Are you giving half your money away?

Money

Are you giving money away?

Somebody once said “half the money I spend on advertising is wasted. The trouble is I don’t know which half”.

2017 is the year when advertisers spend more in online advertising than on print advertising, according to the Financial Times anyway. I’m a bit surprised it has taken so long.

As a consumer, the copy of Yell that comes through my door is a mere shadow of it’s former self, and I throw it out straight away, because if I want a service I look online.  I focus on the ads that appear in Google, or on the directories that come up as a result of my search.

Do I ever respond to email advertising? Well yes if it catches my eye and it is something I’m looking for.  If the response rate is less than 1%  you need to think about the return from each new client.

There is one exception,  – my local paper carries ads from local businesses, which fulfil 2 criteria for me:

  • They are local –  they have an interest in providing a good service because in the local economy/marketplace reputation counts.
  • They are small businesses, if you call out a plumber you have a good chance that it will be the same person each time so you have some idea what to expect.

In the “gig” economy, reputation and network probably count for more than any amount of advertising. And health professionals (in private practice) fall into this category.  Your best advert is still word of mouth, which is priceless.

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