As a small business owner, you know the name of the game is making money. However, many people say you have to spend money to make money. Is this true?
For example, while advertising to the public to get your name out there sounds like a good idea, it can also be expensive, not to mention frustrating if you don’t know what you’re doing. Just how important is advertising? And is it worth the time and money?
Keep reading to find out exactly why advertising is important, if not vital to the success of your business.
Why Advertising is Important
When it comes to finding the right type of advertising for your business, there are a lot of factors to consider. Primarily, it means identifying your target audience and learning what they respond to. For example, should you invest in Direct Mail Advertising or keep your efforts focused on digital marketing?
Regardless of how you decide to market to your audience, you should probably learn why it’s so important for you business.
1. Let Your Community to You Exist
Advertising gets your name out into the community. When it comes to small businesses, most people won’t even know you exist unless you tell them. Depending on how specific your niche is and where you’re located, advertising may be your only source of exposure.
2. Promote New Products or Services
If you’re an established business, understanding why advertising is important is key to updating consumers about changes or upgrades in your company. Even if the community already knows you exist, how will they know about new products or services if you don’t promote them?
3. Stand out From the Competition
Another important role advertising plays in the business world is setting companies apart from one another. For example, if you’re a landscaping business, what makes you different from other landscapers in your area? Use advertising to show potential clients why you’re better than the competition.
4. Create Brand Recognition
When you think of Band-Aid, you most likely think of adhesive bandages. But Band-Aid is a brand, not a the actual bandage. However, because they have such a widely recognized name, people hardly dissociate between the two.
A strong advertising campaign will help consumers think of your brand when it comes to needing products or services related to your industry.
5. Increase Website Traffic
While your product or services may be very physical in nature, you still need a respectable online presence. Did you know that 88 percent of consumers research products and services online before they make a decision? If you’re not advertising and sending people to your website, you could be missing out on tons of traffic, exposure, and brand recognition.
6. Boost Sales
Both traditional and digital marketing showcase why advertising is important – it leads to more sales. Without sales, your company can’t stay in business. Advertising provides a means to let people know what you have to offer and why they need you.
7. Define Your Image
Finally, remember that advertising can be used to shape and influence how the public views your company. Advertising gives you a chance to tell your community what you’re all about, why you do what you do, and how you can solve problems in their lives.
Looking for More Business Advice?
As you can see, advertising is vital for growing and maintaining a successful business. Without it, most business owners would fail within the first year, if not sooner.
If you need more insight into why advertising is important or want to know how you can implement effective marketing into your business, be sure to check out some of our other articles before you go. We have information on everything from running a business from home to planning company events.