Mednet Advertising

Published: 2021-09-11 11:25:11
essay essay

Category: Business

Type of paper: Essay

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1. What does an advertiser want? Sales, leads, brand awareness? What are the best metrics for measuring those? How do you determine if the business model produces the results that an advertiser wants?

Companies advertise in order to increase revenues, identify potential new customers and build their brand equity in the marketplace. Although all of the foregoing reasons for advertising are interrelated, each may have a very distinctive timeframe.

Increasing sales/revenue is typically a targeted and shorter-term goal when it comes to action-specific advertising. Companies are looking for tools that provide some control over consumer activity. For example, a company may have excess inventory or manufacturing capacity that it needs to sell or fill. If the company could utilize an advertising campaign offering lower prices in order to sell excess inventory or manufacturing capacity, it would allow the company the ability to flex pricing when required. Developing a robust and targeted advertising strategy that drives consumer activity is a huge advantage since excess inventory and capacity cost the company money and decreases its utilization of assets.

The long-term strategy of increasing sales can be linked to growing brand awareness and strength. Over time companies want advertising campaigns that distinguish their products from competitors' products. Metrics for measuring advertising success can be both quantitative and qualitative.



Quantitative:
Market share and market penetration are two metrics commonly used for measuring brand strength. Companies want advertising campaigns that offer differentiation, relevance/frequency (# of customers exposed to ad), esteem and reach (average # of times a potential customer is exposed to the advertisement over a period of time). Frequency and reach are two important metrics for e-advertising campaigns.

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