A great promotion should truly enhance your local advertising campaign and offer an additional, noteworthy component to your local media mix.
Any good or aggressive sales person will approach you with additional opportunities that will increase your spend with them. This often leads to a flood of unwanted emails and phone calls. The result is more times than not a complete disregard for the proposals for an unnecessary, hasty investment.
To avoid both of these undesirable outcomes, there are a few key guidelines to assist you in gauging the validity and viability of a promotional proposal.
1. Set Expectations Up Front
What matters to you and your business? Does the promotion being offered compliment or supplement your current advertising efforts or support your local initiatives or philanthropic interests? If not, this is the first line of defense.
A promotion should be tailored to your business and your business goals and needs. Sales representatives are often taxed with generating new business through promotions and will blanket all their advertisers with the same proposal, hoping to get a “hit.” Let your sales representative know what your key initiatives are and communicate that you’re only interested in proposals created with your business or niche in mind.
2. Consider the Competition
Would it matter to you if your chief competitor were a sponsor or took advantage of the opportunity in front of you?
There’s a major difference between seizing a great opportunity that fits in the mold of your advertising goals, and most likely your competitors’ goals and simply signing the dotted line because your competitor would. Investing in a promotion should not be “monkey see, monkey do.”
3. Weigh the Cost
Most likely, you have a set number in your head of what you have to spend and what you will spend on incremental local media buys. This number is a benchmark you shouldn’t pass. Just like buying a new home, the seller may try to convince you of the need for a bigger house or that you can afford a bigger investment. Don’t succumb to the pressure. Compare what the asking price is for a promotion versus how much additional media weight you could purchase with that same figure. Wouldn’t you rather have 3 weeks of a great spot buy featuring your current sale items than 2 days of “call in to win a gift card to Store XYZ?”
Once you’ve gone through the 3 quick guidelines above, and the promotion seems like a great fit, set forth to trim the fat and negotiate the price tag. These efforts should result in a well-rounded additional element to your advertising flight.