The Business Advertising Wave
I have heard many times from many business owners that they don’t need to do any advertising or promotional activities. “We’re busy enough as it is”, “We can’t handle any more work”, “We’re happy making the money we’re making now, we don’t need any more”. These are the most common things I’ve heard.
And then sales drop. We get out of the standard buying season, people stop spending money with these businesses, and then the new lines start to come in. Well, it’s many variations of the same line. “We need to advertise, but we don’t have any money for it. Can you help us?
These businesses are just riding the waves of increases and decreases in sales. They’re in a tiny boat getting thrown around in the ocean of price increases, competitors, changing trends, and worst of all, complacency. They may know and understand the importance of advertising, but every time there’s a change in sales, either up or down, there’s an excuse why they can’t or don’t need to.
If you’re thinking strategically and go into business with an understanding that there will be times of increase and times of decrease, you will be able to budget and effectively plan for these times of both feast and famine. You need to consider your sales funnel and lead conversion times. If your product takes a year for the customer to make a decision, you need to start connecting with that customer through your promotional activities before and during that decision making process. The same holds true for retail where that promotional activity happens up to the time that the customer sees your sign on your building.
There’s a lot more to this obviously, but the main principal is there. If I were to give you one piece of advice that you can take and do something with, it’s this. Budget every month. Take a percentage of gross sales, let’s say 4-5%, and set that aside. Do this daily, monthly, whatever is more comfortable for you. Set this money aside and use it effectively. Know your audience and where they look for the information they will use to make decisions. Save some cash and do something different. If you’re in a position to host an event, do it. Events are awesome ways to create experiences with your audience that will stay in their minds for a long time. However, don’t neglect this opportunity to create follow up experiences that will also last. Think creatively and strategically.
You don’t need to spend huge sums of money to advertise, you just need to spend wisely.