Advertising is a part of doing business…and no matter your industry, if you want to keep your business sustainable, some of your operating budget needs to include spending money on generating new customers. And, advertising is an important component of your overall marketing strategy. As the old saying goes, “You have to spend money to make money.” However, we recommend that you spend your advertising dollars wisely. It is foolish to spend your hard-earned dollars frivolously.
The SBA posted a blog, 7 Types of Advertising That Don’t Cost an Arm and a Leg. There is good information here, with recommendations to use social media and event sponsorships, which I use in my own business. They are cost-effective, and can be very beneficial to your business. However, I am not a strong proponent of classified or TV ads for most industries. The cost, in relation to impressions, is very high for most small businesses. As discussed in my previous post, The Crucial Question for Marketing Your Small Business, I strongly recommend understanding your customers, before you spend a dime in advertising. What work in my industry, may be completely ineffective in your industry.
No matter your industry, you cannot go wrong in spending some of your advertising dollars on promotional advertising products. These items typically have a long-lasting impression. But, we recommend being selective in choosing your item. Make it useful to your industry and clients, so you are sure to get the best bang for your buck. One of my clients’ favorite items was a keychain wallet, though I’ve also offered pens, flash drives and padfolios. Before I spend my promotional advertising dollars, I think carefully about who my customers are, and how my giveaway can assist my clients and coordinate well in supporting the services I offer.
So, while advertising is certainly important, you need to be selective in choosing the best option for your business, and thereby, avoid throwing money away. If you would like to discuss your industry and solutions that may be most beneficial, we invite you to contact us.
Until next issue…Best wishes in your endeavors!