Privacy guaranteed - Your email is not shared with anyone.

Branding, Jack Trout, & Advertising

Discussion in 'Business Forum' started by MakeMineA10mm, Mar 26, 2006.

  1. MakeMineA10mm

    MakeMineA10mm * * * * Lifetime Member Millennium Member

    Likes Received:
    Feb 13, 1999
    Central Illinois
    Have a meeting Monday with a radio group and Chuck Mefford, & I was wondering what you guys think -

    Chuck Mefford is a consultant who teaches branding. He makes most of his money, though, by working for radio groups who want to sell more advertising. Basically, the radio group hires him to come give a seminar selling local businesses on the idea of branding (encouraging small local businesses to follow the theory/process of the big/national companies), and those business people than pay for long-term, frequent advertising at the radio stations. This is very good for the radio group since it sells more ad time, and with less ad time available, they can charge more per ad (supply & demand).

    My question is, how good is this for the local business???

    To give you a little background:
    Our partnership business has been in existence for 60 years, and we have a large share of the market in our regional area for our product (a food product, sold in supermarkets). One partner feels advertising for us is a waste, because we already hold the local market. The other partner proposes that we can get an even larger share by attracting new customers, or we can sell even more to our loyal customers...

    I'm curious whether you think advertising on the radio is worthwhile for us??
  2. TurboRocket


    Likes Received:
    Aug 7, 2001
    South of Utopia
    I think it would depend on your goal. From what you wrote, I don't see a clear cut goal or expected results from running radio spots (not that would expect that on a GT post :) )

    For instance, if you are just trying to get from X% market share to Y% market share, how much does that net your company, and how much did it just cost you in advertising. In other words, ROI on the cost of advertising.

    Another example may be, perhaps your goal is more to solidify the name brand of the product, in order to launch a different but similar product. Expected ROI may be less important in the short term, as your goal is building brand awareness.

    Just depends on the goal and expected results.