This is a real fact for those who do not believe in the necessity of advertising. In reality advertising is a necessary business expense just like rent, telephone, electricity, insurance, internet and so on, especially these days. It should be budgeted for just like any overhead.
Most business people’s excuses for not advertising are:
I do not need advertising
I cannot afford to advertise
I don´t need to spend money on advertising I use social pages.
I have a website, no need to advertise
I am already very busy, I do not need any more business.
I’m paying a high rent to be in this location where people pass by every day. Advertising is a cost I do not need.
I do not believe in advertising.
Word of mouth is the best form of advertising and it is free.
We are a local office, franchise, etc. the head office takes care of advertising.
I was told not to advertise especially with you.
Of course, every one of these “reasons” represents an “excuse” for not spending the money necessary to do what is needed. A false excuse to justify to oneself a false saving.
The main reason for this is that advertising represents an invisible benefit. When you buy a car, you can see it and drive it. When you buy a cake, you can eat it and enjoy it. With advertising you cannot feel, see or touch the benefit except perhaps at the end of a year when you can tell the difference from the previous year or when at the end of the year you are still in business despite the fierce competition in your market.
I recently decided to update our database, after so many years it was essential to remove the dead wood. As you can imagine, it took me a whole week of constant work to go through each one on the database. Unfortunately, I had to remove just over 33% of the data from our mailing list (probably more after sending an mail to the remainder and getting some undelivered), but what struck me as predominant is that practically 100% of these fell within the above listed profile of excuses.
I even distinctly remember some of them and, though it is sad they did not listen to me, it felt like a “karma” in that they deserved for be out of business.
Now, comparing with those that are still in business, some have turned out to be very successful, all are advertising and promoting with us even though they may go elsewhere from time to time and then come back. The point is that they advertise.
I think I can safely say that your business size depends on the size of your advertising budget. Of course, it would be stupid and disproportionate to start advertising at a level to compete with CocaCola, but even they had to start somewhere and gradually grow their budgets according to size year after year. If you add up the total amount they spent to date from day one you will definitely reach a staggering figure representing their investment over the years. But Boy! Was it worth it!
I have studied and given a lot of thought to advertising and promotion and the Costa del Sol is a particularly difficult market, especially when consumers of all different nationalities and income levels constantly come and go.
I have realised this some 22 years ago, this is why I devised the Web Express Guide media, an internet portal backed with a printed professionally produced magazine so as to use the internet as well as print; the latter is still an important medium because internet may well be the future but people will always like to touch, feel and see without remembering what button to push. Not only so, but at prices whereby everyone in any business, at whatever stage of their business life, can afford to advertise constantly throughout the year and build up while holding the competition at bay.
How successful do you want to be? Are you investing in you business?