Advertising is the cornerstone of a startup business that contributes to its success and survival. Many startup businesses fail not because consumers did not like their products, but because they were unaware of their existence. A business may have industry-transforming products and services that exceed customers’ expectations, but are futile without advertising. Therefore, a startup has to employ advertising to announce its existence to consumers.
Here are the reasons why advertising is important for startup businesses.
Create Awareness of Your Business
Advertising purposes to create awareness of your business and its products and services among consumers. When you start a business, you have to make people aware of it. What better way to do it than advertising? Whether you are an online or an offline business, you have to create awareness of your existence. Advertising reaches out to consumers and announces, “Hey, we are here.” If you reside in the UK and do not know how to make your product or service known, contact PMW and they will help you.
Products and services increase probability of purchase once customers get to know about them. This happens when you keep advertising. It helps you reach your target market and customers and tell them what you are offering. Advertising helps a business thrive in an increasingly competitive business environment. It helps you to earn profits by enabling more and more people to know about your products and services. Without customers, a business would not make money and its survival would be thwarted.
Promote Customer Retention
Advertising reminds your existing customers that you are still around. In a saturated market where many businesses offer similar goods and services to customers, it is essential to remind your customers that you are still in business. You should maintain a strong presence through adverts so that your customers are not swayed away from your competitors. It is an invaluable tool in creating long-term relationships with customers.
Differentiation from Competition
Advertising differentiates a startup’s product and services from those offered by competitors. Startups get a chance to make their offering public and tell consumers how different their products are from those of others. They tell consumers the gaps they are filling in the market with their unique offerings. Everyday consumers are bombarded with messages on different products and services and it is up to the startup to create a unique advertising campaign that will catch the attention of consumers and evoke retention and purchase.
Advertising educates consumers on new products and services offered by your startup. A startup uses advertising to update customers on their goods and services such as telling them about changes in services, product improvement, or new launches. Also, businesses use advertising to announce special offers and short-term sales. This keeps customers informed and they know that your business cares about them.
Even if you have stellar products and services, and exceptional customer service, if customers do not know your business exists, it is all in vain. Many startups make the mistake of overlooking the importance of advertising due to the costs involved. However, amidst these costs, advertising is important for a startup, and has positive outcomes for generating sales, customer retention, attaining competitive advantage and creating awareness.
Marc is the founder of ProfitBlitz. He has been working online for more than a decade and loves to write about topics like internet marketing and SEO. When he’s not working he enjoys travel and photography.