"Half the money I spend on advertising is wasted; the trouble is I don't know which half." - John Wanamaker
Advertising is a continuous guessing game. Doing your homework (research) can help you make informed decisions and minimize risk. Perhaps you’re confident answering some of advertising’s key questions like:
When should I spend?
- If I sell ice cream cones, I should probably spend most of my advertising dollars in the summer when the temperatures are high.
Who should I advertising to?
- What are the characteristics of my primary customer?
What should I say?
- Which message is most motivating to produce my desired response? (e.g. sales)
Where should I advertise?
- Which country/province/region/state/city should I advertise in?
The question that is often a black box for companies is, “How much should I spend?”
Maybe you’ve tried to answer this question by varying your advertising spending levels. You’re on the right track, but you still haven’t answered the question.