Where do you spend your advertising dollars and time?
I was at a SCORE seminar sponsored by Palatine Bank and Trust ; that shared a formula for advertising that I have to admit that I had never seen or heard of before.
Time Dollars
70% Known to works systems 50%
20% Innovative techniques 25%
10% New, out there concepts 25%
I find that this is a very thought provoking concept. Especially since I have not been analyzing my advertising time and dollars at all. Especially since I spend little to nothing of either on traditional advertising.
I had a gentleman who was trying to sell me on his idea for marketing my company, but I found it amusing that he kept asking me what I considered the wrong questions. He was asking what my budget was for advertising. As a small business owner I don’t have a budget per se for advertising. But, if intrigued I will/would find the funds to do it. I ended up not working with the gentleman more because I was already working on what he was pitching. But also because the end products I had seen has not passed the scrutiny of my Advisory Board.
Now being active in Social media I tend to view Social Media at least for me to be touching all three categories. Others my look at it as new, or out there. Because I for one have not been able to determine an ROI for Social Media.
But most of my advertising time is spent with networking groups.