There’s an anecdote in the newspaper business that goes something like “If a business doesn’t advertise with you, just wait a while. Soon enough they’ll be calling to advertising their going-out-of-business sale.” It’s a bit cruel, maybe, but it has been proven to be true.
I won’t name names, but a very large Michigan business got a lot of ink recently for their going-out-of-business sale. Reporting on the closure has made it clear that the business suffered for a few reasons: market disruption, new out-of-state employees with no passion for the business and massive cuts to their marketing budget.
The sad part is, the company had control over some of these issues, especially their marketing spend.
A much smaller business in one of our markets also announced its closure recently. While it’s disappointing, I wasn’t shocked. I personally had three meetings with the owners and I could not get them to see the value in our product. While I applauded their investment in other forms of marketing, I stressed to them that in the communities they served in order to reach the clientele they desired, print media had to be a part of their marketing mix.
Not advertising in print was not the only reason this business didn’t make it, but it didn’t help.
As much as we’d like to think our clients advertise with us because they like us, we know it’s actually because working with us ensures they keep working. If our clients’ long-standing businesses aren’t proof enough, there’s more.
An independent audit by the Circulation Verification Council (CVC) found that all survey respondents were aware of our printed products and 71.4 percent of our readers frequently purchase products and services from ads seen in View Newspaper Group publications.
If you’re a business that wants to succeed in the markets we serve, View Newspaper Group should be a part of your marketing budget, which is something every business should have.
What percentage of your overall budget that should be depends on who you ask. For example, the U.S. Small Business Administration recommends spending 7 to 8 percent of your gross revenue for marketing and advertising if you’re doing less than $5 million a year in sales and your net profit margin — after all expenses — is in the 10 percent to 12 percent range.
It’s no secret that the most successful organizations — whether local or global — invest in marketing. A consistent and frequent mix is best. Our team at View has more than 100 years of combined marketing experience, so if you’d like to sit down and discuss how to make the most of your marketing budget please contact me at firstname.lastname@example.org or at 810-452-2608.
Emily Caswell is the Brand Manager for VIEW Group, the branding division of View Newspaper Group.