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Most business owners assume that advertising is used to influence a customer
to purchase a particular brand. However, brand advertising is only one approach
that needs to be considered when deciding which marketing strategy is right for
your business.
If your aim is to heighten awareness of a particular brand amongst your customer
base, then brand advertising is probably for you. Your advertisement should
support your goal of attracting customers from a rival supplier, so as to either
increase your market share, or arrest any decline in sales. Ask yourself: what
can I do in this ad to stimulate selective demand? That is, demand for my
product, rather than my competitors’? If you want to improve your "piece of the
pie", then brand advertising is probably for you.
Product advertising, on the other hand, is designed to stimulate demand for a
general product category. Because the aim is to increase the size of the
industry as a whole, this strategy is usually adopted during the early stages of
the product life cycle. For instance, a supplier of Goji berries might highlight
the health benefits of the berry, rather than the superiority of one brand over
another. This is because interest in the product is relatively new, requiring
substantial consumer education in order to increase general demand.
Increasingly, corporate advertising is gaining momentum as a way for companies
of any size to heighten awareness of their corporate name, as well as their
brands. Typically, this strategy is seen as the domain of large, publicly-listed
companies, however any established business interested in long-term positive
public perception might consider such a campaign. A good example is the ongoing
campaign to "eat more red meat", which presents a clear point of view in order
to counteract negative sentiment. Such campaigns can work to improve public
opinion, encourage customers to patronise the firm, or to help cement a
corporate identity. If you have an established business with several products
and/or services, or operate in a controversial industry, corporate advertising
is worth considering.
Finally, co-operative advertising can be a creative solution when budgets are
tight. Traditionally, manufacturers have paired up with retailers to split the
cost of advertising the manufacturer’s product (along with those of other
manufacturers in the same campaign.) Supermarkets and department stores have for
years derived most of their advertising budgets from manufacturer contributions
in this way. However, any company with complementary business relationships
might consider such an approach. What about a restaurant and a winemaker? A
website developer and a graphic artist? A storage facility and a moving van? If
your company enjoys close business relationships, then this approach could
substantially reduce your overall spend, whilst increasing your overall reach.
In summary, it’s vital to determine your advertising strategy well before you
consider issues such as media selection, budgets or content. Firstly, ask
yourself: What am I trying to achieve in terms of market share? How mature is
the industry in which I operate? Am I looking for long-term or short-term gains?
And, is there a way in which I can share the cost of advertising, whilst still
achieving my objectives? A well-researched strategy is the framework on which
any successful advertising campaign is built.
Vanessa Browne is a professional author and management consultant. Visit
http://www.mybusinesswords.com for total business writing solutions,
including a comprehensive range of free business document templates, business
letters and outsourced writing options.
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