Negotiating advertising rates for your business can be difficult because it depends on a number of different variables. What medium are you going through? How much space or time do you need? What is your target market? These are some of the questions that will determine how much you will need to get your message out there. Here are some other things you need to be aware of.
First of all, if you’re dealing with print media, your ability to negotiate and get the rates you want will generally be more flexible. After all, how much you pay will depend on how much of their services you make use of. Are you placing your ad in a special issue? Will it be in colour or black and white? You might not be able to negotiate any special discounts, but you can generally tailor your ad to the budget you have allotted it.
If you’re dealing with radio, the prices are much less fixed. Depending on what time slot you’re aiming for, that could be to either your advantage or disadvantage. If you’re trying to place an ad during a popular prime time radio show, then obviously you’re going to be paying more than you would for a 4 a.m. time slot, since competition will be much higher. But again, that flexibility is good to have and you can usually make it work to your needs.
When trying to get the best advertising rates possible, be aware that spring is usually the beginning of the buying season for broadcast media. Because television networks want to ensure they’re slots are all filled up as soon as possible, they usually offer good deals around this time. So, don’t wait for too long to get in on the action.
If you’re an entrepreneur and you’re going through this process alone instead of through a media service, it’s always a good idea to create a solid media plan that will keep you focused and on budget. Put it in writing before you attempt to make any deals. That way, you’ll be able to make sure that you don’t stray too far from your available resources.
When creating that media plan, make sure you highlight who exactly your target market is. That will be a crucial factor in deciding which media to make use of and how. A certain radio program might be hugely popular, but if it’s not your target audience listening in, then your ad will be poorly placed and you will have spent your money for nothing.
You also don’t want to go for the lowest advertising rates you can find, or with media that you are personally fond of. Likewise, don’t avoid advertising with a certain media outlet just because you personally aren’t fond of them. Both of those factors are likely to taint what is actually the best route for your business to go. Always take into account audience size, share, revenues and the like before making the call.
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