7 Reasons Why a Business Must Advertise
Like it or not, advertising is the lifeblood of business visibility. It's no longer enough to simply have a great product or service and self-promote. Without the right exposure, even the best offerings will be lost in a sea of competition and grow slowly.
Before you think you’ve got it covered by sending email blasts, posting to your Facebook page, creating content on Instagram, networking, getting free publicity, and racking up those word of mouth referrals from past customers, ask yourself this: “why are all those things seemingly free?”
Because they cost you time and reach a small audience.
Advertising comes with a price tag because it saves you time and time is money. When you pay someone else to promote your brand to an audience untouched by you, it amplifies your business in a way you could never replicate yourself. Sure, you could go door-to-door yourself, but it would take you more time than it’s worth, so a direct mail campaign does the job for you at a fraction of the cost.
How does it feel to take the time to create a “viral” Instagram reel, only for 74 people to view it. Terrible.
Business owners fear advertising because of the expense, uncertainty about efficacy and ignorance about its lasting impact. But these are dangerous reasons to avoid building a healthy advertising funnel for your business.
The proper way to confront any fear is to equip yourself with the truth and educate beyond uncertainty.
“Doing business without advertising is like winking at a girl in the dark. You know what you are doing, but nobody else does.”
Here are 7 facts every business owner should consider while they’re building a healthy lead funnel for their business.
Advertising Gives You Complete CONTROL
This is the most important reason. When you buy advertising, you put yourself in the driver seat of the journey to your destination. No one else. You rely on no one else to drive revenue. You have strategized, planned, investigated, and acted on each marketing initiative to drive your lead funnel. When you need your message to to get out, advertising is the only tool where you hold total command.But if you wait for word of mouth, referrals, and even publicity you put your business at the mercy of someone else and risk no leads coming in if no one thinks to talk about your business.
Advertising Expands your Reach.
Advertising allows you to reach a vast audience, spanning beyond your immediate location and physical capabilities. You simply cannot drive to 52,000 addresses and drop your business card in their mailbox at the same speed and efficiency as the US Postal Service. With advertising you can pinpoint your ideal clientele and target them quickly. When you tailor a personalized message to your entire community (instead of your Facebook friends), the chances of forming a deep connection multiply exponentially.Advertising Combats Competition
Now that you are in complete control, you combat how you measure up to the competition. Companies that choose not to advertise may quickly find themselves overshadowed by competitors who do. In essence, advertising is not just about promoting your products; it's also about keeping pace with competitors and ensuring your market share isn't eroded. New businesses especially benefit from this, but even established companies can use advertising to remain in the minds of consumers. Through consistent advertising, you imprint your brand in the psyche of your target audience, increasing the chances they will think of you when they are ready to make a purchase.Advertising Amplifies Your Awareness
You might be the best at what you do, but if not one knows about, it doesn’t matter. Advertising makes sure everyone knows about on your experience. Advertising ensures your experience gains the visibility it deserves. Whether you are introducing an entirely new type of product to the market or offering a unique feature that sets your product apart, educating potential customers about the benefits and uses of what you offer increases the chances of sales.Plus, it acts as a force multiplier for all your efforts. When you employ advertising to raise awareness about your business and experience, it inadvertently boosts visibility for all your endeavors. Reporters are drawn to brands that advertise; referrals and endorsements are more frequent; social media engagements, such as likes, follows, and shares, increase; and employees take pride in being part of a prominently advertised organization.
Advertising Adds Credibility
Regular advertising can give an impression of stability and reliability. When consumers see a brand being advertised consistently, they tend to believe that the company is financially stable, trustworthy, and is here to stay. This trust can be a deciding factor for many customers when choosing between different brands. The mere perception that you can foot the bill for advertising can bolster your business's image, making it easier to capture attention for all your communications.Advertising Retains Relevance
In a world where consumer loyalty can be fickle, advertising acts as a reminder for your current customers about why they chose you in the first place. Special offers, loyalty programs, and advertisements tailored to existing customers can reinforce their connection to your brand. Through persuasive messaging, you can emphasize the benefits of your product, making it more appealing to potential customers. Over time, consistent messaging can even change the perceptions or biases people might have towards a product or category.Advertising Protects the Future of Your Business
Nielsen Compass Data recently shared a report showing that a business loses 2% in future revenue for every quarter they don’t advertise regularly. What Nielsen found was that when you remove long-term brand-building advertising, awareness and consideration fall, which reduces the effectiveness of short-term marketing efforts you might be using to boost sales here and there. (think FB posts, email blasts or 1-time ads). They said “If you let your brand decay [by not advertising regularly], future sales tend to decline at a 1:1 ratio.”
At its core, the ultimate goal of advertising is to drive sales. Every dollar invested in advertising aims to provide a return in the form of increased revenue. While the initial investment might seem substantial, the returns in terms of brand growth, customer base, and sales justify the expense. It is an investment in your brand's future, ensuring that your products and services don’t just exist but thrive and resonate in the consciousness of your target audience.
Don’t let the learning stop here. Your fear of making the wrong decision in marketing and wasting money is valid, but it will stop you from growing if you don’t continually work to understanding the science of marketing and accept the full scope of how advertising works.
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