You’re opening a new business. The brand you franchise is increasingly gaining popularity, but is yet to reach the market you’re planning to tap. You saw its promising revenue potential based on your feasibility study, but first things first: you need to get the word out.
Many first-time (or even experienced) entrepreneurs see advertising as a magic pill that can turn any new or ailing ventures into profitable businesses. True enough, informing your target market and influencing their purchase decisions do wonders for your sales. But, any leading advertising agency would tell you it’s not an all-in-one solution for everything.
Advertising is highly beneficial for your business in many ways, but can’t:Generate Substantial Sales Immediately
It may take time for advertising to bear fruit. To think that merely communicating the exact message you want to deliver to your prospective buyers will miraculously boost your bottom line overnight is only an illusion. Without persistence and consistency, even the cleverest and most on-point advertising message would lose its power in slowing building your sales.Resolve Cash Flow Problems
If your business has suddenly lost the high level of liquidity you used to enjoy, don’t point your finger on advertising too quick. Your products may be well-promoted, but if there’s a seasonal drop in demand, for instance, then you must test the waters to keep your business profitable. Overinvestment, overstocking, and overtrading are also the most common causes of cash flow challenges.Make Up for Poor Customer Service
There’s no substitute to subpar customer service. Customer un-satisfaction can single-handedly affect your sales profoundly. Even if your marketing is faultless, your products are superior and your pricing is unbeatable, doing nothing to remedy poor customer service is the fastest way to deter new and loyal customers.
Thoughtful advertising is advantageous for your business. But, you need to manage your expectations and use this marketing technique for the right reasons.