“If you build it, they will come” and other myths that keep you from getting the market share you want
I’ve heard it said that if you aren’t out there taking market share by advertising your business, you’re giving it to your competitors. And I believe it!
It is natural and wise to consider the costs of advertising your business. And it is important to weigh that cost against what you’ll get out of it. But it is easy to lose sight of what you’ll gain in advertising if you get hung up on price.
Myth 1: The immediate cost is the most important thing to consider.
All too often people only pay attention to the short-term cost rather than thinking about what their advertising will get them in the long run. But, when you see the dollar amount and think ‘I can’t afford that,’ just remember that if you aren’t out there taking market share, someone else is.
Remember, investing in yourself, even on a tight budget, helps you grow your business. Advertising helps you acquire new customers and retain customers you already have to get repeat business.
How to Overcome It:
It helps to think like this:
- If I spend X dollars on marketing, I have less money in the short term. But, I can expect to make more revenue in the long term from the new customers my advertising brings in, and the returning customers who are responding to my ads.
- If I save those X dollars by not advertising, I may have more money in the short term. But, I will have less in the long term, because I did not draw in those new customers, and my past customers may not return if a competitor is showing an attractive offer.
This is why I always preach detailed tracking to my clients. You have to know real ROI of a marketing investment to know whether it’s working for you.
Myth 2: If You Build It, They Will Come
Another common mistake is thinking that having a great product or service is enough, and that customers will find out about your business through word of mouth alone.
In the real world, this idea doesn’t hold water. The climb to success takes good marketing – and good marketing involves planning, persistence, testing and refinement and yes, a reasonable budget. As a small business, stretching that dollar should be your goal. Knowing your financial situation and planning ahead helps you to do that.
How to Overcome It:
Take a look at the big picture: what is my business goal this year? Short term approaches like “I need more customers right now, so I’ll do a mailing next month” can give temporary success, but can bust your budget. Good marketing means planning ahead so that you can keep your budget in check. Planning enables you to make sure that all marketing efforts are cohesive, and consistent. Consistent, cohesive marketing sends the right message to consumers. And, you’ll know if you can afford to run shorter offers for an unexpected opportunity. Use marketing tools like these to get ahead of the game and take that market share.
So, get out there and take that market share you deserve! What else is holding you back?
Valpak
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