CVB Report

Budgeting For Success in Wyoming

Wyoming's Agency Comments Off

shawn houckIf there’s one question I field more than any other, it’s this: “How much does it cost to advertise in the newspaper/on billboards/on the radio/online?”   When I hear this, I like to remind people that advertising shouldn’t cost your company money – it should make your company money.  Advertising is an investment in your brand, products or services, and you should always expect a return on a smart investment.  Helping your company identify and measure return on investment is one way Adbay adds value to campaigns.  (You can see an example of how Adbay helps companies measure those returns in the image above.)

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Marketing experts will tell you that there really is no rule of thumb when it comes to determining your company’s ideal marketing budget.  Recommendations vary from 1 to 30% of sales, depending on your industry, margins and overhead.  But two things all experts agree on — you HAVE to have a budget and you HAVE to stick to it.  I understand that it can be difficult to plan a budget without having at least a passing familiarity with the costs of different media, so I’ve compiled this summary of common Wyoming media and the general price range for each. It is important to note that these prices are for local media only and that they are merely ballpark figures. What’s more, this overview should not in any way be construed as a plan for your campaign; instead, use it as a guideline as you begin to consider your budget.  If you find that planning and coordinating your budget

  • Website Development – Increasingly, websites are becoming the primary way people learn about a business or organization. Content Management Systems, which allow the site administrator to add new information to the site in-house, are necessities. Prices start at $1,500; an average robust website is $3,000 – $5,000.
  • Local Television / Cable Advertising – For maximum impact, we typically recommend that a client plan to invest at least $500 per week for a minimum of 13 weeks. A 30-second spot can range from $25 – $300 per airing, depending on placement.
  • Local Radio Advertising – In general, we recommend that a local radio advertising campaign run for a minimum of three months. A good starting plan includes heavy rotation on several radio stations for at least one week per month. On average, this would cost about $850 a month.
  • Local Newspaper Advertising – Plan on spending between $1,000 and $1,875 a week for 13 weeks. This rate is based on 75 column inches of ad space per week, which can be used as one large ad or several smaller ads throughout the week.
  • Outdoor Advertising – On average, billboards cost $450 per board per month. We usually recommend leasing at least two billboards; a 13-week contract is standard.
  • Google AdWords or Facebook Ads – These options continue to grow in popularity, which is not surprising since you can target consumers based on keyword, location, interest, age, gender and many other demographics. An adequate monthly budget can range from $500 – $1,500, depending on the amount of competition your business or organization has. Plan for at least 6 months of this advertising.
  • Video Production – This form of marketing is a fun, interactive way to share your message. From simple website podcasts starting at $800 to fully-produced company videos for $5,000 or more, this type of media can be a very wise marketing investment.
  • Cinema Advertising – Ads play to a captive audience before the start of movies at a theater. Package prices range from $3,000 – $20,000 for a 12-month term.

 

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On August 8, 2013
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