You have a lot of options when it comes to advertising your business or non-profit organization. You can spend millions on print, radio, or billboard ads. Let me rephrase that… you can WASTE millions on print, radio and billboards.
The book, “What Sticks” by Rex Briggs and Greg Stuart, explores the fact that thousands of companies waste BILLIONS of dollars every year on poorly planned advertising, and seeks to find a reason why. Essentially, most companies have an advertising budget that has to be spent, or it becomes a surplus, which is deducted from the following year. Unfortunately, a lot of that may as well be thrown in the trash… it isn’t put into an advertising avenue that yields… well, anything.
Briggs and Stuart also talk through the 70/20/10 budget model. It breaks down to 70% of your ad budget should be put into proven avenues. 20% should be placed into sustaining innovation, which is an extention of proven results… maybe you try advertising on a different channel or marketplace, you go out on a limb. The last 10% is disruptive innovation, which is experimental. You never know if you’ll hit a homerun on an experimental ad.
So ask yourself; do you have a budget structure in place? Are you putting most of your budget into the wrong category?
Stick to the formula. Remember, a bird in the hand is worth two in the bush. In our advertising world, that translates to, don’t put the majority of your ad budget into the 10% segment, you may end up with 0% return.
DUN, DUN, DUUUUUN!!!!!!