Balancing Business And Relationships In Advertising | welcome to ...

Successful businesses know the importance of building and maintaining good working relationships, whether it is with partners, employees, business or trade organizations, the government, media representatives, vendors, consumers, or the community at large. A business must carefully balance the benefits of these interpersonal relationships and should never allow these relationships to blind their judgment especially when it relates to what is in the best interest of the business?s continued success and growth.

A lot of small businesses fall into the trap of buying advertising media based on recommendations from interpersonal relationships. Instead of following the strategic marketing plan, the business takes a major gamble by doing business among people they know and opting for that warm, copacetic feeling that is part and parcel of such deals. But when everything is said and done, the business is in the red due to some advertising expenses that should not have occurred in the first place, with little to show for their gamble and the worst seemingly due to come. So as you can see, the spending has been done, the marketing budget most likely exceeded (but probably it has not been exceeded yet), and in most cases there would not have been enough done to tap into the demographic market the business had intended to penetrate.

So is it really a cardinal sin to buy advertising from a close business associate? It is not ? but a business would need to keep in mind the target demographic or type of customers before buying media or choosing the right media channels. To wit, the business should have an uncanny sense of knowing how the target demographic behaves ? it is as simple as knowing their tendencies when it comes to hobbies, interests, preferred entertainment or recreation or preferred media formats, and if a business has this sense, it can make a sound media buying decision. It is prudent for a business to choose more than one media channel provided they are able to pickle their target market and home in for the kill, so to say ? and it would also be necessary to track results for each media channel. This is a necessary process for every business to make a reasonable and informed decision and help them use their marketing budget wisely, and prioritize expenses in such a way that would lead to positive results and higher margin of profit.

This article is not meant to dispute the importance of having valuable relationships with people in the media, similar or related businesses and other organizations, because it is indeed important to value these relationships if you look at the big picture. But again, negotiators make strange bedfellows in more than one way, and valuing a friendship in the business world over everything else will almost always be a mistake ? concentrate first on developing synergy with your strategic marketing plan and everything else should follow.

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Source: http://www.dreyfoosguidance.com/balancing-business-and-relationships-in-advertising/

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