ArticlesBuild an Equity Position In his book, 33 Rules of Ruthless Advertising, Michael Corbett defines an "equity position" in the context of advertising as "when people think of your business when they have a need for the product or service that you sell." In the world of groceries, shoe stores and hardware stores, what companies in your local market come to mind? If you have preferred stores that you frequently visit, they will probably be the first names that come to mind, and some form of advertising probably triggered your first visit. What about categories of business that sell products or services that you do not typically use regularly or shop around for, but that you may someday have a need for? What company names come to mind when you think of attorneys or auto insurance? What is your impression of these companies, having never been a client? If it is favorable, you are likely to give them first consideration when the need arises. Typically, it is the branding through advertising that will create these "top-of-mind" impressions. The companies that have made the up-front marketing investment to stand out from their competition will reap the rewards on the backside. Since most companies are dealing with finite marketing budgets, it is more important for a company to brand itself to a smaller market first, but to do so with frequency (each week) and consistency (multiple weeks) to build awareness. Build your equity position with morning program viewers or afternoon drive show listeners. Chances are the cume (potential weekly audience) listenership will be more than sufficient to make a difference in your business. As budget permits and awareness is built, you can expand the audience to dominate other time periods with consistency. Source: Sales consultant/author Michael Guld, president of The Guld Resource Group, www.guldresource.com and host of Talking Business with Michael Guld, www.talkingbiz.net. Article reprinted with permission. MORE ARTICLES (LINKS AND DOWNLOADS) LINKS Americans Continue to Hold Radio in High Regard from Radio Advertising Bureau Five Keys to Radio Advertising Success from About.com: Advertising Whole Mind Thinkers Win with Mind Mapping from Inc.com Business Plan Presentation from Inc.com Seth Godin: This is broken Video from TED: Ideas Worth Spreading Radio Advertising Facts from Contemporary Communications DOWNLOADS |
