To arrive at a conclusion, we must first understand what advertising is and how it affects businesses. Advertising is a method for your business to market themselves along with their products and/or services to increase sales and raise brand awareness. Various types of advertising have been in use for a while; starting with local advertising.
Local advertising is exactly what it says. It can benefit any business, especially small businesses. Local and regional newspapers, leaflet drops, billboards, magazines, etc., are examples of local advertising.
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Online advertising can be very cost-effective and provides broader coverage. Online advertising can be of your website, of your businesses through other websites, or you can be a part of an online directory.
And then there’s always advertising via newspapers, radios, magazines, cinemas, and TV. You could classify this bunch as media advertising if you wish to.
The last form of advertising that we’d like to touch upon is outdoor advertising. This includes every outdoor medium of displaying ads- from billboards to ads pasted on auto-rickshaws or buses.
Now, let us understand the advertising process in brief.
– Know your aim
you should first determine the main objective of advertising; which is the message that is to be delivered to your target audience.
this step consists of finding out market behavior, knowing the competitors and the type of advertising they are undertaking, what the response of customers are, availability of resources, etc.
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– Target audience
this is an extremely crucial step. The target audience should be correctly defined in order to get the most out of your strategies.
you must know what channel you wish to advertise through. It could be internet advertising, local advertising, etc., and further, you should figure out which platform you want to focus on.
– Setting a budget
you should allocate your funds wisely. Online advertising would be the best bet to make as it’s a growing field and is also cost-effective.
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– Designing and creating
now we’re getting to the works of it all; after all, what’s the point of doing all the above steps if you don’t design & create your advertisements.
– Placing and timing
The place will be decided according to the target audience and where the ad is most clearly visible to them. Decision on the time at which the ad will be shown will be decided by different factors like when the audience is more active, at what time the traffic is maximum, etc.
The strategies that you and your marketers have come up with will be put into action at this stage.Performance
it all finally boils down to how your ad is doing. Every single point has to be studied carefully and you can then add or subtract bits and pieces.
We shall now move on to the main theme of this article- the importance of advertising in businesses.
1. It brings in new customers-
The market keeps evolving and more and more consumers are moving in and out of your niche. New potential customers mean a new target audience for you to reach out and expand to. Advertising shows your new customer that your product/service is popular in the market and reassures them.
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2. Promotes repeat customers-
Customers (or consumers) have a lot of choices in the market and can purchase what they find suitable, many loyal customers have left brands and moved on to different ones. Advertising helps you stay relevant and informs your customers as to why they should choose your brand/business over others and why they should continue with this choice.
3. Helps you compete-
There can be only a limited number of customers that want to purchase your product or take up your service at any given time. Advertising will help you stay in their eyesight, will help you influence their choices, and give you an edge over your competitors.
4. Increasing sales volume and the ROI-
Offline campaigns help increase awareness about your business and brand, whereas digital marketing campaigns target audience via tools like search engine ads, social media ads, etc., and these help your business engage with audience and increase your click-through-rate, and eventually sales and ROI.
5. Improves brand positioning-
You can achieve a good business positioning and image through effective advertisements- online and traditional. Such ad campaigns aim to create a positive image of your brand in the market, or to improve the existing negative image.
The consensus we have arrived at by looking at all these facts above is that advertising is, indeed, helping businesses; the trick is to do it effectively.