have a
competitive advantage. A savvy marketer then
capitalizes on this strength in all of their
marketing efforts and it can even become a part
of their positioning statement. It is a rare
local business that can be exceptional in all
four of these areas, so it is recommended that
you emphasize no more than two areas. This helps
to ensure focus, and that the customer gets a
clear picture of what you are known for.
 This can be better understood by reflecting on
how this works in a particular industry. For
example, in the Fast Food industry, some
business' strategy is to have the best food
(product) available. You often see them promoting
the quality and tastiness of their food. Others
emphasize the affordability of their food,
emphasizing their "value pricing". Still others
attempt to gain competitive advantage by
maximizing the number of their locations, and
attempting to secure the best locations in the
city. Most market leaders in this industry place
a heavy emphasis on Promotion in their marketing
strategy and thus use extensive advertising
campaigns to boost their sales.
How would you evaluate your business (, 0, -) in
the areas of Product______ Price______ Place___
___ Promotion______
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The second analysis, the Marketing Matrix, is
used to plot several businesses on a
two-dimensional plane according to how well they
meet customers' key requirements. To do this
analysis, draw a vertical line and bisect it with
a horizontal line to form a cross. These two
lines represent a continuum of bad to good
performance in a particular area. For example,
let's use, as an example, a jewelry store. Let's
assume that the two most important things to
jewelry customers are "quality" and "price". Put
the word "quality" at the top of the vertical
line. Put the word "price" to the right of the
horizontal line. High quality would be plotted at
the top of the vertical line, and low quality at
the bottom of the vertical line. Now, pick a
specific jewelry store, and plot where that store
fits on the Marketing Matrix quality line,
compared to other businesses who offer jewelry.
Quality Price Now plot wher
e the store fits on the price line (higher to the
right of the line, lower prices to the left of
the line). Place a mark at the intersection of
these two points. Then continue to plot similarly
for other jewelry stores. Before long, it should
be evident who is competing with whom, and where
there are unoccupied niches in the market. This
will enable you to determine your marketing
strategy after more fully considering the
competitive dimensions of the marketplace.
  Do a marketing matrix for your own competitive
marketplaceWhat two areas are most important to
your industry's customers? _______________________
_____________ Place these criteria on the chart
below, and complete the exercise as described
above.     Establish Marketing Objectives fo
r a successful business After your have formulat
ed your business marketing plan, and analyzed
your business, your customers, and your
competition, it is important to establish clear
objectives. Many advertisers fail to develop
useful objectives and, as a result, their
business suffers.
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• Excellent objectives have three things in common
  
  
• First, they must be SPECIFIC. It is not uncommon
  for a new business owner to say, "My goal is to
  get all the business I can". While this sounds
  admirable, it is too vague to be useful. It is
  important to identify the 3-4 most important
  areas where you want to see business results grow
  or improve. For example, would you like to see an
  increase in store traffic, or perhaps a jump in
  the number of first-time customers? Some
  businesses have specific objectives for
  per-transaction dollar amount.
• Many companies use the total dollar amount of
  sales (compared to the same time period last
  year) as an indication of their progress. By
  identifying your main goals and objectives, and
  communicating these to your media account
  executives, you enable them to put together a
  customized recommendation designed to meet, and
  exceed your expectations.
• Secondly, objectives should be MEASURABLE. The
  objectives need to be quantified, or put another
  way, expressed in numerical terms. For example,
  "increase our weekly sales by 4.2" or "increase
  the percentage of our customers that come from
  the 05641 zip code from 35 to 46." Phrases such
  as "move more merchandise" don't give any
  indication of what the advertiser would be
  satisfied with, or provide any direction in
  determining how much advertising would be
  required to meet this goal. Put another way, the
  size and scope of your marketing
  efforts/advertising budget should be a function
  of what your advertising objectives are. Clearly,
  it will take more advertising to generate a 15
  increase in sales than a 4 increase in sales.
• Finally, the objectives should be REALISTIC. It
  is important to set objectives based on
  reasonable criteria and that are within the range
  of possibilities. It is clearly advantageous to
  set objectives that are challenging, but they
  must be able to be reached. Setting these too low
  can result in complacency, while setting them too
  high can result in frustration and
  discouragement. An effective account executive
  should be able to give you some idea of the type
  of response an advertising campaign should
  generate.
•  Here are some examples of effective advertising
  objectives
  
•         Increase December store traffic by 6,
  compared to the previous December.
  
•         Increase carpet sales to 40 or more of
  the store's total sales by 2001s year-end.
  
•         Maintain the June per-store sales
  average at 4000/day or more.
  
•         Increase our advertising schedule's
  reach of women 25-54 to 55.
  
• List below 3 or 4 of your firm's main objectives
  for the next quarter
  
• 1)
• 2)
• 3)
• 4)

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• We have compiled a list of the Top 10 Advertising
  Questions and provided answers for them to help
  you in your marketing decisions.
  
•   How much do I spend? Which media vehicle should
  I use to advertise? How do I know my advertising
  is working? These are all questions that an
  advertiser might have when putting together and
  implementing a marketing plan.
• To help you out, we have listed the top 10
  questions with a brief answer to each.
  
• How do I know how much to spend on
  advertising?To know how much to spend on
  Advertising, first you need to establish your
  advertising budget and then set your monthly
  expenditures.
• How do I evaluate the effectiveness of my
  advertising? In order to determine the success of
  your advertising, you must have measures in place
  that can determine the return of your advertising
  investment.
• How can I learn more about my target
  audience?Understanding your target customer
  guides you in making the right advertising
  decisions, from what to say to which medium to
  use.
• How do I evaluate the efficiency of different
  media?The true evaluative tool to compare the
  efficiency of one medium to another is to make
  different offers on each medium than track the
  response rate, then do a return on investment
  analysis.
• How do I make certain that my ad will pull?While
  there are creative factors that influence ad
  effectiveness, marketing considerations should
  also be considered. Make sure your giving the
  right offer to the proper demographic that each
  media targets.
• What's more important reach or frequency?While
  both are important, your marketing plan and sales
  objectives should dictate the level of each.
  
• How do I know which medium works best?While
  there are many factors to consider, reach of the
  medium against your target audience is among the
  foremost. Plus you should consider wither the
  campaign is an impact promotion, or an image
  campaign.
• Should I run a big ad campaign per event or
  promotion, or consistent ongoing ads with lower
  frequency??This question is best answered by
  determining your marketing objectives before
  committing to your ad schedule. However the best
  advertising strategy is to brand your business
  with ongoing image advertising so that when you
  have an event that employs impact advertising the
  audience will be familiar with your business and
  understand the value of the event.
• What factors should I consider when choosing a
  media vehicle?There are four factors to consider
  when choosing a media plan. Factors such as
  budget, target audience, and sales objectives,
  return on investment.
• How do I know I'm reaching my target audience?To
  improve your ability to reach your target
  audience, consider using demographic, geographic,
  or psychographic profiles.