Additional Paid In Capital On Statement Of Cash Flows What Advertising Salesmen Don’t Want You to Know

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What Advertising Salesmen Don’t Want You to Know

A true story: I was at a cocktail party the other day and an ophthalmologist I’m friendly with approached me. He knew I was a marketing expert and wanted curbside advice.

“I’m trying to get more traffic to my website,” he said. He continued, “I hired a company to move my site to the search engines. I paid them over $30,000.00 over the last year and a half.

I’m on page 3 instead of page 12 of google search.” He also told me “My site is average but I don’t plan to change it. I want you to help me find ways to make it more visible.

I thought to myself, ‘This guy got through medical school and then got an elective residency in ophthalmology.’ How could he be so naive?

The fact is that he is not naive, he is just another busy businessman who has become a victim of advertising. Some salesmen called him and made many promises. The doctor was given the impression that he could make more money if he undertook to drive traffic to his website. The doctor bought what he was selling and got what he didn’t deserve.

Looking back on my own career, several years ago, I owned a small financial services business that eventually generated over $38,000,000 in annual revenue. Initially I decided to advertise on radio.

I called my favorite station and they sent this well-dressed guy who wanted to be my best friend. Needless to say, I spent a lot of money and was disappointed with the results.

Since that costly learning experience, I have used the logic I learned as a child fishing with my father. We knew there were fish there, but they weren’t taking our bait. We would try different baits and even change the bait until the fish started biting.

A trap that many advertisers fall into is baiting hooks with food that attracts fishermen, not fish. You can only fish food that attracts the fish you are trying to catch. And you may have to try several times before you find one that works.

Advertising is a part of the marketing process that usually starts because some representative, selling something, comes along and you buy it. Together they advertise for you. It costs a lot of cash and yields few, if any, fish. Even worse, the results, if any, will remain a mystery. So it will be difficult to make a solid decision whether to continue or not. When you’re scratching your head because you don’t understand why your advertising investment failed, you might want to remind yourself of the MESSAGE-MARKET-MEDIA theory.

Message – You need to have a clear message that is based on what your customers want, not some company mission statement. Your message should be benefit-based. It should appeal to the emotions of the people you want to do business with. They should reflect what they get from the transaction. What do you offer your customers that is unique? What is your unique selling proposition?

Market – Who is your customer? Better yet, who do you want your customer to be? Translation: Who is your best customer? When you answer that question, you can turn on the cash flow faucet at will. For example, if you know your customer is a white female between the ages of 32 and 45 who doesn’t work outside the home, you can market specifically to her and anyone else. You’ll get the most out of your advertising and increase your business volume, because these are the people who want to do business with you.

Establishing the “who” is one of the most important marketing exercises you can do for your business. There are countless different methods to promote your message. Some of which you may not even have thought of. This is where we bait many hooks.

Media – Never rely on one source of new customers. Experts say that if more than 20% of your business comes from one source, you are extremely vulnerable. If that resource becomes obsolete, can you handle that kind of slowdown?

Follow these two rules to limit your exposure and gain your upper hand. Use as many media as you can for promotion. Tracking systems are easy to design and implement, and save your capital if you can’t.

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