You should regularly review your marketing plan to ensure that your advertising strategies are helping you to achieve your marketing goals.
It's important to set clear goals when considering advertising, just as in any other part of your business. What measurable results do you want to achieve in the market this year, and in the longer term? Targeting your advertising will make it easier for you to decide how and where to advertise. You may want to increase the sales of a particular product, make your customers aware of a new service, or attract regular customers away from your competitors.
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For example, a men's clothing store may have as its main goal: To create awareness of our new range of imported suits for businessmen aged , in the first 3 months of the year. This goal identifies what is to be advertised, to whom, and when. Knowing what you are trying to achieve is essential when planning your advertising. When deciding how much to spend on advertising, consider your costs and cash flow as well as your goals. While spending too much on advertising is risky, spending too little can also cause problems.
If your advertising is not professional or frequent enough to generate results, competing with other businesses may be difficult. Sometimes you need to see advertising as an investment in your business to build awareness over the longer term. Knowing how much other businesses spend on advertising can be invaluable when setting your budget. Benchmarking is the best way to compare your business with other similar-sized businesses in the same industry. Where do your competitors advertise? What do they say about themselves? How do they position their business?
You may decide to follow their strategy, or do something completely different. Either way, it's important that you know how your competitors advertise their products or services.
Market research involves finding out as much as you can about your competitors and customers. You may find that your target market reads a particular magazine, and your competitors advertise in every issue.
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