Setting Objectives. How do you know if you have succeeded or failed, won or lost? By setting objectives/goals.

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Presentation transcript:

Setting Objectives

How do you know if you have succeeded or failed, won or lost? By setting objectives/goals

Why do advertising campaigns fail? Often due to poor or unreasonable goals for the advertising campaign. An advertising plan needs clear and reasonable goals to succeed otherwise the campaign can wander aimlessly without accomplishing anything.

Most businesses would list one or more of the following goals as objectives for an advertising campaign: 1.Increase consumer awareness of the advertiser’s brand. 2.Change consumer attitudes about the advertiser’s product. 3.Promote replacement of outdated products with new products using superior technology. 4.Persuade the consumer to try a sample of the product. 5.Persuade consumers to buy the advertiser’s type of product 6.Convert a consumer that used the product once into a regular user. 7.Persuade consumers to switch from a competitor’s product. 8.Increase sales.

Advertising has 2 General Goals 1.Increase consumer awareness of the company, product or service. 2.Persuade consumers to try the product or service and to return to buy it again.

Increase consumer awareness of the advertiser’s brand.

Change consumer attitudes about the advertiser’s product.

Promote replacement of outdated products with new products using superior technology.

Persuade the consumer to try a sample of the product.

Persuade consumers to buy the advertiser’s type of product

Convert a consumer that used the product once into a regular user.

Persuade consumers to switch from a competitor’s product.

Advertising Budget Methods

The amount to spend is determined by the Advertiser.

Affordable Method A poor method for setting a budget commonly used by small businesses. Basically the firm spends what it thinks it can afford. It doesn’t know if it is spending too much or too little.

Historical Method Another poor method of setting an advertising budget. Based on the amount you were able to afford last year. = Last Years Budget X Rate of Inflation Does not consider any changes that have happened to the business since last year such as new competition.

Percentage of Sales Large companies commonly use this method. The budget is a % of last year’s sales or a % of the sales expected this year. A higher percentage is spent on new products because it costs more to build consumer awareness of a new product. Anywhere from 10% to 35% is typical. Disadvantages: If sales are decreasing, spending will also decrease. Could lead to overspending because amount budgeted may be too much for the advertising needed.

Share of Voice Method is based on the amount spent by your competitors. Idea is to spend more than your competitors. Disadvantages: Relies heavily on your competitor’s budget decisions. You may not be able to obtain your competitors advertising spending info. Competitor may not set a reasonable budget. Same amount of money spent does not equal same quality. Your competitor may have a different objective. Disadvantages: Relies heavily on your competitor’s budget decisions. You may not be able to obtain your competitors advertising spending info. Competitor may not set a reasonable budget. Same amount of money spent does not equal same quality. Your competitor may have a different objective.

Objective and Task Method that uses the relationship between what you want to accomplish and what you want to spend. Each level of your objectives requires a different level of spending. – Example: Increase brand awareness is only one level of spending. Persuading customers to sample product will require a higher level of spending.

Review Questions: What is the purpose of an advertising plan? Why should there be specific objectives in the plan? What is the best method for determining a budget? Why can’t a new company use the historical method to determine its budget? To have a basis to make decisions. To help select a target market and choose an advertising strategy. Objective and Task A new company does not have a history to use.