If you want to get noticed, learning about and becoming clever at advertising your business is a great skill to foster. Standing out in your space is a constant challenge. But how do you compete in an environment where everywhere you look advertising is dominant, a constant? Is it worth the battle to be seen?
While you will have your own thoughts about that, here are a few things to ponder as you contemplate your upcoming financial year’s marketing budget and how to spend it.
1. Your market is constantly changing
What might have worked spectacularly well in the past could be an absolute fizzer now. That’s because your potential customer base vacillates constantly, with new consumer trends emerging and being overtaken almost as fast as they developed.
2. People forget fast
In the age of social media, the consumer is constantly bombarded with information and offers. Attention is fleeting, because of the rate of the incoming data in our modern lives that our brains have to deal with. So many distractions. Achieving the holy grail of becoming a household name requires different strategy these days.
It’s a constant challenge to retain a potential buyer’s attention, unless you’re delivering exceptionally hooky content and serious value.
3. Your competition isn’t quitting
Well, we don’t know that for sure, in your particular case, dear reader, but what we do know is they are also weighing up the pros and cons of their advertising spend. One mistake on their part could mean a win on yours.
4. Advertising strengthens your identity
Continuing to elevate your brand and increase awareness of your business is never a waste of resources.
5. Advertising is essential to survival and growth
Consumer trends come and go. The only way to remain front-of-mind is by constant, relevant, value-driven exposure.
6. Advertising enables you to hold on to your existing customers
Keeping the conversation and engagement going within your existing customer base is critical to the lifelong value of each customer to your business.
We all rely, in part, on repeat business and referrals. Existing customers are the key to both. When your customers don’t hear about you, or directly from you, they tend to move on. Cutting your advertising is a negative signal to your regular customers.
7. Advertising maintains morale
When you or your staff see your company name or logo up in lights, or at least printed in grand format across the frontage of your site, there is a sense of pride and accomplishment which almost subconsciously feeds the soul, giving strength and motivation to press on and excel.
8. Advertising gives you an advantage over competitors who have ceased advertising
See reason number three. If your competitor has stopped promoting their goods or services, that spells opportunity for you.
9. Advertising allows your business to continue operating
You will always have overhead; bills, telephone, rent/equipment, your time. Advertising creates the AIR overhead breathes! Advertising is the portion of your business responsibilities that rejuvenates and draws new life (revenue) into the process.
10. You have invested money that you stand to lose
If you stop advertising, everything you’ve invested becomes lost, as the consumer’s awareness you’ve purchased slowly dwindles away. Sure, you can buy it again, but you’ll have to start from scratch.
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