December 9, 2013 9.21 am
This story is over 102 months old
Is 2014 when your business will become a TV superstar?
TV adverts: In her latest column, Susan Marot answers the question if TV advertising is now affordable enough to be in your sales and marketing strategy.
If your business sells directly to consumers then at one time or another I am fairly confident that you have thought about TV advertising. You would be daft not to have at least considered it. However, I am also confident that you probably dismissed the idea as “too expensive to be considered with my marketing budget.”
However, with the introduction last month of local TVm this form of advertising is finally an affordable option as Estuary TV went live to great interest from advertisers. Part funded with government money, with the rest coming from advertising, the cost for TV advertising is about to drop dramatically. So should you get your wallet out?
We all know that prime-time slots between popular programmes command a high price for advertisers. It has recently been reported that the most expensive advertising break on British television this year will cost £200,000 for just 30 seconds during the X Factor final. In America, the Superbowl final commands an eye watering $4m tag to their half time ad breaks.
Why do some companies happily spend up to 7 figure sums on TV advertising? Well the answer is simple – they work. So if TV advertising works for the big boys, then in theory it should work for the little guys? Again yes, but the numbers need to stack up.
Firstly, an SME cannot afford to spend large sums of money on just one form of advertising. In today’s digital age there are many advertising options that can get you closer to your future customers. My advice is to sit down and review the whole of your sales strategy, not just your marketing one.
Consider the following:
How does your business sell at the moment?
How well do you know your customers?
How does the market around you affect your business?
What do your competitors do?
What is the real impact of sales and marketing on your business in terms of sales and costs?
This process will help you work out where you need to invest to get the return on investment your business needs.
A great example is the Lincolnshire Kitchen programme starring local TV chef Rachel Green, which features local food producers and is sponsored by the Lincolnshire Coop. Based in Grimsby, ex Simon Cowell producer Julia Thompson from East Coast Pictures has just produced “Lincolnshire Kitchen” for Estuary TV, which aired for the first time on December 6. Supported by really affordable TV advertising, this programme is promoting local goods and services within the local area that I am sure will deliver an excellent return on investment.
So if like the Lincolnshire Coop your sales and marketing strategy indicates TV advertising might work then you need to calculate the potential costs to produce and get your business on air. The cost of TV advertising around this type of programme depends on where your product is placed and how much you want to spend on production. Remember, George Clooney is not cheap.
Production costs
With professionally produced company profile videos starting from as little as £800, the costs of producing quality TV adverts are probably lower than you might think. Cleverly made so they can be reduced in size to several 10 or 30 second adverts, your business could produce a series of adverts for around £1000 plus VAT. However, if you wanted to test the market with something simple and low cost you could be looking at under £500.
TV advertising costs
According to their website, packages of 12 x 10 second spots with ITV in the Yorkshire Belmont region start from £2,856. Local network Estuary TV broadcasts to over 350,000 homes across North Lincolnshire and East Yorkshire with introductory prices starting from as little as £10 for a 30 second slot with a minimum spend of around £300.
Just like the Lincolnshire Co-op, a business could also become a programme sponsor or pay to feature their product prominently. By offering a location or some expertise for free, you or your business could also gain valuable exposure in a really cost effective way.
TV advertising works
Pricewaterhouse-Coopers undertook a 10 year econometric analysis of over 700 brands in 7 markets and found that, on average, a £1m increase in TV investment yields a £4.5m increase in sales, the highest return on investment of any medium. You don’t need to spend £1m, but the numbers speak for themselves.
Estuary TV is the first local TV network in the UK covering the Humber region, but don’t delay considering TV advertising as part of your sales and marketing strategy. Notts TV is coming in 2014, which will cover Nottingham and the surrounding areas.
We are nearly at the end of 2013 so a perfect time to dust off your sales and marketing strategy to see if your business can be a TV superstar. In 2014 it is certainly going to be more affordable than it used to be.
Lincolnshire-bred business woman Susan Marot runs Marot Associates Ltd, which helps businesses sell more by improving their sales process. Susan works with them to design, improve or even deliver the sales the company needs. A sales person for almost 30 years, Susan is often engaged to speak at events on selling and has regular articles published by the Institute of Sales and Marketing Management in "Winning Edge".
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A play park with just a single piece of equipment has been accused of being the worst in Lincoln.
The park on Flaxley Close, near the Carlton Centre, has just one small item for users to play on.
Previous equipment was removed when it was broken, which is understood to be around seven years ago, and hasn’t been replaced.
The park is run by construction company Taylor Wimpey, who built the neighbouring properties, but a local councillor says that it is letting down residents.
Councillor Martin Christopher has called for the park’s owner to improve it or hand it off | Photo: LDRS
Councillor Martin Christopher, who represents Abbey ward, has challenged them to improve the area or hand it off to the council.
The developer says that it has been in discussions about this now, and hope the equipment will be replaced soon.
“This could be one of the worst play parks in Lincoln. Something needs to be done to make it more appealing,” Councillor Christopher said.
“The council-run park for younger children next door has four pieces of equipment and is well-maintained. This has just one piece that older children wouldn’t be interested in.
The Flaxley Close park was built by developer Taylor Wimpey | Photo: LDRS
“It would be great to see some gym equipment here which teenagers could really get into. Unfortunately, it’s more often used by dog walkers as a training area.
“I am hoping we can find a way for the council to adopt the area.”
He says that he believes it has been at least seven years since the other pieces of play equipment were removed.
The neighbouring Padley Road Play Area, which is operated by the City of Lincoln Council, is better equipped with a swing, slide, roundabout and a rocking horse.
The Padley Road play area, which is right next door and council-run | Photo: LDRS
A Taylor Wimpey spokesperson said: “Following instances of vandalism, we made the decision to remove some damaged equipment from the play area on Flaxley Close in order to make it safe.
“Upon agreement with City of Lincoln Council, we hope to be able to replace the play equipment in due course.”
Taylor Wimpey has confirmed that residents aren’t asked to pay towards the maintenance of the Flaxley Close park.
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