If you’ve been running a regular advertising program in trade publications, you’ve probably noticed that inquiry counts from your ads have fallen off markedly. An ad that would have pulled 40 to 50 reader service inquiries seven or eight years ago may now produce only 10 to 12. The trend is so pronounced that some publications have done away with their reader service cards, while others are looking to mollify advertisers with web-based promotions. With advertising rates increasing and inquiries declining, many advertisers are asking themselves, “Why should we continue to advertise in trade publications?”
It seems that over the last ten years, in their desire for measurable results, many advertisers have focused exclusively on inquiries — more accurately, reader service card inquiries. These inquiries are easily counted and provide the basis for simple metrics such as cost per inquiry and inquiries per sale. Interestingly, these same advertisers have, in many cases, done an extremely poor job when it comes to capturing, recording, and analyzing the names of people who respond through faster channels such as web visits, toll-free numbers, or e-mail. Since recent studies show that up to 70% of publication readers now use these more immediate response methods, advertisers who consider only reader service inquiries may be making important promotional decisions based on incomplete information.
So, given this significant drop in reader service inquiries, does advertising in trade publications still make sense? Absolutely! Trade publication advertising yields significant benefits beyond inquiries; it builds awareness of your company and products, which in turn leads to credibility for your salespeople. And, while harder to measure than inquiries, these “intangibles” can still be gauged through brand awareness/brand preference and benchmark studies.
Companies that are well-known in their markets are not only invited to quote more often, they also have a much better chance of getting the business — even in cases where their prices are higher than their competitors’.
As a wise old purchasing agent once told us, “Companies don’t buy products; people buy products.” He was, of course, referring to buyers, engineers, and others responsible for making purchasing decisions for industrial companies. Sure they’re concerned about price, but they’re more concerned that the product will work as intended, since their reputations, and often their jobs, depend on it.
Choosing well-known, established brands not only reduces these anxieties for buyers, it also makes it much easier for them to get purchase approvals from upper management.
So, regardless of whether prospects find you in the pages of trade publications, in directories, or on the web, your company will have a better chance of being considered and your products of being chosen if your brand is well known. And, according to every study we’ve seen, trade publication advertising is still one of the best means available for building this sort of brand recognition.
At Norris & Company, we work closely with clients to develop promotional programs that balance brand building and inquiry generation.
If you would like more information on this subject, or a reprint of this and other ads in the series, please contact us: (508) 510-5626 • info@norrisco.com
