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- 1. Co$portunity TM An Advertising Cost Comparison Method Presented by: Mark Rodeffer Upstate Town Planner 18-Dec -2009
- 2. os t ng cho d Co$portunity TM A rtisi met dve on n a aris c o mp Advertising prices range widely, and everyone has to find what works for them and their market But once you’ve decided on an advertising method, how do you fairly compare pricing across proposals?
- 3. cost Co$portunity TM singetho d erti m adv ison An par co m Let’s go back to the two R’s of advertising: Reach - the size of your campaign the circulation of a publication a billboard’s traffic count a television program’s audience Repetition - How many times your message is viewed by the audience
- 4. cost Co$portunity TM singetho d erti m adv ison An par co m Where’s the balance between the two R’s? Is it better to send an ad to: 3000 people 1 time Message not heard 1000 people 3 times 500 people 6 times 50 people 60 times Annoying 1 person 3000 times Notice that in each case R x R = 3000
- 5. cost Co$portunity TM singetho d erti m adv ison An par co m Multiplying Reach and Repetition can be used as a factor to compare campaign costs Every time the audience (Reach) views your message (Repetition) it creates an opportunity for business The only other input required is the cost of the campaign
- 6. cost Co$portunity TM singetho d erti m adv ison An par co m With the cost, reach, and repetition defined: Simply divide the cost by the opportunities to get the cost per opportunity, or cosportunity. Cosportunity = Cost (Reach X Repetition)
- 7. cost Co$portunity TM singetho d erti m adv ison An par co m Example 1 - Billboard Advertising Let’s say your monthly cost is $1000 and the traffic count is 8,000 vehicles 8000 x 30 days = 240,000 opportunities Your cosportunity is $0.004
- 8. cost Co$portunity TM singetho d erti m adv ison An par co m Example 2 - Weekly Newspaper Ads Let’s say the weekly cost is $125.00 and the circulation is 50,000 50,000 x 52 = 2,600,000 opportunites $6500 / 2,600,000 = 0.0025 cosportunity
- 9. cost Co$portunity TM singetho d erti m adv ison An par co m Example 3 - Radio Advertising Let’s say the monthly cost is $3,000 and you reach 5000 listeners 5 times a day - 5 x 5000 x 30 days = 750,000 Your cosportunity is $0.004
- 10. cost Co$portunity TM singetho d erti m adv ison An par co m Let’s also remember that not everyone in your campaign’s reach will view your ad Direct mail gets thrown away Viewers channel surf during commercials Motorists may not read your billboard Big sure to dig for accurate numbers and apply correction factors fairly!
- 11. cost Co$portunity TM singetho d erti m adv ison An par co m Also make sure You’re comparing the same time periods You’re in the right media for your market Lastly, it’s okay to be cosportunistic!