EFFECTS OF ADVERTISING AND PROMOTION ON SMALL BUSINESSES
The effects of advertising and promotions cannot be neglected. Following the trends in business in the Twenty-first Century, we can clearly notice that the huge amount of a company’s budget is usually channelled towards promotion and advertisement. Advertising is so pivotal to the growth and expansion of any business venture. Categorically speaking, no business can match up the competition from industry rivals without massive advertisements and sales promotions. This can be seen in Apple’s brand strategy
Also, advertising has taken a rather intriguing scope and role, it has evolved over the years and has become more diverse. Different forms of communication with customers have been used, including verbal and nonverbal, visual and non-visual, person to person and the latest social media advertising.
Advertising is more than just creating awareness, it is set to create an impression on the minds of the target audience, it also conveys a clear purpose of what the manufacturers want the customer to know. Advertising has become more expedient and very often, has become a substantial part of any company’s budget. Whether it is a new product launch or an improvement in the existing product, advertising still plays a vital role.
HOW EFFECTIVE IS YOUR ADVERTISING STRATEGY?
Beyond putting up ads, playing jingles, and sending of information out, how effective is it? And what is it set to achieve? Often times, the message an advert conveys goes a long way to affect the reason or purpose for which it was meant for, so it is always advised that whatever is presented to the public as a means of advertisement should be properly structured to give a clear and unambiguous message and also avoid conflict from industry rivals.
Also, firms should choose the best approach that will suit the kind of business they are doing, some ads are best-done person to person, some on the street, some could be nonverbal, some could be nonvisual, but it should be noted that the strategy or method that yields the most results should be used. Not everyone is active online or have access to visual forms of advertisement but, companies should devise ways to reach those people who are not connected either electronically or visually, so as to achieve the maximum benefit from the advertising campaign adopted.
METHODS OF ADVERTISING AND PROMOTION
1. Print media:
This has been an age long method of advertising, and it has also been very effective in more ways than one, print media includes newspapers, handbills, posters, flyers, magazines, bulletins, etc. This method can reach a wide range of people and could be relatively cheaper than other means of advertising. The print media has become very effective over the years and has been a very reliable and rewarding means of advertising.
2. VISUAL AND AUDIO-VISUALS
This includes television, radio, on-air jingles. It is more expensive than the print media but it has a far more rewarding result too. The audience coverage may not be as large as that of the print media, but it is very very effective in conveying the message intended. Most people are attracted to motion pictures and seeing a product being displayed, builds a kind of confidence in the minds of the consumers, also jingles play over the airwaves can easily send the message faster, most people are rather lazy to read but are easily attracted to sounds.
Though this medium could cost more, it very effective as compared to other means of advertising.
DIGITAL AND ELECTRONIC MEDIA:
These have become the latest trend in advertising, most companies have now indulged these methods in there marketing. Due to the cost-effectiveness of these methods, it has become increasingly important, that most businesses should adopt these methods. They include the use of electronic means majorly, such as social media, online ads, digital printing and billboards, etc.
The social media has become one of the most widely used, and most companies and businesses have now more dependent on this medium, also it has yielded huge outcomes positively. Due to the large traffic online and the huge number of active users using multiple platforms on social media, it has made it easy for businesses to access and communicate whatever is intended to the target audience. In addition, department have been open to single-handedly cater to advertising and promotion of companies product and services to it target customers.
HOW TO EFFECTIVELY USE ADVERTISING MEDIA TO INCREASE SALES AND PROFIT.
a. The medium used must be properly structured.
b. The right expertise should be employed.
c. The message passed must be clear, unambiguous and should be directed to the target audience.
d. Companies can use multiple channels if they can afford the cost.
e. The message could be repeated for emphasis and as a constant reminder to the target audience.
Having seen how important advertising is to any business, it’s okay to conclude that, without it, an optimum result cannot be achieved. Customers need a constant reminder, stay informed and also entertained so as to earn their loyalty.
This is also a way of advertising, it might not be direct, but it has proven to affect sales positively. When customers get more than what they deserve or pay for, this can convert them to loyal customers, also it attracts new customers as well. As a tool for business growth efforts should be put hugely into advertising and promotion.