I am specifically referring to the newspaper and the yellow pages. How much do you spend on advertising in the yellow pages? Are there 2 or 3 yellow page books in your market and are you in all of them? Does the newspaper work for you?
I have published several posts about the death of
newspaper and how the
industry is in turmoil. Newspapers across the country have been taking hits in circulation and ad revenue for the last 10 years.
I was thinking about how information was disseminated recently, during all the
flooding. People were desperately seeking information about weather, water levels, evacuations etc. Those that could, got online to find out the latest information. They didn't wait for the newspaper or turn on the TV. Granted this was a time of crisis and people needed information rapidly. I would propose that this instant need for information is not isolated to times of crisis. After all, we are in the age of instant information and a low deferment of gratification.
If consumers have to wait for information they are going to move on to the next source as fast as they can and we all know how the Internet has, well you know, a bunch of sources (reliability to be determined). For this very reason, companies that charge more for their services and don't have an auto attendant on their phone system will often times get more business. Customers want to talk to people, and they want information now.
But what about the yellow pages? Isn't this fast enough? There is still a following for the good ole' phone directory, but do you need a $3000 per month ad? I say NO. As part of a long term plan, we have been systematically pruning back every one of our client's yellow page ads with zero effect on the amount of calls they receive from the pulpy paperback. The dollars saved from this reduction have been allocated to other forms of advertising and marketing (mainly the web) and have been more successful from an ROI standpoint.
When I need a service, if I absolutely CAN'T find it on the internet, only then do I blow the dust off my 2004 yellow pages. Most of the generation behind me also operates this way. The bottom line? Take a leap of faith and cut your half page yellow page ad to a 1/4 page and track the results. You will be pleasantly surprised. BUT, you have to be disciplined to take the dollars saved and apply them to areas that WILL get you results. The same thing goes with newspaper. Limit your display ads to event or promotion based ads and see what you end up with.
If you get nothing else from this post take this one piece of information.
Track your results. When someone buys something from you, ALWAYS ask them how they heard about you. Keep a log and evaluate your most effective means of advertising on an annual basis. Be diligent about this. So many business owners set out to do this but never end up following through. They are missing some valuable information by neglecting this simple little tool.
If you have a story about your reduction in yellow page spending or how you are handling your newsprint ads, let me know about your results.
Labels: advertising, internet, marketing, news, newspapers
