Back in 2007, the Internet was still a little bit of the Wild West. These days, much as changed. In some ways, it's better, and in others it's worse. One thing that doesn't change is the fundamentals.
Today, I'd like to share a simple strategy you can use for online media buys. The following advice comes directly from people who purchase $50K USD to $250,000+ per month in online advertising. Don't worry, you don't need to spend those kind of numbers on advertising.
It's something that I was introduced to in 2007 by people who sign colossal advertising contracts. This fundamental is still 100% applicable today. One caveat to the suggestion, you need to track all your advertising and marketing.
Here's my advertising recommendation:
Negotiate a 24 to 72 hour "out clause" into all your online media buys. If you can track your numbers really well, an out clause should also be used for traditional media buys. In the simplest terms, an "out clause" allows you to get out of long term or expensive media buys (contracts).
Why would you want to do that? Because when you're tracking your advertising and it's underperforming, why commit your money to something that doesn't work?
To be clear, I'm not saying you should get anything for free. If you advertise for three days, you pay for three days.
In almost every instance the advertising sales executive is going to balk at the request. They'll tell you, "we can't do that" and "that's not in our contract" or "corporate won't allow us to do that." That's all B.S.! If you're talking to the right person, they'll be able to get it done.
This suggestion is also a learned skill. As your numbers and advertising buying chops come together, so will your ability to be a smart media buyer.
Remember the quote from two months ago:
"In business as in life, you don't get what you deserve, you get what you negotiate." - Chester L. Karrass
Make sure you get into the mindset of tracking your numbers and negotiating out clauses. Most important of all, don't commit yourself to a bad advertising deal! Never be pressured into buying media. When you know your marketing numbers, this won't happen.
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