WINDOWS Magazine Autumn 2016 - Page 22

marketing Eeny, meeny, miny, mo, which one do I choose, which way do I go? available to a certain demographic profile, income sector, profession etc? Are you restricted geographically? What does your customer ‘look like’? Stephanie Dale Managing Partner DMC Advertising Group Are you struggling to determine where best to invest your marketing dollars to gain the greatest return on your investment? Today, there are so many choices. Gone are the days of a choice between TV, radio or press. Now there are a myriad of media platforms to choose from. The line is distinctly blurred between above and below the line advertising. How do you choose? The Five Key Questions To Determine Your Optimal Marketing Medium Before you make any decisions, step back and ask yourself the following basic strategic marketing questions. The answers will assist you to select the optimal marketing media for your business. 1. Who is my target market? Sounds simple, however, this is one question where many people fail to fully understand or define a clear and accurate description of their business’ true target market. Is your product or service a top shelf item only 20 Australian Window Association Autumn 2016 To assist in developing your answer take a good in-depth look at your existing database of customers. Try to identify common traits that appear in a greater percentage of them. You may be surprised when you actually analyse your data. You may identify an area where you have not gained sufficient market penetration but believe that there is greater opportunity. This too should form part of your target market analysis. 2. What media in my local area does my target market watch, listen to, or read? Having established a clear picture of your target market, now ask yourself, where do they obtain their information? What specific media do they listen to, read, watch or engage with? It is important not to speculate or ‘second guess’ the answer to this question. Often the only way to determine this is by asking them. A simple survey (with an incentive built in to encourage involvement) will bring you the answers you need. No more than six or seven questions, keep it easy and simple. Ask what publications they read, television stations they watch, social media platforms they engage in, radio stations they listen to. You will be amazed at the results. 3. Which media gives me the greatest penetration to my target market, per dollar spent? Perhaps the most important question of all. The reason for this question is that you need a method of comparing the relative marketing investment of one medium to another, a tool to measure what you get for your marketing dollar. A commonly used media buying measurement is the ‘CPM’ calculation. The CPM calculation allows you to break down your media investment into cost per 1,000 ‘exposures’. For example, if your airtime for running a radio spot costs $500, and the radio station’s data shows 45,000 people matching the age of your target market audience are listening during the time period you’re considering, then you would compute CPM as follows: CPM = $500 = $0.011 45,000 This means that you are paying one cent for every person who is exposed to your advertisement. Use this tool to analyse each media package under consideration. 4. Does this media achieve my chosen objectives? Using the CPM calculation helps you answer which media can extend your message to the most people per marketing dollar, however, it does not answer the question of effectiveness in relation to your marketing and advertising objectives. For example, if your objective is to build a database of email addresses to perform ongoing email marketing, then you want to use a medium that relates to people who are