Gain additional insights by watching this short video from Blue Onion Media’s Pete TenEyck. Want more? Shoot over an email or give him a ring at (303) 597-9661. He’s a pro when it comes to helping businesses effectively navigate the evolving media landscape, and he’d be happy to answer your questions or discuss your pain points.
The world of advertising is growing rapidly, with a plethora of options being made available right and left as new technologies and trends emerge. For many business owners, it can be easy to feel overwhelmed with the sheer volume of choices available when planning a media buying strategy.
When setting an advertising budget, many people worry that they will have to spend more than they feel is sustainable in order to reach their audience effectively, and some are so concerned about the cost that they cut themselves short of actually being effective in their campaigns. There’s a way to get the best of both worlds, and we are here to help you find it!
So, where do you start? We discussed with our COO, Eileen Weinert, and our CEO, Joel Grabois, for a little Q & A to help you get started on the right track. Read on for some helpful tips for your advertising budget strategy!
- When is the best time to begin planning an advertising budget?
Eileen: The best time to begin working on an advertising budget plan is a minimum of 4-6 weeks before you want to start. Many companies find it helpful to develop an annual advertising budget at the beginning of their fiscal year.
Joel: A good rule of thumb is one quarter prior to the campaign launch. More time should be added for more complex businesses.
- How do I create an advertising budget?
Eileen: One place to start is to consider what percent of your current sales you are willing to invest in obtaining future sales. Another way would be to consider how much growth you want for your company and then determine how much money it might take to fuel that growth.
Joel: When looking at how to create an advertising budget, I’d suggest looking at these standards: The U.S. Small Business Administration recommends spending 7 to 8 percent of your gross revenue for marketing and advertising if you’re doing less than $5 million a year in sales and your net profit margin — after all expenses — is in the 10 percent to 12 percent range.
Eileen: Experience in your category, the ability to be flexible, investment in the right tools necessary to help you make decisions, and genuine care and commitment to bringing you the best results.
Joel: Someone responsive and professional who can navigate the rapidly evolving media landscape using a mix of wisdom and cutting edge technology.
- What are Blue Onion’s primary services?
Eileen: Media planning, buying, and meticulous auditing.
Joel: Media planning and buying across all media types, including all traditional and digital media, social, search, and more.
- How can post-buy analysis for advertising help for my current and future campaigns?
Eileen: It’s important to know which vendors have delivered the estimated audience and which haven’t, so we can get make-goods. It’s also good to know if the advertising budget was enough to achieve the going-in objectives. Finally, it helps to know how much to budget for future campaigns.
- How can Blue Onion help me get more for my investment? – What are some “extras” that Blue Onion can negotiate, to take my media buying budget further?
Joel: We have the experience in the industry, vendor relationships, negotiating skills, and understanding of the ins and outs, margins and business models needed to make every dollar work harder.
- What are some obstacles to look out for when I plan my advertising budget?
Joel: What is your position in the competitive market? Have a look at the trends of the market(s) and industry that you’re in. What media has run in the past, and will do more of the same get different results? Some people can get caught in familiar choices that are no longer helpful for their company’s growth. A good media buying agency like Blue Onion can help create a strategy that keeps you on the leading edge.
Our team is here to take the headache and second-guessing out of the experience. Change happens very quickly when you’re a media buyer. We understand the vital importance of staying on top of emerging trends and knowing how to anticipate and make the most of what’s going to come next. We invest hundreds of thousands of dollars each year to maintain the very best industry data, research, and technology available for every category of media. We are committed to giving you every advantage for your media buying plan!
Our auditing plays a significant role as well – we carefully examine how every dollar was spent, and whether it delivered the results that were expected. We are willing to negotiate “to the wall” with your vendors, making sure that they deliver the best value for your investment, and hold them accountable for the results they promised after the ads are aired. We look for ways to stretch your advertising dollars further, while maintaining great relationships with vendors for future projects.
Give us a call today to get started on a media buying strategy that will bring you in front of the right people, at the right time, for the right price. You’ll be glad you did, and so will your future customers! (303) 597-9661