Here is an excellent article from Entrepreneur that business owners should read.
Selecting the Most Effective Advertising Media – How can you tell if your ads are reaching the right audience and generating the best response?
Q: Where can I get reliable response rate statistics for different advertising media?
A: I’m wagering you’d like to calculate your own, personal answer to the age-old question: “If I spend this much money on advertising, what can I expect to see as a result?”
A few years ago, a team from the Wharton School of Business at the University of Pennsylvania in Philadelphia set out to establish the definitive answer to that very question. Pepsi, Frito-Lay, Colgate-Palmolive and a host of other big companies collectively invested more than a million dollars so that Wharton might track the return-on-investment experienced by several dozen small businesses as a result of advertising. These businesses were scientifically monitored and measured for seven long years. The final report filled more than 2,500 pages. Only three conclusions were reached: