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Advertising is a necessary expense when it DOES work, and way too expensive to waste money on if it doesn’t! Here are 10 common advertising mistakes to help insure your advertising makes you money instead of wasting your money:
1. NOT TARGETING YOUR ADVERTISING – Don’t waste your money advertising in areas and to markets that you have little hope of return on. If you receive the vast majority of your business in a 5-mile radius, think long and hard before you advertise in a publication with a 30-mile radius. You’re wasting your money on all those readers outside your target area.
2. ADVERTISING BASED ON COST ALONE – Cost per thousand doesn’t matter one iota. What matters is cost of advertising per customer. If your advertising is working, the cost is free.
3. EXPECTING ADVERTISING TO SOLVE ALL YOUR PROBLEMS – Advertising is a “piece” of the puzzle. It’s not the whole puzzle! If you don’t have solid products and enviable service, or have a generally poorly run business, the best ad in the world will offer no more than a short term solution.
4. FAILURE TO REMEMBER THE NEEDS OF THE CUSTOMER – You may be proud of a whole list of things your company offers, but unless there’s a customer out there looking for those things, to advertise them would be futile. Learn the benefits of benefit advertising. Figure out what your customer is looking for and advertise THAT.
5. NOT DIFFERENTIATING – Be different from your competitors! Be unique. Watch what they do and don’t do it! Set yourself apart from everyone else. You’ll be remembered!
6. NOT ASKING FOR THE SALE – There are only two reasons to advertise – EVER. One - to inform and educate. Two – to incite action. Even if your reason for advertising is to inform, don’t miss out on the opportunity to call for action!
Granted, there are a limited number of people in the market for a home at any given moment. But that number grows exponentially if you include people who KNOW people who may be in the market. Simply asking, “If you or someone you know is thinking of buying or selling a home, call and request this free brochure: “SAVING THOUSANDS OF $$$ BUYING A HOME WITH INSIDER TRADE SECRETS”
7. ADVERTISE INFREQUENTLY - Repetition, repetition, repetition – believe it or not, research says an ad needs to run 9 times before a company is seen as credible in the eyes of the consumer. A recent study conducted states that the average person receives 4,000 marketing messages on a daily basis, and only 1 in 3 ads are even SEEN by the consumer. Repetition works.
8. THEY DON’T TEST – If you are going to advertise, at least measure the results to see whether it worked! Don’t make the same offer every ad, so you can test accurately. And when you get a response, keep track.
9. THEY CONFUSE THE AD WITH THE MESSAGE – You want a pleasing ad, but don’t confuse graphic beauty with effective advertising. The message is the key.
10. THEY DON’T KNOW WHY THEY DO IT – Advertising because “the paper was there” isn’t good enough. Know what you want to accomplish with your advertising. Set goals, determine your market, track your results, and you’ll soon have a formula for accomplishing what you need to within your advertising budget!
Although advertising may work splendidly for announcements to the public, to try to expand your market, or to build image in your town, there is no better way to insure repeat and referral business than repeated contact with your customer base. We have testimonials from loan officers who’ve gone from 20% repeat and referral to 80% repeat and referral JUST by mailing postcards regularly. Advertise smart and keep in touch with your current client base- that is a sure recipe for success.
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