| Advertising 101 |
© 2003 Vishal P. Rao
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 to help you start and run a home based
business. Visit him at:
http://www.home-based-business-opportunities.com
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