RELYING ONLY ON WORD-OF-MOUTH WILL KILL YOUR BUSINESS

Barnes A&M
Jul 25, 2017 · 3 min read

This post originally appeared on Barnes Advertising & Marketing

There is a dangerous trend with most businesses in Jamaica and around the world today who are stuck in a traditional mindset.

That mindset of “This is the way we’ve always done things and it has worked for us in the past”. Another is “We don’t need to spend money on advertising to promote our business, word-of-mouth will do the work for us”.

It’s true that word-of-mouth is effective, and it has been known as a good way to grow your business in the past. The problem with relying only on word-of-mouth, without online marketing strategies is it won’t be very effective in today’s marketplace.

According to Hootsuite, a Social Media scheduling platform, out of 7.5 Billion people on the planet, 3.8 Billion (50%) use the internet daily. Additionally, almost 3 Billion are active on Social Media daily.

Image source: Wearesocial.com

In today’s digital marketplace it’s no longer who has the best product or service that wins. Today it’s about who can get more people to see that product or service that wins. Today attention is the greatest asset a business can have. If you’re great at getting the attention of potential customers, then you’ve already won 70% of the sale.

While you are relying and waiting on only word-of-mouth to get your name out there, your competition has already spent tens of thousands of dollars to advertise and promote their brand. They have already gotten the attention of everyone you’re trying to reach, and have increased their revenues through customer purchases. They have already removed you from the equation.

In today’s marketplace the equation is simple: No attention equals no sales. No sales equals business having to close from no revenues generated.

GROWING YOUR BUSINESS BY SUPERCHARGING WORD-OF-MOUTH

Don’t Be Afraid To Spend On Online Advertising

Many small businesses shy away from spending on advertising. This is because of the misconception that you need millions in ad spend to stand the slightest chance against large companies.

Fortunately, the internet has created a leveled playing field for all businesses. It gives even the smallest mom and pop shop a chance against major food chains and franchises. Today it’s no longer about who has the biggest budget, it’s about who is more creative and effective. It’s who can connect with their target audience in a real and meaningful way, both online and offline.

With a very small fraction of what it costs to create a radio or television ad (we haven’t even gotten into paying to air the ad), you can gain a significant return on investment for your ad spend.

Some benefits of spending on digital advertising include:

  1. Mass reach on a budget: Being able to reach hundreds of thousands within a single day through digital display ads
  2. Improved sales reach: You can quickly and easily reach your target audience real time. This is especially good if you have a sale and want to let your customers know
  3. Reach on the go: Another benefit is being able to reach your customers on the go, while their on social media or other reasons for being online

With these three benefits you can extend your reach even further on a budget. Always have your brand top-of-mind, and when ready your customers will reach out to your business to buy…click to read full article

Barnes A&M

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Barnes A&M is a digital first #Marketing and Advertising agency, that provides strategic solutions that let companies innovate, engage their consumers and grow.

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