Did you know that worldwide advertising spending for businesses for 2019 is expected to reach $682.89 billion? In fact, the figure is expected to increase to $757.44 billion in 2021.
From these figures, you can see that it’s important to make an advertising plan for your business. This way, you will have a clear direction for your business, understand how to improve sales, create brand awareness, and undertake other important things to grow your business.
Having an advertising plan will help you to spend your business’s money sensibly while ensuring you reach your target customers.
Since an advertising plan acts as a guide for your business, it should be the first and most important thing to be done.
So, how do you create a realistic Plan for Advertising Your Business?
We were lucky to interview Angelina Jolie, a prominent business leader and also a custom thesis writing expert and these are the tips she shared with us.
Angelina says that when making a year plan for advertising your business, you need to set your goals, your budget, understand your target customers, determine the strategy to follow, and create an ad calendar.
Remember, you should regularly review your advertising plan to ensure it is helping you to achieve your business goals.
That said, let’s get started.
Set Business Goals
The first step when making a year plan for advertising your business is to set achievable goals. This applies to any part of your business as well. Where do you want to see yourself in two-year’s time? What outcome do you want to achieve in the business?
This way, you will be able to know what form of advertising to use, how to carry on with your advertising, and where to promote your business.
Set the Budget for Advertising Your Business
Your advertising plan should fit your budget. You must avoid overspending or underspend since doing that will hurt your goals in business. When developing your budget, you need to determine your costs and cash flow.
It’s worth noting making your advertising professional to help you achieve great results; else, your business might fail to beat the competition. In that case, you need to know how much you want to spend on advertising.
Understand Your Target Customers
When in business, your aim is to make more sales to increase profits. In that case, you need to know the people who are likely to buy your products or services. Here, you will need to know who your target audiences are. Are you targeting millennials or seniors? Women or men? Are you targeting region-specific customers or you are casting your net wider?
Know the Products or Services
In this case, these are the products or services you intend to offer. There is no room for guesswork here. So, you need to be specific. You can copy from what fast food chains do. They normally advertise particular foods and not general advertising.
Conduct a SWOT Analysis
SWOT is your business’s strengths, weaknesses, opportunities, and threats. Threats, in this case, stand for obstacles that may come your way. Which part is your business more competitive with that can make you stand out? Which time of the year is your products more likely to sell, which part is your competitor good at that could make them sell more than you?
Use Your SWOT Analysis to Understand Where You Can Beat the Competition
When making your business known to your target customers, you need to focus on the areas you can beat your competitor. Use your SWOT analysis to understand where you are losing the battle. Do you have better products than them? You should focus on this and other things that differentiate you from your competitors.
Develop Your Advertising Plan
No matter what type of advertising you decide to choose, you will always encounter gains and setbacks. What strategy are you going to implement? When are you going to get started? Where do you want your target audience to find you? Is setting up a billboard in a mall the best strategy for you? Are you going the digital way?
The advertising strategy you choose will be influenced by your target customers. Here, you should not ignore other low-cost advertising methods such as word of mouth, and social media.
Get Into Action
Once you have made your year plan for advertising your business, it’s time to put all your ideas into action. Implement all the strategy you have developed and make follow-ups on every stage of your advertising.
Analyze the Outcome
What was your goal, did you achieve it? This is the last and most important step when creating a year plan for advertising your business. Ensure to analyze the results. If you achieved the results you anticipated where did you encounter challenges? What can you do differently?
To Summarize Everything
If your year plan was successful, you can say it worked as you expected. If not, you need to find how you can tweak it or consider changing it altogether.