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.
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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".
The Lincolnite welcomes your views. All comments are reactively-moderated and must obey the house rules. Please stay on topic and be respectful of other readers.
The Lincolnite welcomes your views. All comments are reactively-moderated and must obey the house rules. Please stay on topic and be respectful of other readers.
A 50-year-old man has been arrested after half a kilo of cocaine, with a street value of up to £50,000, was found in the Birchwood area of Lincoln.
Police said they were concerned the person who lost the drugs could now be in serious danger after a bag containing cocaine was found on by a local man on Allness Close on Thursday, November 26.
The white powder was tested by police before being confirmed as cocaine.
A man has since been arrested on suspicion of being in possession of a class A drug with intent to supply. He was later released under investigation.
DS Vikki Goddard of Lincoln CID said on the day of the discovery: “I ask anyone who has information about these drugs to contact us.
“This is an incredibly large amount of cocaine and it will be missed. We know whoever it belongs to may be looking for retribution and there will be an outstanding debt.
“Anyone who knows anything about this can call us on 101 or alternatively call Crimestoppers anonymously on 0800 555 111.”
Mass coronavirus testing at the University of Lincoln started on Monday with students advised to book online.
It is recommended that students should test negative twice, three days apart, before travelling home for Christmas, but this is not a mandatory requirement.
The testing programme is taking place in a marquee outside the university’s sports hall and asymptomatic students can voluntarily book a test from Monday, November 30 until Wednesday, December 9. It opened at 9.30am, but it was very quiet at that time, with no early queues.
The asymptomatic testing is available to staff on a voluntary basis too.
Results will be received within an hour for each of the two tests required. If students test negative they can travel home immediately. If they test positive they must isolate in Lincoln before going home.
Enter here to go for your coronavirus test. | Photo: Steve Smailes for The Lincolnite
The university emailed students last week inviting them to take part in the testing, after which they should register for a test and turn up at the sports hall at the appointed time.
Any students who haven’t received an invitation email by December 1 should contact [email protected].
It is understood that mass testing will also be carried out at Bishop Grosseteste University, who have been contacted for further information.
Students must register for a test before turning up at the sports hall at their allocated time. | Photo: Steve Smailes for The Lincolnite
People who are displaying symptoms are still being encouraged to book a test at the Lincoln walk-in facility at the Joseph Banks Laboratory car park off Beevor Street.
Meanwhile, teaching will move online for two weeks between this dates, with the winter term ending on December 18.
All teaching will continue to be online from December 10, with the university waiting for further government guidance before making a decision on how students will be taught in January.
A new arcade gaming centre with cafe and bar will open in Lincoln next year, creating 10 jobs for the city.
Banks Long & Co leased the former Palmers of Lincoln retail showroom on Dixon Street, which was closed due to coronavirus, to the owners of The Arcade Warehouse, who already have a site in Scunthorpe that launched earlier this year.
The new gaming centre will launch in February 2021 and open seven days a week, unless further coronavirus restrictions are imposed, then it could be delayed until nearer April.
It will include more than 100 arcade machines, as well as pool tables and virtual reality technology. An entrance fee will be required from customers, but it will then be free to play on all machines and the gaming centre will be available the host parties and for private hire.
The 6,097 square foot building will also house a cafe and bar, serving hot food and both alcoholic and non-alcoholic drinks, with on-site parking also at the venue.
Managing Director Caton Airey, and fellow Director Dan Rees also run an IT company called PCSC UK in Scunthorpe, but spend a lot of time in the Lincoln area.
What the interior of the Lincoln Arcade Warehouse could look like when it opens.
Caton said: “We have watched how Lincoln has grown in popularity as a university city, serving more than 15,000 students, as well as a lively shopping and tourist destination. Lincoln also has a great catchment area and continues to attract major investors.
“We are thrilled with the Dixon Street premises, which we will be configuring to accommodate an amazing selection of retro-gaming and e-sports machines, including pool tables, driving and shooting challenges, touchscreen games and those using virtual reality technology.
“We aim to appeal to all ages, from young people right through to the over-seventies and we will be open seven days a week, although we still have to decide the exact opening hours.”
Dan added: “What we also want to do is to connect and work with other leisure providers in the city so that, together, we can offer a fantastic choice of fun activities for everyone and benefit from what each of us offer.”
Banks Long & Co Director James Butcher said: “We are delighted to have let the Dixon Street showroom to Caton and Dan and we wish them much success over the months and years ahead.”
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