Advertising
Media outlets are a great way to promote your business, but it is a very expensive way to advertise. Before deciding if you are going to advertise, you must determine how much money you can devote to advertising. Most new businesses have a very tight budget when it comes to advertising.
If your advertising dollars are small, you should develop an effective marketing strategy while staying within your budget. First, research the advertising packages in as many media outlets as possible. An advertising package will contain the price for the different types of advertisements offered by each media outlet. When you are meeting with the sales representative for the first time, determine the length of the advertisement versus the cost.
Radio
For example, if a popular radio station's ad costs $750 for a ten-second spot during rush hour, you may be able to spend the same $750 and receive a thirty-second spot during the late evening time slot. The sales representative will help you determine which demographic would be more beneficial for you.
ssential
In the beginning you may not have the money to spend on a graphic designer. Offer to pay a talented art or photography student to design your collateral. Students will take a fraction of the fee of a professional graphic designer. In exchange a student will add the work to his portfolio.
Magazines
When you consider advertising in a magazine, you will need to compare the prices of the different size advertisements. You will also need to consider the editorial calendar of the publication. For example, a magazine may be printed every month with advertisements costing $600 for a quarter page. Another magazine may be printed every two weeks with quarter-page ads costing $400. It may benefit you to advertise with the monthly publication to save $200 per month. You also need to ask yourself which magazine targets your demographic best. Your sales representative will provide you with demographic information.
Question
How can I find my demographic?
For wedding planners and banquet event planners, it is wise to focus on advertising in wedding magazines and the Knot.com. Similarly, fundraising event planners working with health events such as walks and marathons should focus on advertising in health magazines. Advertising in trade show publications can also increase your exposure. This type of advertising is short-lived, so it can be relatively inexpensive, but it targets a precise audience. Bridal shows are a good example of trade show advertising. A bridal magazine may sponsor a bridal show, or a local magazine may publish a special bridal edition and couple it with a trade show.
Fact
The positive side to advertising in media is working with a creative department that does the copy and artwork for your advertisement. Media outlets will provide you with this service at no cost. Be sure to confirm with the sales representative what services are provided. Ask to use the same copy and artwork in your collateral to save money.
Trade for Advertising
You may have a small budget when it comes to advertising, so consider trading or bartering your services for advertisement space. For example, as a hotel event planner you can exchange hotel rooms for a magazine company in need of housing for out-of-town clients. As a restaurant event planner you may offer to host a radio station's holiday party in exchange for radio advertisements.
Typically the trade value of your service is equal to the dollar amount of the ad. You can approach many businesses for trade including newspapers, magazines, television, Web sites, and radio. Restaurants and airlines are famous for trade. Trade quotes are often inflated to balance the price of the advertisement. Never discount your prices in a barter situation.
