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Keys to Ensuring a Strong Return on Investment Prepared for The Kirkwood - Des Peres Area Chamber of Commerce Marketing Monday February 28, 2011 St. Louis Post-Dispatch Media Solutions Connect with St. Louis Audiences Print Digital Direct
Today’s Topics <ul><li>Market Overview And Brand Recognition </li></ul><ul><li>Advertising Objectives </li></ul><ul><li>Choosing The Right Media </li></ul><ul><li>Advertising Prices And Your Budget </li></ul><ul><li>Designing An Effective Advertising Campaign </li></ul><ul><li>Tracking Your Results </li></ul>
Basic Evaluation <ul><li>What does your business look like to a consumer? Successful retailers recognize the importance of maintaining and constantly updating their store evaluation program. They also encourage employees to participate. These questions will help to evaluate your store. </li></ul><ul><li>Store Front </li></ul><ul><li>Are your windows clean and free of sign clutter? </li></ul><ul><li>Is the paint or exterior finish dull or faded? </li></ul><ul><li>Front Signage </li></ul><ul><li>Does your sign look current or is it old and dated looking? </li></ul><ul><li>Is your sign clearly visible and in good repair: no holes, cracks or burned out bulbs? </li></ul><ul><li>Does your sign tell customers what type of products you sell at a glance? </li></ul><ul><li>Do you have adequate signage for your building as it relates to street visibility? </li></ul><ul><li>Does your signage make a strong statement about your company? </li></ul><ul><li>Interior Signage </li></ul><ul><li>Is your product signage uniform? </li></ul><ul><li>Does your product signage describe the high points or features of the product? </li></ul><ul><li>Lighting </li></ul><ul><li>Are you using Track or spotlights to create focal points? </li></ul><ul><li>Is your store bright enough for older customers? </li></ul><ul><li>Customer Service Counter/Write Up Area </li></ul><ul><li>Are you known for your customer service? </li></ul><ul><li>Do you have designated space for salespeople to use when taking orders? </li></ul><ul><li>Merchandise Presentation </li></ul><ul><li>Is the product in your key selling displayed properly, neatly spaced using backdrop figures? </li></ul><ul><li>Do you have feature displays to encourage traffic flow? </li></ul><ul><li>Corporate Identity </li></ul><ul><li>Does your interior/pricing signage reinforce the corporate identity? </li></ul><ul><li>Do your sales people wear apparel or accessories that reinforce your corporate identity? </li></ul><ul><li>Traffic Flow </li></ul><ul><li>Does your store have a good traffic pattern? </li></ul><ul><li>Does your store encourage people to move throughout the entire store? </li></ul><ul><li>Can customers readily distinguish between departments or is product scattered and unorganized? </li></ul>
<ul><li>10 Ways to Waste Your Advertising Investment </li></ul><ul><li>One and Done : Advertising works best when it is scheduled with some frequency. Expecting that one ad is enough is like assuming that one tap from a hammer is all a nail needs. </li></ul><ul><li>Pointless: If the reader has to work to determine what the point is the ad is wasted. There must be some urgency. There needs to be a call for action. </li></ul><ul><li>Too Many Points: Some advertisers feel that if every square inch of an ad must be used. Ads like this are like the proverbial bed of nails. </li></ul><ul><li>No Stopping Power: If an ad doesn’t stop and pull the reader in, then the ad is wasted. Many advertisers waste ad dollars by investing in personal preferences or by promoting that which isn’t selling rather than what customers want. </li></ul><ul><li>No Goal: Any ad that hasn’t set a goal is wasted. Ads aimed at driving traffic look quite different than ads trying to change opinion or to brand image. Know up front what your strategy is going to be or you will waste dollars. </li></ul><ul><li>Miss the Target: An ad targeting travelers that runs in Tuesday sports may not be as effective as one in the Sunday travel section. Advertise in places that appeal to your customers. </li></ul><ul><li>Fickle Formats: Advertisers who constantly change the look and style of their ads lose the residual benefit of the ad schedule. Stick with the format long after you are tired of it. Your customers are far more tolerant. </li></ul><ul><li>Point the Finger : Too often when an ad doesn’t work the finger is pointed at the media. Evaluate every ad to see what you could do better. The cheapest ad is not always the most effective. </li></ul><ul><li>Unrecognizable: Walmart advertising reflects its image and personality rather than Nordstrom’s. Advertising that makes you look like someone else is wasted. Also, vanity ads that include the advertiser or family typically satisfies ego, but is a waste. </li></ul><ul><li>Lack of Communication: Communicate your advertising investment with your employees, sales personnel, merchandise buyers and even vendors. </li></ul>Newspaper Association of America 4401 Wilson Boulevard, Arlington VA 22203 (571) 366 – 1000 www.naa.org Wasting Your Investment
<ul><li>11 Tips to Help Business Thrive During Soft Economic Times </li></ul><ul><li>Continue advertising. History shows that marketer’s who stop advertising during a tough economic time, lose market share. </li></ul><ul><ul><li>Sears stole the market from Wards in WW2 </li></ul></ul><ul><ul><li>Kellogg beat Post during the depression </li></ul></ul><ul><ul><li>Taco Bell & Pizza Hut stole share from McDonalds during 90-91 recession </li></ul></ul><ul><ul><li>McDonald’s recently stole market share from Starbucks. </li></ul></ul><ul><li>Focus on existing customers. You know your customers better than anyone. You know what types of product mixes are most appropriate for them. Use this information to create offers that are most valuable to them. </li></ul><ul><li>Listen. Collect customer feedback. Use either formal (surveys) or informal (asking people in store) feedback instruments to find out how your customers are dealing with the tough economic time and how your store could help them. Ask them what types of specials they would like to see. </li></ul><ul><li>Focus on the neighborhood. Allocate some of your marketing budget to current and potential customers who live close to your store (also known as your retail trading area). Print media is great for this effort, especially inserts which typically are more cost effective than mailing. </li></ul><ul><li>Value messages are critical. Think about the prices you can offer as well as the discounts that might be available. Make prices clear in your messages. </li></ul><ul><li>Politeness counts, more than ever. Greet customers when they enter your store. Thank them when they leave. </li></ul><ul><li>Consider a loyalty program. If you don’t have one in place, think about a punch card-type loyalty program that is quick and easy to implement. </li></ul><ul><li>Create benefit offers. Select specific products or services and package them into a value offer that you can advertise in store and through traditional channels. </li></ul><ul><li>Dial up the service. Make sure your employees understand the value of exceptional customer service during this time when customers may be looking for reasons to switch. </li></ul><ul><li>Think treats. Even though customers are cutting back, according to Money Magazine, they plan to spend a small amount of their tax refund, or rebate check on a small treat for them selves. Think about what you might offer your customers as a special, one time discount on a treat to get people in your store. </li></ul><ul><li>Partner with a local cause. During slower economic times, many of your customers may cut back on philanthropic giving. Partnering with a charitable cause reflects well on you, and can somewhat assuage your customers guilt about not donating more to charity themselves. </li></ul>Thrive in Soft Economic Times
Advertising Pays Advertisers who continued advertising in the early 80s recession saw a 256% increase in revenue over those that didn’t advertise in 1985. Source: McGraw-Hill Research; Annual sales shown as an index from 1980 to 1985
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