Importance of advertising in business
What is the importance of advertising? Why should you as a business owner take advertising very serious? The amount of money spent on advertising by big companies has increased all over the years. Advertising is now seen as one of the most important tactics for marketing and keeping a business alive. The importance of advertising in business is summarised in the points below.
Advertising is a means of marketing communication used by a person, an organisation, a business entity to promote or sell their idea, product or service. Advertising could be done in visual or audio forms. Also, it is not directed to just an individual, rather it targets a particular group of people or community. It is not limited to business alone. It is often used by non-governmental organisations, government agencies, political parties, religious organisations, etc. An advertisement is not only done for the purpose of promoting a consumer product or services, there are also non-commercial advertisement. In addition, there is what is called corporate advertising in which advertising focuses on the organisation and not on the products or services of the particular organisation.
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Businesses today utilizes different types and medium of advertising to achieve different goals. Advertising today is communicated via different mediums such as magazines, newspapers, radio, television, billboards, ads on blogs, social media, websites, etc. Advertising is so important that most companies and businesses spend a lot of money on advertising every year.
It was recorded in 2015 that the estimated total amount spent on advertising throughout the world was 529.43 Billion US Dollars. And the amount is expected to go up by the end of 2017. This goes to prove the extent of the importance of advertising in today's world. So let us look at the importance of corporate advertising and other types of advertising in business in today’s world.
Top fact proving importance of advertising in business
1. Advertising helps to introduce a new business, a new product or service
When a business is just starting or when a new product or service is being launched, the fastest and most efficient way to introduce it to the community and to people is through advertising. A good and high-quality advertisement will help to introduce the business to a large population of people within a short period of time. Advertising is one of the major keys to the survival of a new business, product or service.
2. Advertising gives breakthroughs to businesses
Advertising produces quick and dramatic breakthroughs. Over the years, most businesses have experienced breakthroughs with the help of advertising. When a business or a product is not doing well, advertising is one of the ways to boost its position. A qualitative and quantitative advertisement helps both new and old businesses.
3. It helps to create awareness about a business or product
Advertising helps to create awareness about a product. Advertising is done over a particular period of time. So, it makes people constantly aware of a product or a business.
4. It helps consumers to differentiate products
Companies and businesses use advertising to show consumers differences between their product and other products. The advertisement is not done by necessarily comparing and differentiating products, but in such a way that it shows the uniqueness and benefits of a particular product and imprint it in consumers mind.
5. It helps to promote and convince consumers about a company, product or service
Promoting a product is the primary objective of advertising. Letting people know that you have an exciting product to offer. Advertising can also be used to promote sales and upcoming events in a company.
6. It helps to draw customers to a business and keep existing customers
The more people are aware of your product, the more they will want to patronise it. When you do a good advertisement, consumers want to try the products. Also, good advertising builds the morale of existing customers to keep using your products. When they see the advertisement of your product, they are impressed and want to keep using it.
Advertising is the key to the success of a business in today’s world. It tells people about your business, where it is located, and what you have to offer. Invest in advertising today and take your business to the next level.
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