Who benefits with Adscoins™? Generally, one of the main problems that small and medium businesses struggle with, is how to make people know about the existence of their businesses. When they consider advertising many questions arise:
Isn’t this too expensive?
How do I advertise without spending so much money?
I want people to know my business, but at what cost?
How do I invest on advertising if the business is not profitable yet?
How do I hire an advertising agency and why should I?
How can I advertise my product or service on TV, the radio or with an add?
What should be my budget like for advertising?
Many of these questions become obstacles when you want to make your business known.
Nowadays you need to pay to be known which is why it is so important to define who your target is. Defining possible and current costumers is key. For example, if you own a Coffee Shop your target audience consists of:
- GENERAL CONSUMERS: Coffee consumers in your country. Lets imagine 50% of the population consume coffee
- SPECIFIC TARGET:People that regularly consume Coffee in your district. Lets imagine that in the district there is a building with 20 floors, each floor has 4 offices and each office has approximately 20 employees which gives a total of 1600 people. If we assume that 50% of the people in the country consume coffee we could expect that approximately 800 people of this building will consume coffee and could be potential costumers. Will 800 people suffice the needs of your business or does it require more costumers to make it profitable? The formula is very simple:(# of floors X # of offices X an average of employees per office) ÷ (percentage of general consumption of the population)
- COLATERAL BENEFITS: Coffee consumers that come by sometimes, tourists, visitors. Whatever number you get you add it up to the total number you got from step #2
The question is: who’s your target? The general consumers, the specific targets or the collateral benefits?
Depending on your answer the budget for the advertisement will vary.