The amount of advertising you need can depend on what your competitors are doing. If you had no competitors, you would only need to show directions to your business once in a while. But unfortunately, business life is not usually that easy, so you need to keep your eyes and ears open all the time. Here’s what you should be doing regularly.
- Listen to and watch closely all your competitors’ radio and TV commercials. How often are they running, and do you think the sales they generate are enough to justify the cost of the spots? Can you compete in this medium, or is it way over your budget?
- Clip out all of your competitors’ print ads and make files by company name. Take each company’s ads and spread them out on a table, a desk, or the floor. Study them. What are the headlines? Do they use short or long copy? How are the ads different from yours? Can you get ideas that you can use to improve your ads?
- What benefits do your competitors stress, and are you targeting the same market with the same or different benefits? Can you afford to spend as much on ads or to use more targeted ads and publications?
- What other or unusual media are your competitors using? Can you be creative and find advertising sources where competitors have no presence? Do you think your competitors are growing faster because of their advertising?