|Traditionally, media coverage has been divided into two categories: earned media and paid media. “Earned media” is the free placement of your brand’s message in newspapers, TV, radio, social media, or mentions by influencers. “Paid media” is considered paid advertising.
Earned media is considered ideal because it is free and organic, but the bottom line is that paid advertising helps you sell a product. A downside to that coveted earned media is that, unless you score a mention by an influencer who reaches your target audience, there is no guarantee that the message will reach your audience. Paid advertising, including social media ads, google ads, and traditional mediums like billboards, radio ads, and flyers can provide information to customers, target your specific audience on the internet, and reinforce a brand message.
If you are still wondering why you should pay to advertise, here are some compelling reasons:
1. Advertising boosts customer retention
Many enterprises thrive on repeat and referral business, and existing customers are the key to both. When existing customers don’t hear from you, they tend to forget you.
2. Advertising helps you to reach new customers
Your market changes constantly and new customers have unique wants and needs. Advertising enables you to keep up with changes in your market.
3. Advertising give you that edge
Advertising gives you an advantage over competitors who have stopped advertising. A troubled economy can be a superb advantage for a marketing-minded business. Advertising gives you a long-term advantage over competitors who cut back or cancel their advertising. Companies that maintain their advertising during difficult economic times experience more significant sales increases than those who don’t.
4. Advertising reaches your target audience
Much of today’s online advertising reaches your customers based on their reading, listening and viewing habits. Many online advertising mediums allow you to choose specific keywords, demographics, and locations, therefore maximizing your advertising dollar.
5. Advertising builds awareness
Awareness builds familiarity and trust. Brand recognition is created by repeat views. Can you still remember a TV jingle from your childhood? That’s probably brand recognition made from repeat views, even if the product had no relative significance, you could still remember the tune for laundry soap. Consistent and quality advertising can help create a long-term memory. People forget, and they forget fast. They are bombarded with messages, an estimated 2,700 a day. The more impressions you make, the longer people will remember your ad and your company.
6. Advertising helps customers decide
Many people postpone buying decisions, sometimes going to a store, then researching the product online to find a lower price. Advertising can help you stay fresh in their minds when they’re ready to buy.
When you stop advertising, you shortchange your reputation, reliability and the confidence people have in your company. Advertising keeps a healthy and positive image of your company. It can even correct misleading gossip and counteract negative rumors or opinions. Consider Dominos. They were reputed for making lousy pizza, so they launched aggressive advertisements acknowledging their horrible reputation and addressing how they intended to fix it.
Just remember, while it would be ideal never to spend a dime and have an excellent brand reputation, cutting back on advertising can lead to the impression that your business is in trouble. Advertising improves your business’ image. It tells your customers and competitors that your doors are open and ready for business.
Contact us if you are looking for more information about the right paid advertising mediums for your business and budget.