| Money Management
Guide
Online Income toward Financial Freedom |
|
|
|
Advertising
101
Advertising has truly become a part of all of our lives as consumers, as business owners, as parents, as concerned citizens. We simply cannot escape from its presence no matter how hard we try. Considering how pervasive advertising is in our daily lives, it's no surprise that people have such extreme views about it.
Many home-based business
owners want to steer clear of it altogether. They might dabble in marketing or
use some sales strategies, but most don't want much to do with actual
advertising. Unfortunately, this is a mistake on their part and it usually
comes as a result of not understanding the purpose of advertising. So what is the true
reason for advertising? According to Michael Corbett, author of The 33
Ruthless Rules of Local Advertising, you should advertise “to create an
equity position in a target market and to ...motivate a sufficient number of
consumers...” In simple language, you advertise so that people will know you
exist and will keep you in business. What's so evil about that? Absolutely nothing! Here
are a few very good reasons why you need to start advertising today: 1. Potential
customers are constantly shopping The truth is that most
people are always looking for ways to spend their money. They don't always
realize it, but they are. That's why banner ads, commercials, and billboards
work even though they are being viewed miles away from the business. If you
don't advertise, you're missing out on a chance to tap into that human desire. 2. Potential
customers may forget you While the desire for
shopping may be permanent, a consumer's memory is not. Even if they have had a
tremendous experience with your business, even if they've recommended you to
their friends and family, even if you were the only company they ever thought
of doing business with, after awhile they would forget you or forget how to
get in touch with you. 3. Potential
customers don't always make buying decisions immediately Another tried and true
rule about consumers is that they don't always decide to buy as soon as they
see an ad. For example, if you see a commercial for a fast food restaurant
right after Thanksgiving dinner, you're not going to run right out to the
drive thru after seeing the commercial. However, the next time you're hungry,
you might remember that commercial and choose to stop in then. So the idea of
advertising is to plant an image in consumers minds so that when they need
your product, your business comes to their minds. 4. Customers rely on
name recognition to guide their consumer choices most of the time Why do people still buy
name brand products over generics even when the price difference is
significant and the quality of the products is equitable? Because of name
recognition! Consumers respond to names that are familiar whether they are
buying a new car, a computer, a lawyer, or ketchup. If you want to succeed,
you need to be sure that your targeted audience will know your name when they
hear it and will think of your name when they need your product. Advertising
can make that happen. On the other hand, many
business owners see advertising as a quick fix. If business gets a little
slow, a newspaper ad or a direct mail piece will fix everything in a jiffy.
That's not the case either. Let me give you a few reasons why. 1. Advertising works
on a six month cycle Many times when people
think their advertising hasn't worked, it's because they haven't waited long
enough to see results. Generally, the advertising you do today won't fully pay
off for another three to six months. For that reason, if you want to ensure a
consistent stream of customers, you need to continue to advertise all the
time. Advertising only when business is slow simply won't save your business
because by the time you start seeing results, it may be too late. 2. Your problems are
related to another step in the process Another reason
advertising can't cure everything is that simply attracting customers is only
one step of the process. Once you lure them in, you need to have the content
or the customer service to convince potential buyers to take that next step.
If any step in the process is lacking, then no amount of advertising is going
to help. 3. You are neglecting
your current customers and their potential Don't make the mistake
of focusing all of your efforts on finding new customers when your best source
of additional revenue is being neglected. Past customers are more likely to
become repeat customers, plus they don't require the additional expenses of
marketing and advertising. As you can see, the
truth about advertising is that it can be a powerful force for your success if
handled correctly. Too many people see it as an evil force or as a business
miracle when the reality is somewhere in between. ---------------------- Vishal P. Rao is the
editor of Home
Based Business Opportunities - A website dedicated to opportunities, ideas
and resources for starting a home based business. He also runs the Work
at Home Forum - an online community of folks who work at home.
|
All rights reserved 2004-2005
|
|