How much money should I invest in advertising?
Adscoins™ makes advertising a lot easier. Everybody wants their business to be known, with Adscoins™ your business will become more popular for less. If you own a Coffee shop there must be something that differentiates your business from all the other coffee shops out there.
“I WANT MY BUSINESS TO BE KNOWN AND TO BECOME MORE POPULAR”
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:
1. GENERAL CONSUMERS: Coffee consumers in your country. Lets imagine 50% of the population consume coffee
2. 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)
3. 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. The first step is to define a specific target, however, once your product gains popularity and sells massively you may consider increasing your budget.
It is important that you define how much money you will invest and who do you want your target to be. If we consider the case of the Coffee Shop a small advertising campaign on a radio station will get the general target to hear about your business, a billboard close to the shop will let your specific target know about your existence and giving away flyers at the entrance of the building where your customers work will ensure that they remember your Coffee shop
With Adscoins™ advertising is a lot easier. Try it.