Is it time to figure out your marketing strategy?
Hiring an advertising agency can be a large financial commitment, and one you aren't sure you need to make. Deciding if your business needs an advertising agency, or if you get by with having an in-house advertising professional to manage your advertising needs, depends on several factors.
Instructions
1. Evaluate the effectiveness of your current advertising campaign. If you don't know go about doing this, or have no idea track a campaign's success, you probably need to hire an advertising professional.
2. Realize that advertising isn't something you can put off until you have more money. Especially with a new business, getting your business name and product into the minds of potential customers is paramount. An advertising agency can help you place ads strategically to get the most exposure for your advertising dollar.
3. Think through what an in-house person would have to manage to equal the services you'd get from an advertising agency, and weigh that against any potential cost savings you might realize by keeping it in-house.
4. Know that advertising agencies typically employ people who are experts in different fields of media, such as television and print. They can best advise you on where to spend your advertising dollars based on the budget you've set.
5. Learn that a good advertising campaign doesn't have to be expensive to be effective, but a poorly designed campaign can be a waste of time and money. Be upfront about the amount of money you're able to spend--typically 3-5% of gross sales for existing businesses and 5-7% of anticipated income for new businesses--on advertising.
