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Saturday, October 17, 2009

The Power of Persuasion

Last week, I had the opportunity to interview a couple of individuals who own their own advertising agencies for our weekly radio show. Both have over 30 years experience in their career field. Ken R. Wilson is President and CEO of I CAN Advertising Agency in Los Angeles, CA and Joe Newman is CEO of Joe Newman Advertising Agency in Indianapolis.

I had not viewed advertising as necessary to the life of a business as I do now. I always associated the success of a business with the service or product provided. Quality service speaks for itself and tends to yield good return clients or customers.

Then I ran across some information that highlighted the fact that nearly $400 billion was spent worldwide on advertising a few years ago. The numbers keep increasing annually. I recently judged why I have made some of the purchasing decisions I have over the years.

In some instances it boiled down to the power of persuasion by a company to acquire a product that I may or may not necessarily need.

Advertising is simply the avenue by which companies make consumers aware of a particular product and its value to a specific consumer base. It has developed over the years.

The primary medium by which most companies choose to advertise or market their product or service is either in print (internet, newspaper, magazines, etc.), on radio, or over the television air waves.

From my short interview here are a couple of insightful things that I learned. The information gathered could be applied to a broad base of services providers (i.e. grocery stores, auto dealers, local municipalities, retail shops, non-for-profits, churches, and restaurants).

First, advertising experts say you should set aside 4 to 6 percent of your revenue for marketing and advertising. Some companies do much more, but I have found this to be a good benchmark.

The next key point that seemed to be a commonality amongst agencies was
“reach times frequency.” How many people can you reach and how long can you reach them?

More targeted studies imply that companies are specifically targeting a certain audience to maximize their reach and advertising at a frequency that is associated with the consumer’s revenue stream.

As a company owner how much do you have to spend to attract consumers into your store?

Advertising done right puts you above your competition whether on an individual basis in the work place or as a company. What sets you apart identifies the reason to buy to your future prospects.

Play to your strengths to position yourself to persuade people to buy your product or service and of course provide a good product once you have the sale!

Your ability to present a unique selling proposition will yield immediate measurable results.

1 comment:

  1. Great blog. Thanks for sharing such a nice and useful information shared here. Persuasion skill is more important for a business. I too learnt these skills through a E-learning course.