ROI, value, brand equity: Media budgets that count for 2013Nov 16 , 2012
Reprinted from South Florida Business Journal – Peggy Nordeen
Every businessperson would invest in advertising and media if they could know the return in advance of the spend. In the case of businesses with established brand equity, the effort and expense to bring reasonable returns will most likely be more predictable and less costly than a new brand introduction. However, market conditions and message delivery systems are constantly changing, and even established businesses feel out of control when faced with the question of “where to spend” their media budgets.
Building out a 2013 ad budget into three “buckets of investment” can begin to reel in the control you need to maximize dollars.
Bucket 1: owned media
In the category of owned media, budget for your brand, website updates, mobile website, apps, your blog, videos, sales collateral and direct mail, email and customer lists. You get the greatest ROI from your owned assets because you control 100 percent of the messaging, and the elements all have a multi-year lifespan.
Today’s brand graphics and website architecture should be built to last three or more years. Most companies will need to either create a mobile website or update theirs to go with the expanding use of tablets and smartphones. Mobile is a critical part of your program; even grandmothers have smartphones and iPads. Customer address lists used to be a big factor in determining a company’s value. Today, email lists and SMS lists are even more valued elements.
The content of the assets in your owned media bucket is controlled by you and is your intellectual property. If you use stock rights-managed photography, be sure to include multi-year rights and keep good records.
Read entire article via South Florida Business Journal .