Home Forums Marketing mastery TV or not TV that is the Question?

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  • #970748
    TrevAtMidas
    Member
    • Total posts: 25

    Hi Folks, to bring you up to speed we’re a successful company with the two business arms of Midas Home Loans and Midas Financial Planning running in unison. We’ve found to date a lot of our business comes through the door, phone or web enquiry be it local or National via referrals from some very satisfied Clients, which is brilliant as it speaks of happy satisfied Clients looking to refer friends and family at zero cost to the business.

    To date the only media we’ve used in 15 years has been radio with a bit of print media from time to time. Now however we’re in a building phase and have put on additional Staff and with more to come, and are looking to expand into other areas. The local TV network is keen to assist us (as you can imagine), they also have access into the area we’re looking at opening, but I’m not convinced with the use of TV as a medium where the end spend is value for money.

    Any thoughts and words of wisdom are appreciated?

    Warm Regards
    Trev

    #1045921
    DavidM
    Member
    • Total posts: 329

    Hi Maddius,

    Are you able to take the promotional methods that are currently working and amplify them further? For instance, did radio or print give you a good (quantifiable) return? If so, perhaps dial your investment in radio upward.

    You could also consider investing in online marketing? This is quantifiable.

    TV is one of the most expensive medias available, but can be cost effective. For emerging businesses, you’ll need to generate the trust first, then it’s all about repetition. People will need to see your ad multiple times before they take action. It’s not a quick 1-3 week proposition. It’s an ongoing commitment. There’s also the question of when to advertise and on what programs. TV is not as quantifiable as other mediums, and is far more expensive to test.

    … I’m also assuming that you have a differentiated proposition to other home loan / financial planning providers and an enticing creative. Otherwise the channel won’t help you at all.

    Good luck,

    #1045922
    Alan Maddick
    Member
    • Total posts: 410

    We have been tempted by TV for a while now, it is surprisingly affordable these days, let us know how you go if you go ahead!

    #1045923
    TrevAtMidas
    Member
    • Total posts: 25
    DavidM, post: 56023 wrote:
    Hi Maddius,

    Are you able to take the promotional methods that are currently working and amplify them further? For instance, did radio or print give you a good (quantifiable) return? If so, perhaps dial your investment in radio upward.

    You could also consider investing in online marketing? This is quantifiable.

    TV is one of the most expensive medias available, but can be cost effective. For emerging businesses, you’ll need to generate the trust first, then it’s all about repetition. People will need to see your ad multiple times before they take action. It’s not a quick 1-3 week proposition. It’s an ongoing commitment. There’s also the question of when to advertise and on what programs. TV is not as quantifiable as other mediums, and is far more expensive to test.

    … I’m also assuming that you have a differentiated proposition to other home loan / financial planning providers and an enticing creative. Otherwise the channel won’t help you at all.

    Good luck,

    Hi David,

    We have had good return for radio advertising although an interesting point to your query on amplifying what currently is working is that 3 years ago we actually halved our spend on radio with the net result being we’ve had no decline in business, in fact it’s been quite the opposite. I haven’t figured that one out yet, but we know folk are listening and more importantly remembering our ads as a lot of people comment on them when we’re out and about.

    The print media spend we’ve found has generated poor results. Feedback from our Clients hasn’t found them finding us via print media. A recent meeting with the SENSIS folk has seen us increase our spend with http://www.yellowpages.com.au to include more areas and time will tell on that one, but I’m already feeling they are behind the times (Hopefully I’ll be proved wrong in this regard).

    I believe you’re on the money in finding the solution via investing in online marketing, next trick is to source the correct solution for this one? You’ve pretty much tapped into my own thoughts on this one and Flying Solo has so much available resources available I know I’ll find the answer. I’m also interested in learning how (apart from Client feedback) I can measure the results with online advertising?

    Thanks for your comments on TV advertising, the proposed spend and commitment is considerable. The other thing I take issue with is that even they are able to produce figures for the demographics of the area related to population, age breakdown, viewing habits, amount of tv’s etc, what they can’t tell me is how many of the available viewing base are watching Foxtel/Austar or saving favorite shows to hard drives and then fast forwarding through the ads (As I do). That stuff concerns me. I’m kind of thinking the better way for securing growth is in online marketing.

    Thanks

    #1045924
    TrevAtMidas
    Member
    • Total posts: 25
    SmallBusinessWorks, post: 56058 wrote:
    We have been tempted by TV for a while now, it is surprisingly affordable these days, let us know how you go if you go ahead!

    Hi Alan,

    The temptation has never been huge for us, given that we’ve never utilised TV advertising in the past 15 years and both business arms are successful in their own right. So I must admit the idea of including TV as an advertising medium is waning (at least for us), we live in a regional area (Mt. Gambier S.A.), thus TV advertising on a local level at least, wont provide the exposure we’re looking for. A lot of our growth has come about in the last 12 months in particular with new Clients emerging from W.A., QLD, NSW, & VIC. They’ve all been referrals and they’re all seeking out Marion (Marion Kilsby – Principal), after hearing of her expertise in Financial Planning and Mortgage Broking. We’ve now got the right Staff in place, and their training in replicating Marion is almost complete, hence the time is right to be presenting a more National front to the business, my thoughts are erring to online marketing more and more.

    I’ve tried putting myself in place as a customer (of anything) and a high percentage of my time when looking to buy or find services is spent via the net and I find the results I’m seeking. My TV habits are centered around being entertained, not looking to buy anything. In other words, I’m looking for chill out time and entertainment on TV and it’s only clever ads (far and few) that take my interest. But hey that’s me!

    Granted Alan, it is a lot more affordable than in previous times, but it’s a spend none the less and I’m not confident the returns are there.

    So it might be a case of you letting us know how you go, if you go ahead lol?

    Regards

    Trev

    #1045925
    PR Guru Julie
    Member
    • Total posts: 43

    Have you considered doing PR too? Perhaps get Marion to write some articles and include five tips on how to….and have them placed as free editorial in the media your target market is reading. And, if you do decide on TV advertising, at the negotiation stage, see where there are opportunities for Marion to be interviewed (such as a morning magazine style program).

    cheers
    Julie

    #1045926
    TrevAtMidas
    Member
    • Total posts: 25
    PR Guru Julie, post: 56299 wrote:
    Have you considered doing PR too? Perhaps get Marion to write some articles and include five tips on how to….and have them placed as free editorial in the media your target market is reading. And, if you do decide on TV advertising, at the negotiation stage, see where there are opportunities for Marion to be interviewed (such as a morning magazine style program).

    cheers
    Julie

    Hi Julie,

    The target market articles and tips are great ideas that we’ll certainly explore once Marion has a tad more time to hone them. I’ll start by putting some stuff together and let Marion give it her “Midas Touch” to achieve the standard that’s become known to be one of our benchmarks.
    Marion also has talent in public speaking, with her last one (some years back) before a large multinationals annual conference going down exceedingly well. So this too will be another market to target at some point in the future.

    Meantime I have to keep my focus on the core stuff to attract a wider (National) Client base, which also includes not forgetting the Best Clients we Can have are the ones we already Do have. Marions focus, as it should be is always on fulfilling her Clients wants and needs. Then training the Staff up to, not become clones, but to at least replicate her style and standards of the business model that Midas has crafted.

    Lots of work ahead lol.

    Kind Regards
    Trev

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