·
Create Awareness (Need Recognition)
I will
contact my target market via phone calls and face-to-face meeting. I will also
use direct mail to send promotional material regarding the publication and some
email. For example, I may place a phone call and follow up with an email.
I can
send 500 6x9 postcards for $118 including postage. As I mentioned I will also
use email, there may be some template design costs associated with that at
about $100 for the creation of the template. For the email and direct mail – I may
need to purchase a mailing list, those costs can run at about $600 for a few
thousand names with contact information.
The
main source of revenue for my magazine will come from those customers who are
placing ads, that would be a business owner or a media buyer placing an ad on
behalf of a business. I will need to develop a relationship with media buyers
and business owners who are in a position to purchase ads. I can do this by
becoming a member of the associations that they frequent, such as the local
area Chamber of Commerce and the Rotary Club in Gainesville. I can also network
by attending the same social functions that my customers may attend.
·
Choose Channels (Evaluation of Choices)
I can
have an event to launch my magazine. The purpose of this event is to show a
sample of the magazine to potential customers and close sales. We will invite
potential customers along with local people of interest to the customers. I can
also work to get a famous person or local celebrity to my event. This will
offer an opportunity for the media. I will send out a media advisory inviting
the media to attend.
·
Close the Sale & Build Relationships (Purchase and Post Evaluation)
Ad
sales are generally done face-to-face at the start of the process. As the
relationship develops the sale can happen via the phone or email, but we will
want to keep the relationship fresh – so we would have to do face-to-face
visits at least once a year. As we have more service offerings or new
discounts/bundles that’s a great opportunity to set up an appointment for a
face-to-face meeting.
Magi, I've been studying Google Analytics recently. I think during your sales cycle on your website, you can implement them to track your progress over time. You can take the free courses here: https://analyticsacademy.withgoogle.com/ Its actually kind of easy if you know a little about data.
ReplyDeleteAn initial event is a fantastic idea! You are absolutely right about magazine ad sales being a highly personalized experience especially in the beginning. You are also right on about this business being all about the relationships you have both built and fostered. What some people tend to overlook and underestimate in this business is the effort required to establish the relationships and then keep them alive. Sounds like you are all over this part.
ReplyDeleteOne of the advantages the competitors have over the magazine I work with is a sales staff that is dedicated to massaging those personal relationships on a very regular basis. They are college-aged women who are fun and friendly and go around to all of the advertisers making them feel special. Like they really care about the day to day of each business. Even if the ad doesn't perform as well in the competitor's magazine, advertisers are reluctant to leave that mag with the pretty, sweet, fun sales-friends who are excited to listen to the business owners.
Magi,
ReplyDeleteThe 6x9 postcards are a great start and a relatively good price. Have you also considered web advertisement in addition to your current channels? In today's day and age, online media is all the craze and could also help you reach a larger audience at a fractional cost per person. It's worth a look to see if would be a good fit for your venture.