To grow your business through advertising and promotion, you must first Know Thy Self! Where is my business today? Where do I want it to go? What is my product/service? What makes it better than the competitions? What are the demographics/psychographics of my customers? What would I like them to be? What percentage of my business am I committed to spending on advertising? For how long?

Remember, advertising takes time to work. Like the stock market, it's a long term commitment. If you're in it for the short term, the ups and downs will have a greater impact. If you ride the waves and are committed to your plan, you will eventually win.

Before you begin any advertising campaign, you must first determine your objectives. The who, where, what, when and how, if you will.

Case Study

To help you answer the following questions, we will use a Jewelry Store in the Southeast as a case study. By utilizing radio as their marketing vehicle (consistent 12 month campaigns on the top stations in the chosen demographic and psychographic - 18 to 34 year old males), they have been very successful in marketing $800 engagement rings. They own this market, but wish to broaden their appeal and increase revenue by selling more high priced items; $15,000 rings, $10,000 watches, tennis bracelets, etc. To do this, they had to:

a. Alter their positioning (Target). Advertise where they will reach an older demographic with a higher income level.

b. Change their image (Branding).

c. Increase their advertising budget. (Remember, they are trying to attract new customers while preserving their existing base).

Action Plan Chosen:

1. Placement on radio stations that deliver high income, 25-54 year old adults. Also, print ads in high-end magazines with female appeal.

2. Produce radio commercials and print ads to specifically reach this new target. Creative that "strikes an emotion" and informs prospective new consumers about the quality and selection they offer
(i.e. Concord watches, gold & platinum jewelry, diamonds ranging from $2000 to $20,000, etc.).

3. While trimming and shifting some of the advertising dollars used to reach the 18-34 year old demographic, the increased reach they desired necessitated a 23% increase to their total budget for the year.

Note: Their ROI (return on investment) has been tremendous. Sales of higher priced items have increased each month, and they have also maintained their success with their base consumer.