The Day The Business Died.

Throughout my career in radio advertising--particularly in the first decade, I would notice a phenomena among many new businesses I prospected.

I would usually meet with them after a call came in wanting radio advertising rates. They were typically excited to be launching a new retail business and things were usually buzzing with a spouse moving things, etc.

They would ask me about my radio station, what businesses were advertising with us, their successes, etc.

I would put together a proposal  and "spec" radio ad (which usually they would like), then we'd talk about when they would like to start.

Unfortunately, in most cases--they would want to think about it and have me follow up next week or two.

Invariably, I would see a newspaper ad over the weekend of their grand opening, etc.

Several weeks later--when I'd get back with them, they would tell me that they wanted to wait, see how their newspaper was doing, had to spend the money on a yellow page ad, etc.

At that point--I'd usually lose them for the remainder of the year...or forever.

At least--until they'd call me again the next year or two--and we'd talk about their "going out of business sale".

I felt sad for them. When I asked what happened--they would usually say that because no one else does what they do, carries what they carry or are as good as they are--they thought customers would be breaking down their door.

Many posts talk about the importance of a business plan (which includes researching your market, competition, idea compatibility, etc).

Obviously, getting capital is also a large reason business fail. A loan doesn't come through--product costs go up more than expected and not enough cash flow to pay for them.

But I maintain there's another issue at work that no one really talks about.

One area I've seen are businesses not paying enough attention to their marketing and advertising.

Primarily--the need to CONSTANTLY focus on generating new customers and building a relationship on an on-going basis.

Too many businesses play hit and miss with their advertising and think they only need it when business is slow.

The problem with that thinking--is that we may know a typical buying cycle of the customer--but we don't know when that cycle begins or ends.

A real estate agent thinks that March-June and Sept-Nov are typically the best months to advertise. Traditional logic would agree.

However--what if a prospect was looking in the summer--and decided to purchase a home in mid-December?

At -10 degrees during an ice storm?

That's exactly what happened with one of my real estate clients. I had suggested to advertise every month for the very reason that they needed to have targeted messaging throughout the year.

Sure enough--the client called me in mid December and said they just sold a million dollar home to a prospect who FINALLY DECIDED TO PULL THE TRIGGER!

A number of my blog posts talk about advertisers I've worked with for decades--and in many cases they rarely changed their ads!

They were airing radio ads, 10x, 15x 20x each week all year long--or alternating weeks. Most prospects thought they had just heard their radio ad--but it was actually on a week or two ago.

That's why developing this top of mind awareness on-going is so crucial.

But those who were consistent never questioned the logic of building their brand every month.

In some cases--we had advertisers go on two or three months, then off for a couple of months and it almost killed their business.

That's why I felt bad for these entrepreneurs that would focus on advertising so much as an EXPENSE--when it was really the lifeline when things got bad.

But it takes time to build a brand and top of mind awareness. That's why the advertising plan should be a large part of the business plan--otherwise--they'll be no business to plan for!

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