by Scott Howard | Nov 28, 2017 | Marketing and Advertising Insights, The Not-So-Secret Writings of ScLoHo, WOWO Fort Wayne Radio Advertising with Scott Howard
The question that every business owner has to come to grips with, “Is Advertising an Expense or an Investment?”, because it can determine the success or failure of your business.
Your view towards advertising is one of the keys to success.
Let’s jump in and take a look at these two expenditures.
The term investment implies that you are going to earn money back. Even if it is a 5% increase or 1% increase. You give me $100 and I give you $101 dollars in return. You give me 100,000 dollars and I give you all your money back plus an extra thousand bucks. That’s what a 1% return on your investment would look like.
The opposite is an expense. You give me $100 and I give you $95 back. You just lost 5%. The challenge is knowing if your advertising is an expense or an investment and honestly it is impossible to know with absolute certainty the complete answer.
And that’s okay.
We can’t measure the true return on everything we spend money on. You pay the electric bill in your business because you need power to light up your store or office. You need power to operate your computer. Those expenses are really impossible to measure your return on because you need power, right?
But advertising and marketing, those are also important. Those are the tools to invite people to spend money with you. Unless people spend money with you, you are not likely to last very long.
I originally wrote most of this article in 2015 and I included a couple of stories from that year which I’ll update right now. I had just finished helping a 70 year old company organize their $100,000 plus advertising budget for 2016. They are now looking at it strategically, with a method to measure every advertising offer someone tries to sell them to see if it fits. But as we reviewed the previous 5 years they had set a budget each of those years too. But instead of spending all of it, they looked at the money they didn’t spend as savings. They were looking at advertising as an expense because they didn’t have a plan. It was just something they knew they were supposed to do like pay the electric bill. 2016 was different because know they committed to spending what they said they were going to spend because then know when to say yes and when to hold off. I serve as their marketing coach and review every couple of months everything they are doing. 2017 was a bigger year than previous years and as we plan for 2018, there is more growth because we now have a marketing strategy that guides us.
The other story from 2015 is a small company that was only advertising when he needed new leads. Throw out a bunch of postcards or newspaper ads every once in awhile and then do it again a few months later. He decided to invest the money he would have spend on some of those ads and mailers and use WOWO radio on a consistent basis. When he started, I had no idea if he would be successful. But he was willing to treat that initial commitment as an investment that could produce a return, or lose money.
Initial return on his investment was huge compared to the hit and miss advertising he was doing previously. He decided to increase his investment, and we are watching the growth occur as a result. Three years have passed and you can hear about his company every week on WOWO because it works.
Bottom line on this is if you treat your advertising as something you have to do but expect to lose money on it, you are looking at it as an expense and probably not making good choices because you are trying to spend as little as possible without a return.
But if you treat your advertising as an investment and talk to someone with some know-how and marketing smarts, it is possible to get a positive return on your investment and watch your business grow.
Want help? Lets talk.
by Scott Howard | Nov 21, 2017 | Marketing and Advertising Insights, The Not-So-Secret Writings of ScLoHo, WOWO Fort Wayne Radio Advertising with Scott Howard
How to fix your marketing problems, seems like an answer that nearly every business person and entrepreneur would love to have, right? Today I’m going give you the big answer and give you an example.
The big answer to fixing your marketing problems is:
Be Curious.
Seek Answers.
Talk to Real People.
Read more.
In short, A. B. L. which stands for Always Be Learning.
You can apply this formula to anything that you want to do.
You and I are already doing this.
Take for example the last couple of big purchases I made for my wife and I. Phones and Computers.
I did all the above.
I was curious, I sought out answers, talked to real people, read reviews, etc.
It’s the way most humans decide on what to buy.
I apply it to my advertising and marketing expertise too
Just last week my son sent me a link to a podcast about CSA Farm Marketing. I’m actually writing this a few minutes after he sent me the link, but by the time this article gets published and I create the podcast version, I will have listened to the podcast he sent me.
I am not a farmer. I had an Uncle Ed when I was a kid who had a farm that I visited a few times but we never really talked about farming. My son Josh on the other hand runs an organic CSA farm in South Carolina. CSA stands for Community Supported Agriculture and it’s a way for small farmers to create a sustainable business model by selling shares of the harvest ahead of time. It’s a pretty cool concept that I had not heard of or thought about until my son started working for one in Ohio years ago.
I will share some specifics lessons from the podcast in an upcoming article and podcast, because at first glance there are some golden nuggets of marketing wisdom tucked in that podcast.
This Always Be Learning concept is something I’ve been applying to build my marketing and advertising expertise for over 30 years because I was curious. In 1986 when I moved my family to Detroit and spent 7 years creating successful radio advertising campaigns; it was a huge learning experience for me as I got to interview dozens and dozens of business owners to find out what they did, why they did it, and how it worked. I was driven by curiosity.
I also read, researched and applied the concepts I was discovering into a working laboratory of marketing experiments with my advertising partners in Detroit.
This passion continued when I started doing this in 2003 in Fort Wayne, Indiana. (By the way, in between say, 1993 and 2003, for about 10 years, I got to work outside of the advertising and marketing world for a living and simply experience marketing and advertising from a consumers stand point. This ability to look at both sides of the marketing transaction, I know gives me a unique ability to see both the big picture and little details from both the business side and the customer side.
A friend of mine told me she was going to spend $20 to take a two hour marketing class offered by the small business administration and a local college. Good for her, I thought. But I’m curious as to what she will be told. Hopefully she’ll get some valuable tips. More importantly, she is starting the process that I mentioned at the beginning of this piece:
The big answer to fixing your marketing problems is:
Be Curious.
Seek Answers.
Talk to Real People.
Read more.
In short, A. B. L. which stands for Always Be Learning.
If you are in the Fort Wayne, Indiana area and want to do this, contact me. I work for WOWO Radio and Federated Media and may have some help in marketing your business available thru those resources. But my true passion is to help you on the right path whether you buy something from me or not.
Let’s talk.
by Scott Howard | Nov 17, 2017 | Marketing and Advertising Insights, ScLoHo's Collective Wisdom, ScLoHo's Fort Wayne, The Not-So-Secret Writings of ScLoHo, WOWO Fort Wayne Radio Advertising with Scott Howard
I was recently asked to share an infograph with you which prompted what I am writing today, Is Bigger Also Better? I’m going to limit my thoughts on the subject to the business world and some personal insights too.
First the infograph:
Anything surprise you?
There were a couple of items that I had forgotten about some of the U.S. based companies and as Americans, we are mostly ignorant about the companies that are headquartered in other parts of the world. Rarely have I worked for a company that was as large as any of those mentioned, but I have friends who do.
The bigger a company is, the more they have to lose if they are not diversified. Google did some restructuring and created their own parent company, Alphabet, which is listed above. Most of those on the list are very diversified which has helped them weather the economic ups and downs for not just dozens of years, but well over 100 years.
I don’t work with companies of that magnitude in the day to day work that I do as a marketing coach, consultant and advertising sales person in Fort Wayne Indiana with WOWO radio and Federated Media. Usually when I work with companies that are publicly traded, I work with a subset or division of the parent company which is fine.
Did you notice the revenue numbers listed above were all Billions? Change that to Millions for the level of companies I work with. (There are a couple of exceptions, this year and next year I am working with a company that has annual revenues of over $13,000,000,000.00, but on a local level which is just a small piece of that 13 billion dollar pie.)
It is not uncommon for a company in Fort Wayne that I work with to have over a million dollars in annual revenue. Most consumers in Fort Wayne are probably not aware of the cash flow that is going on in our city.
These local companies with annual sales in the millions are all over the place. I had neighbors in the pizza business, friends I go to church with in the sign business and home repair industries and there are tons of B 2 B businesses that are never given a second thought because they are not retailers.
All of these businesses need guidance and help with their marketing and I enjoy sitting down and asking the right questions to help them form a strategic marketing plan. Sometimes they become my advertising partners and sometimes we just become friends.
A few years ago American Express launched #SmallBusinessSaturday and it continues again this year. Many local retailers will be participating on the Saturday of Thanksgiving weekend. It’s sandwiched in between Black Friday and Cyber Monday.
I suspect I am like most of you in my shopping habits. I buy local when possible and also buy from the big boys.
Amazon Wish Lists help me buy for my out of town family. Were you aware that Amazon also supports local non-profits with their Amazon Smile program? I am on the board of directors for Homebound Meals, Inc. of Fort Wayne Indiana and recently made the switch so my Amazon purchases benefit locally. Kroger also has a rewards program that you can sign up for that gives money to the charity of your choice.
But back to the title of this article.
Is Bigger Also Better?
No, but the opposite isn’t true either.
I urge you as a business person to seek out advice on how to be the best you can be no matter your size. An often overlooked piece of your success is how you invite people to spend money with you, that’s part of your marketing and I can help.
I also urge you as a consumer to support your neighbors and their businesses when possible in a variety of ways as I just mentioned.
by Scott Howard | Nov 15, 2017 | Marketing and Advertising Insights, ScLoHo's Collective Wisdom, The Not-So-Secret Writings of ScLoHo, WOWO Fort Wayne Radio Advertising with Scott Howard
The Long Haul.
The Purpose of Your Strategic Marketing is Always, Always, Always to be Known, Liked and Trusted Before You are Needed. I just stole that, well borrowed it from Tim Miles because he is so on target with that statement that I want you to hear it from me too.
Before I share my side of this, here’s how I discovered that bit of wisdom. Years ago, I found Tim and his company as one of Roy Williams Wizard of Ads Partners and was impressed with what he and his staff share regarding marketing and life. I get his free weekly email and have his Good Company book. Here’s a link to get it all too and the email that contained the Tim quote. (Go to the top of that page and follow the directions.)
So why is it important to be Known, Liked, and Trusted Before You Are Needed?
As human beings, we are creatures of habit. We develop preferences for things we like and those things are what we tend to do as long as we are able to.
Take breakfast for example.
I am a breakfast eater. My body requires that I eat something within about an hour of getting up in the morning. By the way, I use the word requires, in reference to myself. I know lots of folks who say they can’t eat breakfast. But play along with me and we’ll skip the pros and cons of what meals to eat or skip.
Between 350 and 360 days each year, I wake up in my own bed and follow a routine that involves eating something and drinking something for breakfast. I either have something at home or pick something up on my way to my first meeting. 50 times each year, I have a weekly meeting that includes a breakfast buffet.
But those other 300 days, I limit my selection to what I am familiar with.
I know how to prepare, find or buy breakfast. I don’t have to Google it or watch a YouTube video on how to eat in the morning. I don’t have to ask my Facebook friends or well, you see where I am going, right?
Regarding breakfast, I have a Top Of Mind Awareness of not just what’s available, but what I, Scott Howard, know, like and trust to fuel my morning.
You do too. It’s the way we as humans are wired.
But what about something we don’t do everyday? How do we learn about those things?
I recall the first time I had sushi. I was adventurous and my wife and I just ordered something. It wasn’t a good experience. A couple years later, my daughter Rachael offered to take me out and teach me how to enjoy sushi.
Because I know, like and trust my daughter Rachael, I took her up on her offer and because she knows, and likes me, she introduced me to sushi style food that she trusted I would like.
It worked. I now know what kinds of sushi I like and I’ve even had it for breakfast once.
How does this apply to your business marketing and advertising?
There are times when everyone of us will need to spend money on something that we have not spent money on before. It could be a furnace repair, maybe buying your first house. Tires or car repair. The first time we spend money on anything new, we are looking for a business or product that we can trust. We want to like the people we are dealing with and if we have some knowledge of them, they are more likely to be on the short list of who we consider to spend our money with.
As I tell my advertising partners, unless you sell Christmas trees and nothing else, you better be building Top Of Mind Awareness every month, year round. There is always someone who wants what you have to sell if you invite them to spend money with you when they are ready to buy.
Most of the advertising partners I work with are not retailers. That’s by choice and design. I get to choose who I work with. And I get to choose who I don’t want to work with. I want to work with business people who understand what I just said and want to learn how to create long term success. That’s why I write, blog, podcast and work for the long term too.
I don’t care if you eat sushi or breakfast, but I do care that you want to do what’s right for your customers. Do you have what it takes to be one of my long term advertising partners with WOWO Radio or any of the additional online marketing options I have? Reach out to me and let’s find out.
by Scott Howard | Nov 7, 2017 | Marketing and Advertising Insights, ScLoHo's Collective Wisdom, ScLoHo's Fort Wayne, The Not-So-Secret Writings of ScLoHo, WOWO Fort Wayne Radio Advertising with Scott Howard
Women and WOWO radio, a topic that I’ve talked about for nearly 15 years. Today, I have some insight that business owners, especially retailers need to know.
When I started in the radio advertising business in Fort Wayne, Indiana in 2003, I worked for a competing company, not WOWO radio. I spent over 9 years trying to convince people not to advertise with WOWO.
It was this radio station for old white guys was my usual argument, and you want to reach people who have money to spend, right?
A few years ago, I wised up. In November 2013, I started the process to join WOWO and it has been fantastic for multiple reasons but the one I’m going to focus on right now is about the audience of WOWO.
Is it really a bunch of old white guys that listen to WOWO?
Well, yes and no. There are a significant number of men age 50+ who listen and they are important people to reach with your advertising messages. However, the number of women who actively listen is impressive too.
The Women of WOWO are likely to be Baby Boomer age and I’ve got a couple of reasons why that is important that I read in an article from Mediapost. This article emphasizes why you should invite Baby Boomer Women during the holiday season, but it’s appropriate year round. 
Here’s a couple of quotes from the story:
Today, every fifth adult in the United States is a female over 50. They are the healthiest, wealthiest and most active generation of women in history who control half of the country’s discretionary income and 75% of the country’s wealth.
Okay, think about that for a second. 75% of the country’s wealth is in the hands of 20% of the adults in this country. And these are not the grandmas of the past, these women are the healthiest, wealthiest and most active generation of women in history who control half of the country’s discretionary income. 
Wow, that sounds like the perfect group of consumers to aim my advertising and marketing to, right? Problem is most retailers are not inviting these Boomer women to spend money with them.
Instead, they spend less than 10% of their holiday marketing budgets targeting Boomers.
Retailers should devote somewhere between 50 and 75% of their marketing budgets to reach Baby Boomers!
One reason marketers and retailers ignore Boomer women is the belief that they’re not tech savvy enough to keep up with the changing retail environment. With so many businesses moving to online models, the focus is on younger audiences, particularly millennials. But Boomers are much more tech savvy than given credit for, actually spending more online than millennials. Many may prefer the experience of shopping in a store, but they’re perfectly comfy with e-commerce.
The Mediapost article gives some impressive numbers regarding the online habits of Baby Boomer Women. One that really caught my eye was the number who use their smartphone daily for shopping. 
Let’s address another ageism myth and that is that by a certain age, we become blindly brand-loyal. Not true. If you take them for granted and don’t continue to invite them to be your customer, they are ripe for the picking.
Being ignored for years has resulted in many Boomer women abandoning brands to which they’ve been loyal for decades. And now those brands are in the position of having to figure out how to win these consumers back. An excellent first step for brands and retailers wanting to reclaim their loyalty is to take the time to understand what drives Boomers to make a purchase. What are their needs, and the emotional triggers that prompt a purchase? Believe it or not, their needs are similar to those of other generations. They want convenience, an emotional connection to the brand, and to hear a great story that resonates with their lives. And a loyalty program that offers real benefits and lets them know you appreciate their business.
There’s more you need to know:
Sure, Baby Boomers are tech-savvy and often purchase online, but many still prioritize good old-fashioned service above all else. Marketers and retailers can provide that service by sending follow-up emails that provide the opportunity for Boomers to give feedback and make their voices heard. They need to set aside their preconceptions and stop looking at Boomer women through dated stereotypes. Most importantly, they need to recognize that these women are not one homogenous group. All Boomer women are not grandmas or caregivers. Engage them, and let them know you want to build an ongoing relationship with them. 
In today’s world, our economy is heavily influenced by Boomer women. Marketers need to recognize that these consumers are not stuck in the “good old days” and that they don’t prioritize buying the brands with which they grew up. Take the time to build a relationship with these consumers. Make it clear that they’re important to you, and they’ll reward you.
And now let me circle back to the Women of WOWO radio. I took a look at the latest radio rating information I have access to and asked how many women in the Fort Wayne area that are Baby Boomers listen to WOWO and all the other radio station in the survey.
27 radio stations were in the list. I bet you didn’t realize there are that many radio stations in the Fort Wayne area, and actually there are more than that, but the others didn’t have enough Baby Boomer listeners to qualify to be on the list.
WOWO radio is at the top, with over 30,000 Baby Boomer Women listening every week. Number two on the list only has around 20,000. Everyone of those other radio stations have just a fraction of what WOWO has. I can share this list with you privately if you want to see it. 
So to wrap this up, Baby Boomer Women control 75% of the wealth in the United States, even though they only make up 20% of the population. Locally the very best way for retailers to invite them to spend their money with you is with WOWO radio.
I can help you with that. Just ask.
(By the way, the women’s pictures in this article are from my Facebook friends, some of whom I’ve know since we went to high school together 40 years ago, all are Baby Boomers, and one is my bride.)
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