Reaching specific goals you have set for your business is an accomplishment to be proud of. However, meeting these goals as a business should never be the impetus for throwing in the towel, marking it as “job accomplished”, or thinking that there is simply no need to invest any further in advertising as you move forward. After all, advertising is just as important to maintain your position as it is to achieve success or experience results in the first place.
The right kind of advertising can help boost brand recognition, help you reach new audiences, and even drive sales. Therefore, you need to keep up your advertising efforts even once you have achieved your goals. Here are 5 reasons why:
1. Expand Your Audience
While you might have hit the mark already in terms of your current customer base, it’s important to continue reaching other potential customers by expanding your audience. Yes, we have preached the importance of target personas and knowing your customer. With that, know that even your current customers will eventually change in terms of what they prefer. Current customers move in and out of the market. They age and as they do, their tastes, preferences, and habits change. Any number of things will change from year to year and those changes can cause a shift in your customer base. Failure to evolve your marketing and reach an ever-changing customer base is to set yourself up for a slow but sure decline over time. Your marketing should always be helping you increase your brand awareness and position in front of new customers.
2. Maintain a Competitive Edge
The business market is intense and highly competitive. It can seem as if you are on the mountain top one minute and plummeting down to the valley the next. Thankfully, advertising is a tool you can employ to keep your brand in customers' minds. As the adage says, “if you are not moving forward, you are moving backward.” In other words, if you aren’t actively investing in your business through advertising, you are most certainly moving backward in terms of your competition, even if it's so slow it's nearly imperceptible. There's a reason that well-established brands like Mcdonald's and Coca-Cola continue to advertise. Small and mid-sized businesses can learn a lot from the strategies of older and more-established business marketing practices.
3. Retain Brand Recognition
Advertising works to keep your brand in the minds of your customers, resulting in improved brand loyalty. To coin yet another phrase, “out of sight, out of mind.” This showcases the importance of keeping your brand in front of your customers. Not to the point of irritation, obviously, but to maintain a presence that will in turn promote loyalty and increased engagement. From the moment they wake up, consumers are hit with thousands of marketing messages every day, each one competing for market share and top-of-mind awareness. To be sure, the hard work of advertising is never done.
4. Increase Wallet Share
The purpose of advertising is to keep your business at the forefront of potential customers’ minds. You want repeat business, and you want customers to come to you for additional products and services. If they don't know the full extent of what you offer and aren't continually reminded...they won't know to purchase from you. You'll lose business to competitors simply because your customers don't know what you can do for them. Keep those current customers returning by continuing your marketing efforts through purposeful advertising. You don’t want them to feel that once they have bought your product or service, then that’s the end of the relationship. Current customers are your low-hanging fruit. Use your advertising to keep them coming back.
5. Focus on the Future
Be happy about your success. Pat yourself on the back, and welcome the cheers, but don’t stop there. Never neglect advertising into the future simply because at the present time you are doing well. Things can turn on a dime and you have to keep your brand in the mind of your customers and continue to promote brand loyalty to encourage sustained success. The basic lifecycle of a business is: start-up > growth > maturity > legacy. Keep the next phase in mind and remember, what got you to one phase isn't sufficient to get you to the next phase. Each phase requires a different strategy. Forward-thinking business owners know they can never coast. Otherwise, you might be considered a one-hit-wonder instead of a legacy-building business that is here for the long haul.
Keep Up Your Advertising Efforts
Advertising is an integral component of any successful business strategy, even for businesses that are already succeeding. So, it is wise to maintain advertising as part of your ongoing business strategy at all times. Contact us at Zimmer Communications to learn more about different advertising strategies. We understand the different phases of the business lifecycle and can guide you in crafting a plan that will get you to the next level of growth.