People sometimes completely miss out on the ultimate purpose of advertising. Let me make this easy. If your advertising is not producing income stop it immediately. Sounds pretty simple and basic doesn’t it? You would be shocked at the number of business owners, advertising experts and my favorite, college professors who have a different point of view than this. Here are some of my favorite, and incorrect, reasons why and where you should advertise.
- Build brand awareness. Are you serious? Are you Coca Cola? Do you have multiple board meetings a week discussing this? Of course not. You run a small business. You don’t have the capital to build brand awareness. Stop throwing your money away.
- Some business owners like to spend advertising money just so they can see their company in: Yellow Pages, newspapers, magazines … In other words some business owners are more concerned about how they look than how effective their advertising is. Vanity will kill you.
- Everybody does it. No they don’t. Businesses who want to be successful better adapt to an ever changing marketplace. The days of starting a business and using only 2 to 3 methods of advertising have been over for decades. Unfortunately most businesses don’t realize this and that’s why most businesses fail.
In closing, think about this, every penny you use advertising that is ineffective affects your bottom line. Over a period of time it will shutdown your business.