Advertising Essentials

So, you've built a better mousetrap. You started your company. You have a fabulous board of advisors established. Now what?

Now you need to let the world know about your product/service so that they can come and purchase it from you. And how do you do this? Well you advertise of course! Let's start with the basics, the who, what, when, where, why, and how of getting your product or service out there.

Who?
Who advertises? Everyone. All the time. Some just do it more consciously than others. You are constantly marketing yourself to others, friends, family, customers, clients. Every interaction leaves an impression, and enough impressions build a brand identity. Are you the class clown? The peacemaker? The listener? The partier? In different areas of your life you have probably established yourself with a couple of different labels... some of them accidentally, some of them are maybe even unwanted. But they are there.

The art of advertising is all about association. When you consciously advertise you are deliberately setting out to establish the right image, with the right group of people about your product or service so that when it comes time for them to become consumers of your product or service, you are the one who comes to mind and gets the sale.

What?
What do you advertise? Everything. You advertise your company, your environment, your culture, your service, your values, all to sell a product or service. Think about Apple for a moment. I am talking Apple computers, MAC specifically. Have you heard of them? What comes to mind when you think of them? They have positioned themselves as the cool, easy to use, lifestyle computing system. People respond to the MAC brand emotionally. Their customers LOVE them, they hang out in the stores. They drag friends and family to the stores with them to show them the cool, new, fun, amazing, tiny, thin, whatever new product there is! When you set out to deliberately advertise you are creating something, it is no longer just you and your product, it becomes you, your product, and your brand identity.

When?
When is the best time to advertise? NOW! You need to advertise consistently- you need to be top of mind at any time a potential consumer turns into an active buyer. In order to achieve this you need to have already developed a reputation with your consumers. They need to know who you are before they are ready to buy your products. We'll get more into this later, but basically what this means is, if you want to have a fabulous holiday sales season, your advertising efforts can't go dormant for 11 months of the year!

Where?
Alright, you understand the importance of advertising. But, where should you be advertising? Wherever your consumers gather. Whether that is on the freeway during rush-hour (think billboards and radio spots) or online in social networking groups (facebook, twitter, google, yahoo, etc) you need to be where your consumers are. But don't panic yet, this can all be affordable!

Why?
So to recap, why advertise? To get your product or service: Noticed Believed and Remembered

How? With advertisements that are Unexpected, Likeable, and Consistent, and over the next few posts we'll get into the nitty-gritty of how to do this!

Start at the Very Beginning: Five People Every New Businessperson Needs in Their Corner

When it comes to starting a new business or venture, the scope of the project can be daunting. The enthusiasm that energized you into taking this leap can evaporate in the drudgery of details. So, how do you stay on track and make your new venture successful? Hire people that are smarter than you, and free yourself up to do what you do best! Sounds over-simplified, and your first reaction may be that you have no money to do the hiring- but I am not talking about adding personnel to your payroll, I am talking about building the support network that will enable you to succeed:

Every business needs a core of supporters in these five areas; these people will form your informal board of advisors:

Business Consultant - Mentor
Find someone who has done what you would like to do, and go to them for advice. Ask questions, avoid stumbling blocks. They do not necessarily need to be in the same industry at all, and many business organizations offer mentoring services for free. Find them, use them, and after you have achieved the success that right now you are only dreaming of, go back and volunteer to mentor someone else on their journey.

Insurance Agent
Your company needs insurance. This is not a luxury, but a necessity. And you need an insurer who wants to do more than just write a policy and shove you out the door. You need an insurance agent who wants to get to know your business, who understands your needs, and will check in with you and be with you as your business grows to make sure your policy continues to give you the best coverage. There are great agents out there, take the time to find one!

Banker/Financial Advisor
Are you undercapitalized? How much money should you ask for? Should you go to a bank or seek private investors? Do you need a business plan? What kind of plan do you need? A good financial advisor is worth a lot more than their weight in gold. Start developing a relationship with a good banker or financial advisor before you need the funds. Too many small businesses collapse because they grow too fast and do not have the capital to keep up, by developing these relationships early you will be in a much better position to get the funding you need when it is critical.

Accountant
Turbo tax is great software, but it cannot think. A good accountant will not only keep your books up to date and squeaky clean, they will make sure that you are taking advantage of all available tax benefits, and can assist your legal counsel in making sure you set up the best type of business entity for your venture.

Lawyer
Who your legal counsel is doesn't matter, until it does. Too many people now are using web sites to set up corporations without the benefit of counsel from a legal professional. Would you do better with a C-Corp, S-Corp, or LLC? Should you go with a sole proprietorship? Should your invention/idea/system/product be trademarked/copyrighted/patented? Do you have a non-disclosure/non-compete/confidentiality agreement written up? Do you need one? Are all parties in your venture protected legally? A gentleman’s handshake agreement works fabulously, right up until someone gets offended, or interprets a scenario differently. Lay a proper legal groundwork for your business, give it a solid foundation with good legal council from a person you can trust, and you will have a solid place to build a successful enterprise.

There are other professionals that you will need to contact as you continue to build your business, but these five make up the core of any successful enterprise, and serve as an unofficial board of advisors. These professionals are vital players in the success of your business, so take a little time to find the right people, who believe in you and your enterprise, and want to see you succeed.