It probably goes without saying that effective advertising is an extremely important factor in running a successful business. At Synergy Merchant Services, our licensed funding specialists often discuss the various ways that our clients may use their merchant cash advances to advertise their businesses.
You could have all the money in the world, but if your are not putting it towards well thought-out marketing plans, then it will all go to waste. On Entrepreneur.com, Jane Porter writes of the three mistakes that some business owners make when advertising their businesses. Avoiding these mistakes may prove very beneficial for your company’s bottom line.
The first mistake, writes Porter, is when business owners do not know the return on their marketing investments. It’s important that entrepreneurs take the time to figure out what they will be receiving in return for the money they are spending on their advertising campaigns. There must be a specific result attached to the marketing plan.
Porter notes that some businesses owners mindlessly pay regularly monthly dues to publications who run ads for them. They do so, however, without gaging just how much money those ads are bringing back in return. In some cases, the marketing techniques are outdated. For example, business owners who have gone from running magazine ads to focusing on online promotional strategies have found that their sales increase.
In addition to keeping up with the times, however, it’s important to not rely too heavily on your sales team. This is the second big mistake that many business owners make, says Porter. She writes that when sales are slow, many owners put pressure on their sales teams to pick things up.
Citing the opinions of Kevin Daum, a New York-based marketing consultant, Porter highlights that a sales team is only as good as the information provided to them. For example, the sales pitch, company brochures and website should all carry a consistent message that is effectively communicated throughout.
Mistake number three says Porter is when “your website reads more like an ad than a helpful resource.” It’s important to connect with your customers. Quoting David Meerman Scott, a Lexington, Mass.-based marketing strategist, she writes that “if your website showcases only product features and pricing, you’re missing a huge opportunity to connect with potential customers.”
Said Scott: “The biggest problem that small businesses do again and again is focus way too much on their company…and not enough on the problems and needs of the people they are trying to reach.” Give Synergy a call today to discover more ways that we can help your advertising money work for you.