So why do companies advertise? The main reason is to make potential or current customers or clients aware of the products or services they can offer.
"My business has been here for years." "We are well known already." "We lasted this long without advertising." "We have a prime location etc etc."
You're only fooling yourself. It's virtually impossible to build and sustain a successful business without advertising. Look at the likes of Coca Cola, Apple and Nike. All are giants in their respective industries and known globally but still advertise so that they can keep top of mind awareness among consumers.
Sending an email is free, creating social media accounts are free, publicity is free, referrals are free, creating a blog is free, the list goes on. You're probably thinking why with all these free advertising methods available, should I splash out on paid advertising. The main reasons are to target a specific target market, see real results and to have the ability to track these results. The main reason why businesses don't pay for advertising is that they don't understand the benefits. Think about it, if you knew that every £500 you spent made you £1000, you wouldn't hesitate to advertise.
Before creating an advert you must remember to:
No matter what market you are in, it is constantly changing and consumers needs and wants change. With this in mind, if you know who your product/service is made for it will make it much easier to attract new customers.
If you want your message to hit on the day a product launches, event is about to happen or on a certain holiday during the year, this is the only medium you can completely control.
Customers don't have the same brand loyalty they once had and due to so many competitors, they can afford to be picky in order to get the best price possible. By keeping your brand in the public eye it will influence customers to buy your product along the various stages of the buying cycle. Advertising can also give you a long term advantage over competitors who may cut back on advertising, which will only make your business stand out more.
By creating more awareness for your business it will help amplify everything else you are doing. Newspapers may pick up on campaigns you are running, events you are sponsoring, referrals may be made, your social media accounts will gather followers and employees can act as endorsers and feel proud to work for such a well known company. This will also show that you have confidence in your business to succeed.
As long as you’re open for business, you’ve got overheads to pay and new people to reach. Even the slowest days produce some sales. Did you notice the ads on the radio, TV or in the paper today? If you needed tires or had a head cold you probably did. If not you probably didn't give them a second glance. Think of a product you would buy when you have the flu? The first one that comes to mind is due to advertising. My point is, not everyone is your customer everyday but there is a portion of the market looking for your product and you need to be there when they are ready to buy.