5 Good Reasons To Advertise Your Business
Aiden Sookdin, Author, The Minimum Wage Millionaire, 23 Feb. 2016
Tags: reasons to advertise, advertising, marketing, advertise your business, advertising campaigns, brand awareness
"Doing business without advertising is like winking at a girl in the dark. You know what you are doing but nobody else does." - Steuart Henderson Britt
Many entrepreneurs and small business owners find themselves asking this question: Should I advertise or is my business able to grow without an advertising campaign? The answer is simple: You should advertise. Why? Because it’s the only known way of attracting new customers and keeping your existing ones close by.
Maybe you don’t know where to begin and feel overwhelmed with the amount of work you would be required to put into an advertising campaign. Maybe you don’t have the financial resources to invest into targeted marketing or you feel like you could never beat your competition. However, the biggest mistake you can make is to neglect marketing and advertising.
Why should you advertise? Here are some compelling reasons:
1. You need to advertise in order to generate new leads. New customers are essential to business development.
2. You need to advertise in order to keep your existing customers. Your existing customers are the most valuable. If you want to increase sales, you need to focus on keeping your existing customers satisfied. Take into account that it is almost 7 times more costly to attract a new customer than it is to keep an existing one.
3. You need to advertise in order to build brand awareness. Your business may be great. Your products and services may be the most efficient and affordable ones on the market. However, if nobody knows about them, your business may as well not even exist.
4. You need to advertise in order to become a valuable player in your industry. How can you create a powerful brand identity if you aren’t putting yourself out there? Marketing helps you reach your target audience and challenge your competitors. You need to invest in marketing and promotion if you want to position your business as a leader in your industry and highlight your strengths.
5. You need to advertise in order to save money in the long run. If your potential customers don’t have the possibility to hear about your product or service and get acquainted with it, study its features and know its benefits first hand, then guess what? They will remain just that: potential customers, never to become real paying clients. What does this mean for your business? It means that you will end up spending more money and wasting precious time and still not be able to meet your business goals.