Henry Ford has been quoted as saying, “the man who stops advertising to save money, is like the man who stops the clock to save time.” So, why is advertising important? Business owners have been asking this question for years, and really the answer is quite simple…to get noticed, drive traffic, and make sales. Below is a simple list of the top ten reasons why your business should promote its products and why.
1. Because not EVERYONE knows who you are no matter how long you have been here! – 23.5% of Medford area households have been living at their present address for less than 3 years (source: Borrell). Therefore, families are moving in and out of this area quite frequently. How will you reach them first?
2. Your competitors are advertising – There are only so many potential customers out there looking for your product, and chances are they have seen your competitors’ marketing attempts. Be there when their “blinders” are down and they are ready to buy. You also have to remember other like business is not your only competition- ANYTHING consumers are spending money on is your competition. Just like less shoppers in a tough economy there is also less of their money to go around. Keep your message front and center so they spend some with you.
3. Generate Traffic – Continuous traffic is the first step to increased sales and an expanded customer base. The more customers in the door, the better chance of a sale and a referral.
4. The market is thin on most products and services – Did you know only 2-4% of consumers are in the market for most products at any given time. Don’t let this discourage you! Be there when they are ready to purchase! That might not be this week, or the next few months for that matter, but when they are, your message will be in their heads. In today’s world people like to shop around before making their final decision, and once that choice has been made they will rely on advertising to help them decide where they should spend their money.
5. Let Them Know You’re Still in Business – In a suffering economy it is essential that you let potential consumers know you are still around.
6. Strengthen Your Image – Some folks decide to delay their purchase. Maybe they aren’t ready to buy at that moment. But when they return to the marketplace, your business is likely to be chosen if you have provided a reliable, steady image.
7. Converts Wants to Needs – Apple has done a great job at this. I-Phones are cool and many people really want them. So, what makes people pull the trigger on buying a phone that starts at over $200 in a “bad” economy? The marketing folks at Apple convince us it has things we NEED- the app store for example that has thousands of apps that will help us be more efficient and save time and have fun while we wait in line. How can anyone live without it? So maybe you have really wonderful shoes to sell that many people may want- you need to convince them they need a new pair even though they have some that still work.
8. Drive Traffic NOW – Every business has product to move, and needs people in the door. Advertising with a direct response method, is the perfect way to execute this. Direct response gives them a reason to come into your store or call you business. This is usually a discount or a new product or service. Your advertising should just give them enough information to make them curious.
9. Saves Time and Energy – As mentioned before, people are researching before they make a decision. Most purchasers believe advertising saves them time. If they have been repeatedly exposed to your message, it will help speed the sale along and a purchase will be made.
10. Because it Works! – When utilized properly advertising is an effective sales tool. Seven out of ten people surveyed said that they use advertisements as a helpful selling tool.
I can go on and on, but hopefully you get the main message here- advertising is important- it is not a cost but an investment in your business. Not doing it is like planning a wedding, not inviting anyone, and crying because no one showed up. There are numerous ways to advertise and market your business and it can get a bit overwhelming! Need help? We are here to guide you. Please feel free to contact me, even if it is simply to ask a question.Kendall Offenbacher