It’s said that the two best times to advertise are 1) when business is bad; and 2) when business is good. In the first case you want business to pick up, and in the second case you don’t want it to stop.
The questions then become how to advertise, where to advertise and to whom to advertise. The answers are as varied as there are businesses and target markets. Over the years, D&WC has published a large quantity of articles on creating ads, developing marketing strategies, target marketing and more all written by John Lichty. Just go to www.DWConline.com and search for “Lichty” and you’ll find a virtual textbook on sales and marketing.
One of the most important steps in advertising is to develop a budget—where and how to spend it comes later. Lichty notes that a popular way to determine an advertising budget is to base it on last year’s gross income. However, “for flexibility,” he advises, “plan a budget on projected sales, rather than using last year’s figures.”
In June, www.DWConline.com asked, “What percentage of sales do you set aside for advertising/marketing?” More than half the respondents (52%) report they budget 5% to 10%, and a third said they set aside “up to 5%” (see chart). While only five percent set aside 10% to 15% of sales, 10 percent said they budget 15% or more. (It wouldn’t be surprising if they were the ones doing the most business these days!)
Next: Beginning August 1, www.DWConline.com will ask, “What are your customers’ top concerns when purchasing window treatments?” We’ll report the responses and comments here in the September issue.