Newspaper Advertising Rates And How To Budget For Your AdJun 21, 2017 | Newspaper
One of the most cost-effective ways of advertising, newspapers are always your first choice to advertise in, irrespective of whether you are an individual or own a business. It is important thus to have a clear idea about newspaper advertising rates and newspaper advertisement costs. Research shows that less than half of independently owned businesses have any sort of planned budgeting for advertising in newspapers. But as your business grows, it is important to have your advertising plan and budget in place.
How Market Conditions Affect Newspaper Advertising Rates
Advertising is a part of marketing, whether from the point of view of an individual or a business. Therefore to keep your newspaper ad cost aligned to your budget, you should have the answers to certain questions.
Firstly, know who your target audience is, who do you want to reach out to, who might be interested in your brand, product or service, and what the specific demographics of your consumer are (e.g. age, employment, sex, location, attitude, etc). If you have a consumer profile in place, you will have an idea of your target market and can then decide what kind of readership you want the newspaper of your choice to have.
Let us see an example of this. Suppose your product is meant for a niche local market and it is aimed at consumers who are retired servicemen over the age of 55 and fall in a medium income bracket. Research and learn about where you can find such a demographic, where your target group is located. Once you know that, your work is half done. You will know which edition of which newspaper your target audience reads, which will make your task of newspaper selection easier. And thus your newspaper ad cost will be optimized in one go.
Secondly, and more importantly, know the relationship between newspaper advertising rates and the impact of your advertising campaign on your product or service purchases. Answers to these questions will lead you to define the anticipated market conditions and to identify specific goals you want to reach with your advertising campaign. When you have the analysis of market conditions clear, it will be easy for you to decide how best to budget for your newspaper ad and to allocate the budgeted funds. Since the newspaper advertising costs would be paid for by sales, increasing sales should be the goal of your ad campaign.
Planning your Budget according to Newspaper Advertising Rates
Paying to reach a large number of people will only serve well if the audience reached has a large percentage of likely customers of your product or service. You may prefer to advertise in a newspaper with a relatively smaller distribution if its readership is more likely to be in the market for your product or service. The objective is to advertise in the newspaper read most by your target market, especially such that that kind of audience looks to for information about your type of product or service.
Newspaper ad costs are often lower if you commit to a certain amount of advertising with the newspapers. You may be able to get seasonal discounts or may be offered lower newspaper advertisement rates if you regularly purchase space for large (two to three page) advertisements. In addition to providing good value, the newspaper must be able to deliver your message to present and potential customers. Think twice before you decide on cutting down on your newspaper advertising budget, because you may have more to gain when you increase your ad spend. During slow times, when newspapers experience a drop in advertising, you may also get better and lower newspaper advertising rates.
What Determines Newspaper Ad Cost
To be successful with newspaper advertising, you need to understand how pricing works and the different strategies you can implement while taking out an ad. The different factors that determine newspaper advertising costs are –
- Circulation/Readership of the newspaper - While deciding on a newspaper to advertise in, you have to keep its readership and circulation in mind. The more popular a newspaper will be, the more will be the newspaper ad cost. Newspaper advertising rates, too, depend on this factor and the newspaper ad cost is different for each edition.
- Category of the newspaper – It is important to put your ad in the right category of the newspaper which speaks directly to your target audience. In some cases, the rate for advertising in the supplement of a newspaper is less than the main section. Also, you will be able to reach the specific readership of that particular supplement and your ad can be more targeted. So you get the same circulation at a lower price.
- Type of ad – Newspaper ads can be mainly of three types – Classified Text Ads, Classified Display Ads, and Display Ads. As per your requirement, you can choose any of the three and that will reflect on your budgeting. Classified Text Ads are useful when you want to put your message across in a simple manner. Classified Display and Display Classified Ads come in handy when your objective is brand building. The more you spend, the more likely it is that your ad will get noticed by your target audience.
- Size/Colour of the ad – The bigger the ad, the more you pay. If your ad is in color, you have to pay more.
- The number of times your ad runs –Consistency is the key to successful advertising campaigns and you can choose amongst multiple ads, running ads and one time ads. It depends on how much visibility your brand requires. You pay less for each individual ad when you run your ad multiple times.
- Section of the paper/Day of the week –You will pay more to have your ad displayed in the main section, rather than the travel or the sports section. Also, expect to pay the most on Sunday as on Sunday, people can afford to give more attention to newspapers, and ads in it.
- The position of the ad –The position of the ad varies according to the corner or the area of the page in the newspaper it is printed on. If you want your ad in a prime spot, you will have to pay extra.
Newspaper ad rates and Strategising your campaign
When you are advertising in a newspaper, you need to be sure about how much investment needs to be made behind a successful advertisement campaign. You need to know the elements that lead to newspaper advertising costs for smart allocation of newspaper advertising budget. No matter what allocation method and campaign strategy that you choose, there are still ways you can make your advertising as cost-effective as possible. Bookadsnow can guarantee you the lowest newspaper advertising rates in the market.We help you get the maximum ROI on your newspaper ad spend by negotiating media rates on your behalf.
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