When it comes to small business advertising, it’s one of those parts of running a small business that many people fail to get right, for the simple fact that they don’t truly understand how to advertise in the most effective way possible.
Splitting the process down into three separate steps, the following information gives a basic introduction on how to advertise your small business effectively.
1. Look at what finances you have available to invest in advertising
The cost of advertising varies massively, from being completely free if you’re looking at word of mouth advertising to hundreds of thousands of pounds if you’re wanting to implement a global strategy, utilizing adverts in, for example, New York’s Times Square.
It doesn’t matter what your advertising budget is, as long as you have a budget to work with – try and develop a strategy without any fixed budget and the only thing that will be guaranteed will be that you’ll have a detrimental effect on your business’s finances.
Look at your monies, set aside a workable budget for advertising and stick to it.
2. Don’t spread yourself too thin. Or too thick.
One of the main issues that is apparent with a lot of small businesses and the advertising methods they utilize is that they either invest heavily in one particular method or they try and use the money they have available to showcase their brand or product in as many different mediums as possible.
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Although in some instances it is great to invest all of your available marketing finances into one medium, it really is dependent upon the individual case and so rather than spreading yourself to thin or too thick, review how much money you have to invest, what mediums are open to you and which is the most suitable for your small businesses at that present moment in time.
3. Monitor the results
No matter how much money you invest in advertising and irrelevant of how good you may think the advertising is, if you aren’t monitoring the results, you could essentially be wasting money.
It’s absolutely imperative that any type of campaign implemented – advertising or otherwise – is monitored constantly, else you have no idea of whether it’s successful or not, both to the start with, during the advertising and once its finished, meaning you can’t determine whether or not to reinvest in that type of advertising.
Every small business needs to advertise to some extent and irrelevant of the budget that you have available, to ensure that you get the best results possible, it’s important that you know what finances you have available to spend, choose the most appropriate medium for your business and monitor the results at all times.
Advertising itself can be complex, but these three simple steps make up the basic principles that any small business should abide by.
This post was originally featured on August 16, 2011.