Question

Topic: Advertising/PR

Advertising Versus Networking, Which Is Best.

Posted by Anonymous on 3/26/2004 at 4:25 AM ET 125 Points
I am involved in two different Chambers of Commerce and network with other business owners/professionals on a weekly basis. Most of those who I network with are pretty adamant about networking, and prefer it to traditional advertising using the argument that advertising is far too expensive.

In some respects I agree, but I have to admit that networking takes a fair amount of time to accomplish without any guarantees that you will get any business. My time is quite valuable, and always networking with the same group of individuals is like turning on Max A/C in the car, it just recycles and does not bring in any fresh air.

I know their are many variables to being successful at advertising and networking, and neither are magic lamps, but should I stick with just one method, or carefully balance advertising and networking?
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RESPONSES

  • Posted by ReadCopy on 3/26/2004 at 4:33 AM Member
    Depends on your target market to some extend.
    if your target is mass market, then advertising os the very best approach, but its more high value customers, FSTE100 for example, then 1-1 marketing is the way to go, and tactics would include networking events, email marketing, supporting your field sales teams, hospitality etc.

    I have the same dilemma right now, high value customers, and looking at 'affiliate' organisations in the UK (chambers, iod, RDAs etc) and working on a simple model that allows me to concentrate on the few gems that would really make a difference.
    The model is by no ways complete, but would include score weightings on market fit (size of business and geography), actual influencing power, cost etc

    Hope this helps
  • Posted by Chris Blackman on 3/26/2004 at 7:36 AM Accepted
    Sounds like you have already convinced yourself that a blend of the two is needed.

    Perhaps you need to widen the net further.

    Have you thought whether you need to have a hard look at the segmentation of your target audience? This should reveal some home truths.

    Then pick the most appropriate media to reach each target audience.

    Network may be appropriate for one or more segments. Depends on your business.

    But you may also need a whole gamut of propmotional tools from the maketers armoury. Advertising, sure, but specific channel tools, PR and other promotional activity may be the "fresh air" you're looking for.

    So segment thoroughly, and segment honestly, to devise the most appropriate promotional strategy.

    Good Luck

    ChrisB
  • Posted by Blaine Wilkerson on 3/26/2004 at 8:42 AM Member
    Carefully balance both.

    The success of both depends on the quality of your expertise. So, it depends on you, not the medium.

    Like Chris said...looks like you answered your own question.

    Good Luck!
  • Posted by Pepper Blue on 3/26/2004 at 8:46 AM Member
    Hi rtilney:

    A couple of years ago I was so busy that I let my carefully selected and nurtured networks fall apart. Like you, they had also become stale, always reminding me of the saying "same bar, different night".

    Big mistake, because when I needed them I was to far out of the game to get back in.

    That recycled air might be stale, but it's still keeping you cool, and you would miss it if you rolled down the windows and let it out.

    As Dave "The Networking Guy" Sherman says "Expect nothing in return". Maybe looking into Dave's philosophy might freshen things up for you on the networking side.

    https://www.thenetworkingguy.com/

    You mentioned that advertising is expensive for you but has it worked for you? If if hasn't then, then you need to look at alternatives. PR, direct, indirect, speaking etc. to keep your name in front of your audience.

    Just a couple of thoughts!



  • Posted by telemoxie on 3/26/2004 at 12:32 PM Accepted
    My experience is that the type of of product or service you are selling, and especially the stage of the product or service life cycle, is key to answsering your question. If you have a truly innovative product which is unique, then "traditional advertising" such as telemaketing, direct mail, and PR can be highly effective.

    If you have a product or service which is further along in the product introduction phase (e.g. systems integration services, although techncial and complex, have been around a long time) - if there are many suppliers with relatively un-differentiated offerings - then you will need the sort of one-on-one relationship building you can get thru Networking.

    Traditional marketing certainly can help for mature products and and services - and I agree that a balanced approach is a good idea, but the cold hard truth is that Sr. Mgmt probably won't' give the program enough time to succeed.

    If you have a generic offering (e.g. programming) and you want to try "traditional advertising, try focusing on something very specific, e.g. take a specific solution you have implemented, and get the message out to others in their industry. These targeted prospects will want to know what their competitors are doing, and they will want to work with vendors who have recent and relevant technical experience.

    Call or email for more info - good luck - TeleMoxie.
  • Posted by telemoxie on 3/26/2004 at 6:59 PM Member
    If you can find a venue where Marketing Communications Managers and Corporate Graphics Designers hang out, that would be great. My experience with some "networking" meetings (at least in the Washington DC area) is there are lots of business development types trying to sell each other - your target market won't be at that sort of event.

    It is my belief that a sustained, low intensity, long term approach is the best way to close large corporations and key accounts. If you want more info, check out my profile, visit my web site, and give me a call. TeleMoxie.
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