How Can You Grow Your Small Business? Advertise
You've succeeded. You have broken out of the rat race and launched your own business. Got the store front, found a good location, developing a nice client base. Things are moving in the right direction.
Now, could they be moving faster? How can a small business keep growing? How can I let people know how great the business is and how much I can improve their life/provide them with great service/sell them the product they are looking for/bigger/better/cheaper.
The way to do that is to advertise. Now many businesses will be afraid to do this, primarily because they have not budgeted for the expense. That is one of the first mistakes that a business will make. First, it is not an expense, it is an investment into their business. Second, you absolutely need to be budgeting a percentage of revenues each month into a marketing fund. Whether you are printing signs for the store, flyers to pass around the neighborhood or buying a media program from a radio station or newspaper, the funds to cover those costs need to be available and need to be documented and tracked. You will need to make the correct decisions on what to spend those dollars on, and that is a challenge and a question for another blog post, but it will be important to make this investment to grow your business.
So back to the question, why? well, there are many strong answers.
Advertising will allow you to reach new customers. Some may not know your business exists. Some may have just moved into the area. Others may have changed their lifestyle and habits and may now have an interest in what you are selling.
Advertising will allow you to remain in the mind of the shopper during their buying process. While many people make an instant decision, others may postpone their decision to buy for many reasons. They may look at different stores for the same product. They may analyze price, quality and shopping experience. Your marketing message must continue to be top of mind over your competition.
Advertising allows you to remain connected to current customers. Consumers are not as loyal to one store or brand as they once were. Advertising will allow you to keep pace with both your local and national/big box competition.
Advertising pays off over a long period. When you are consistent with your advertising campaigns, you have an advantage over your competition when they cut back or cancel advertising. Advertisers who maintain or expand their ad investment over a five year period see their sales increase an average of 100%. Companies who cut advertising over the same period, see average sales decreases of 45%. Advertising is definitely an investment and not an expense.
Advertising allows you to make more sales. Businesses that succeed are usually strong, steady advertisers. The key to creating a great return on an advertising investment is consistency, which drives sales.
Advertising will create store traffic, which is necessary to grow your customer base and increase revenues. The more traffic you create the better chance of selling more than what specifically attracted a customer to you. The National Retail Merchants Association states that for every 100 items a shopper plans to buy, they make 30 unanticipated "in the store" purchases.
Advertising allows you to keep pace with your competition, who is also advertising. There are only so many consumers in the market who are ready to buy at any given moment in time. You need to advertise to keep regular customers engaged and to counterbalance competitive advertising. Consistent advertising allows you to maintain or grow your share of customers rather than potentially losing them to more aggressive competitors. If you're not advertising, you're not in the game.
Advertising is a key component to a successful business. Whether in Jacksonville, or in any other market, you need to make sure you are getting your message out to the public. You also need to make sure it is the right message. The integrated marketing experts at 1010XL can help you tailor your message so that your offering or branding will be correctly heard by our engaged listening audience. And we can do that in many different ways.
If you have additional questions on why you should be advertising and/or how 1010XL can help you drive more awareness, more customers and, ultimately, more sales, please email me at firstname.lastname@example.org.