14% of businesses fail because of poor marketing! Learn why good strategy is a must
Every business, big or small, needs to have a digital presence. People must be aware of your existence, and advertising is the perfect way for anyone to reach that position in today's world. Customers will not approach you and say, "Hey, let's do business together," regardless of your expertise or experience. It's just not the way things work.
Let's look at the numbers
We know you don't want your company to fail; else, you wouldn't have started it in the first place. Nonetheless, you should be aware of the following facts:
21,5 % fail in the first year,
19 % fail because their competitors out-perform them,
14% of small businesses fail due to poor marketing!
There is no need to highlight the importance of the internet and how much traffic is gained through social media platforms. Of course, you can always follow tips for organic reach and hope for the best. We also have them HERE.
A 2017 study showed that 77% percent of businesses use at least one social media platform for promoting their business. That number may include your competitors, and you don't want to be left behind.
Furthermore, you should consider a quality web page regardless of your social media strategy. 85 % of consumers do online research before they purchase a product, so you do the numbers. You can find more on that topic HERE.
Why is advertising a must
1. Introduce yourself to the rest of the world
When starting your business, you're focused on your products or services, but you forget that you must show them to the rest of the world. Even though many small business owners regard it as a waste of money and an unneeded expense, it is an investment. Surely there will be many competitors in your industry, so marketing is a unique chance to place yourself in the right way.
For example, in 2016, Gnijezdo.hr offered the Croatian public an opportunity to buy products from the most wanted Dutch furniture brands. They were a completely new option in the sea of existing ones, but Gnijezdo quickly became a relevant furniture dealer in Croatia with the right marketing strategy. You can read the whole case HERE.
2. Building the brand
Digital advertising is excellent for letting people know you exist, creating your brand image, and gaining consumer trust. It also has a lot of potential for international expansion. Print media and advertisements can help you reach your target audience, but they are limited to a local audience, whereas digital advertising can reach people worldwide. Overall, it's an excellent tool for growing and expanding your business.
3. Reach the right audience
Among other advertising methods, Digital advertising, and digital marketing, in general, are known for their personalization at the highest level among different types in this industry. You need to present your product or service to the world, but it also needs to target the right audience interested in you. You have complete control over who can see your ad. If you want to see impact of this, read our MySun case.
Digital advertising is excellent for letting people know you exist, creating your brand image, and gaining consumer trust.
4. Keep track of your competition
There is a high possibility that your competitors are using digital ads to promote themselves, so use this to learn from them.
5. It helps you compete with the big guys
There isn't much room for TV/radio advertisements or giant billboards near the road when it comes to marketing small businesses. Your budget is far smaller than that of major brands. Many well-known companies use digital and traditional marketing strategies, but as previously stated, digital marketing allows you to reach your target audience more easily. As a result, digital advertising gives your brand a better chance on the market.
How to start?
You'll need to reach out to as many people as possible to get your business off the ground to identify potential customers or partners. So, the easiest way to do this is to learn the basics of marketing, but keep in mind that marketing is a skill in and of itself, and the better you are at it, the more significant results you will get. The best way to focus on your product or service is to outsource marketing activities to an agency like ours.
We care and understand that your business means a lot to you, so we encourage you to reach out to us. You can rely on our award-winning knowledge, and no matter the brand's size, we can find a perfect strategy to fit you and your goals best way possible.