According to the Small Business Administration, 5% of an entrepreneur’s gross sales should be budgeted for advertising. Is your business worth it? Of course, it is!
Think of advertising as an investment, because that’s exactly what it is. As with any investment, as it matures, it should reap benefits. If it doesn’t, you need to tweak or change it a bit to better suit your needs. For advertising, for example, you may need to change your advertising campaign strategy.
I’ve talked to many small business owners and the ones that never did advertising or advertised very little admitted that business was slow and they weren’t sure what to do or would just hang in there until the economy picked up. I heard the following:
- It’s too expensive
- I just go by word of mouth
- I never had to advertise before
- I have regular customers, so I’m doing okay.
The list goes on, but you get the idea. Are you one of these people? Education about advertising is key. With the inception of the internet and the boom in online advertising, you can advertise relatively inexpensively.
Word of Mouth Marketing (WOM) has always been the best method to spread the word about your business. This concept has not changed, but it has evolved. Social Media creates interaction with your consumer base in real-time so it only makes sense to make Social Media a tool in your arsenal to reach out to a broader audience. Facebook and Twitter are the most popular Social Medial tools.
There are over 900 million registered users on Facebook, therefore we recommend Facebook for all businesses. You’ll be able to manage your brand, create more brand awareness, build a relationship and market your products and/or services.
Twitter is a great Social Media application if your business requires real-time interaction. For example, you own a food truck and want to let your consumer base know where you’ll be and at what time or let them know what the special of the day is.
To summarize, one of the keys to your business success is to make sure you create brand awareness about your business in as many places as possible!
For more great ideas on how to promote your business, feel free to contact us.
“A man who stops advertising to save money is like a man who stops the clock to save time.” Henry Ford