Evaluating Advertising Opportunities

Many of my clients ask if they should advertise in the Yellow Pages or other phone directories.  Typically, the cost to participate is quite high compared to other publications so many business owners look for guidance to make this decision.  They feel obligated to advertise, but don't really want to.  

Here are a few things to consider when evaluating any advertising opportunity: 

• Your target market - Who are they, how do they find out about you, what are their habits when it comes to media?
• Your sales strategy - How are you attracting new customers / clients?  What tactics are already in place?
• Past advertising results - Have you advertised in phone directories in the past?  Did it generate new business?
• Your online strategy - Do you have a website?  Is your website optimized so that search engines can find you?   
• Your marketing budget - Have you planned to advertise in phone directories?  Do you have the budget to participate?

As a business owner, you are continually bombarded with advertising and promotional opportunities.  Without a plan, these decisions can be pretty tough, especially when you are already busy running your business! 

Here are a few red flags to watch out for:

• Feeling that you don't want to miss out.
• Choosing to participate because your competition is participating.

Keep in mind that just because other businesses are there, doesn't mean it works!  If you need assistance with your marketing strategy,  please give me a call. 

Business Book Review: The 4-Hour Workweek

I take part in a Mentor Network through Lighthouse Visionary Strategies in Whistler.  My group is made up of some fabulous women who are all champions of their own businesses.  We get together to share ideas and expertise and to support each other through the challenges associated with entrepreneurship.  One of the requirements of the program was to read and review for our group, a business book of our choosing.  With all the great business books out there, this has been a great way to get the inside scoop and fine-tune my own reading list.  So, I’m going to pay it forward and share my review.

The 4-Hour Workweekby Timothy Ferris

I approached this book with cautious curiosity.  As nice as a 4-hour workweek sounds, that’s not really what I’m looking for.  What I wanted to know, and found, was insight into how to work more efficiently and make my business more profitable. 

For those ready to make drastic changes in their work / life, this book provides step-by-step guidance to make it happen and join the ranks of the “New Rich”. 

“The New Rich (NR) are those who abandon the deferred-life plan and create luxury lifestyles in the present using the currency of the New Rich: time and mobility.”

Through real-life examples Ferris outlines how to design your life in such a way that you can enjoy it now AND continue to earn an income.   

Starting with identifying what you want, and ultimately what this will cost, Ferris provides tools (most available free on his blog) to help plan how to get there.  The book then goes on to explore steps to put the plan into action.  The book explores topics such as time management, outsourcing, automation, technology / tools, working remotely and even how to identify and work with the big idea that will allow you to break free.  

As I read the book, I found myself thinking about my work and my life differently.  I’m now thinking about building my business for the long term, so that it can continue to be productive and generate revenue when I’m not personally working (or doing revenue generating work).  I’m starting to leverage other people’s time and resources in a way that meets the needs of my clients and allows me the flexibility that I was looking for when I started my own business 4 1/2 years ago.  I’m also doing my best to introduce productivity measures to make the most of the time that I am working.

Some of the key questions that got me thinking:

-       Am I being productive or just active?

-       Am I inventing things to do to avoid the important?

-       What tasks can I remove from my workday that won’t have any impact in my bottom line?

-       What / who are the 20% of people / projects that produce 80% of my enjoyment / contribute to achieving my goals?  What / who are the 80% that detract from this?

This book was worth the read – especially if working 4 hours a week is your goal.  Even if you’re not, you will find something of value that you can apply to your own situation.

Find out more about the book on Tim Ferris's Blog or through Amazon.