Today, the prices different advertisers pay for the same ad can differ up to 100 times. Yes, one hundred times!
I won’t go into all the implications of the above, but I’ll just say the following. If you don’t know how to buy media space, don’t even try because you’ll get burnt.
This statement isn’t mine. These are Gregor Cuzak’s words, in his blog on October 3rd. Gregor made a mistake, though, by giving me credit for these words. I have to admit I’m jealous that I haven’t said them myself, but what can you do. J Read his entry. Recommended.
I took a photo of these delicious-looking mushrooms though. Mushrooms and eggs for dinner today.
Or perhaps not. Keep away from what you’re not familiar with. Gregor is right, he speaks from experience and I agree with him. I’ve done it both – I’ve sold and I’ve bought advertising space. Several million euros were involved and I’ve learnt my lesson (most of the money wasn’t mine). If you don’t know the game, there’s a high chance you’ll get burned. Do your research, read books, attend seminars, talk to professionals. Reading a blog such as this also helps.
Here’s a photo of a castle where David Ogilvy worked. David Ogilvy bought this castle in the golden age of marketing, the golden age for marketing agencies.
Gregor mentions Al Ries. My company published an excellent book by this author, The 22 Immutable Laws of Branding.
Companies spend millions on marketing programs, which proves to be futile despite big budgets and good organization. When a company makes a mistake, the competition soon takes over its business. How to avoid these mistakes?
Al Ries and Jack Trout spent 25 years studying what pays off in marketing and what doesn’t. They discovered that programs that had paid off had always been designed according to the basic rules of the market.
The authors identify 22 situations you might find yourself in when managing or establishing brands. The book isn’t just about laws but also about traps. The authors conclude that a good brand name is one that sounds good. Competition is fierce in business today; you can succeed only if customers choose your product from among the abundance of others.