On a blog post I wrote last week, I spoke about some of the questions I got at the Global Entrepreneurship Week. If you recall, I mentioned that I was asked lots of questions on marketing and entrepreneurship.
One of the participants, Osman Safdar, a university student, came prepared with four excellent marketing questions. I will address each question in a different blog post.
The first question Osman asked me was this: which is more effective, publishing ads in magazines or sending out fliers?
Not a bad question. But there is a flaw in the question, or rather, in the assumption behind the question. Why assume that one would be better than the other? Why not both?
The answer to the question is that you measure the results you get from both, and then decide. If one gets good results, and the other does not, then you stop doing the one that does not get results.
When doing print advertising, you have to use newspapers and magazines that are going to be read by your target market. To give an overly simplistic example, if you were to sell cars an obvious place would be to advertise in car magazines. But not just car magazines. People who buy cars might also read lifestyle magazines. In fact, they might not even read car magazines at all.
A BMW 5 series buyer might read the financial papers, as well as some industry publications, but might not really care too much for car reviews and 0-60 statistics, and hence never pick up a car magazine. So you have to measure.
How do you measure? Ask your customers this simple question “how did you find out about us?” At the end of the month, tally all the responses. It really is that simple.
Fliers are generally better with geographic targeting. Meaning you can’t really choose who receives the flier based on hobby, occupation, or reading interests (which you can more or less with print advertising), so you basically cover a whole area with fliers. Generally speaking, fliers are good if you’re limited in your budget, as they are fairly low cost compared to print advertising. And if both the print advertising and the fliers work, then do both. Never drop something that is working for something cheaper! You don’t want fewer sources of customers, you want to always make sure you’re adding more, make sense?
Good! Talk to you soon.