Business needs promotion to reach maximum coverage and exposure to the targeted customers. Then how to promote it easily within the specified budget? If that is the question you want to get answered. This article provides you the important information on “How to plan advertising media for business promotion”. Before going to have the details, we should know each and every word of this title for a complete understanding of the topic. As we can see the title is a combination of the words, business, promotion, advertising and media. First of all, let us start from the word, business. Business involves the trade of goods or services or both of them to the customers or consumers. Businesses are prevalent in the nations having capitalist economies. Most of the businesses are owned by private authorities. They provide services or goods to consumers in exchange of money or services or goods vice versa. As the business involves trade of services or goods. The business needs to be advertised to promote the services or goods offered through it. A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services or both for consumers. Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange for other goods, services, or money. Next comes advertising, which is known as a form of marketing communication used to influence customers to continue some action. The customer thinks and take decisions about the commercial offering, or political or ideological support communicated through the advertising process. As the details of business and advertising were defined the rest to be defined is advertising media and how to plan it for business promotion. Since advertising needs a channel or a platform to practice it, different channels and methods will be used in advertising. Advertising media refers to various tools used to store and deliver information or data about the business and its products or services, while media is a combination of tools or methods used to continue some action. Advertising media comprises various media, content, buying and placement for advertising. Next comes the advertising media selection.
Advertising media selection
Advertising media selection can be defined as the process of choosing the cost-effective media for advertising to achieve the objectives of the business such as reaching sufficient coverage and exposure to the targeted audience. Businesses of all categories need to select an effective advertising media to reach the targeted audience within the specified budget. So let us discuss about how to move while selecting advertising media as we discussed about advertising media in our previous articles. The subject of advertising media selection deals with the frequency of advertising, spread of advertising and media buying.
Since the advertising is practiced to maximize the overall awareness, it must reach the maximum number of the target audience. Though it is practiced to acquire maximum coverage and reach of audience. But there is a limit for advertising that it will not reach the small percentage of the audience who do not see the main media advertisers also. These audiences are more expensive to reach. According to reports, the ‘cumulative’ coverage cost curve typically follows an exponential pattern. Reports revealed that the cost to reach 90 percent of the targeted audience will be double the cost to reach 70 percent of audience and the cost to reach 95 percent of the audience may be double the cost required to reach 90 percent audience. So the cost to reach each five percent more the audience will be double the cost of the previous stage. So investing huge amounts of money and advertising frequency are not the things solely responsible to influence the business and its promotion. Since a large budget achieves high coverage and a smaller budget limits the ambitions of the advertiser. It is possible to reach the maximum number of targeted audience on continuing the advertisement campaign till it stops selling. According to business experts, advertising should be continued and repeated for a long duration until it stops selling. Though the advertising frequency and huge investment cost help to reach more number of targeted audience, long term advertising and repeated practice of advertising will also help to reach the remaining audience who does not get the opportunity to see (OTS) the advertisement once in a week.
Advertising spread refers to the duration of advertising. Advertising spread will influence and increase the OTS number. More OTS leads to more reach of targeted customers. Advertising agencies or business firms should concentrate to increase OTS number. As per the latest reports, business owners should focus to increase the number of opportunities to see the advertising content by the customer. More OTS refers to more reach, more promotion and more business. It is the business of the media buyers who concentrates to have good advertising spread.
Media buyers are the persons or firms responsible to engage advertising slots at affordable costs. Media buyers deal with media owners to have more views or impressions at affordable costs. Media buyers should always concentrate to increase the advertising spread. The efficiency of the media buyer can be estimated in terms of the cost occurred per thousand viewers. In fact the buying power of the media buyers and the hold on media owners is one of the reasons that influence the business and its promotion.
So from the above discussion, it became clear that business owners should concentrate on advertising frequency, advertising spread and media buyers, while planning to have a best advertising media for business promotions.