Why an Advertising Plan is just as Important as a Business Plan!
Most people see advertising as an expense which is just absurd and absolutely the worst way to think about your advertising plan which directly affects your business success and growth.
The Definition of an expense: the cost or charge of goods or services.
This is not something I just randomly came up with, this way of thinking is from thousands of business owners that I have met with over my 25 years of talking to small to mid-size businesses every day and getting their feedback. When times get tough and they need to trim fat their advertising investment is usually the first line item to get cut. Advertising, when treated correctly should be the last thing to cut because advertising is the only line item that will help a business in tough times to remind people to "Shop
The Definition of Investment: the investing of money or capital in order to gain a profitable return, as interest, income, or appreciation in value.
Advertising is a crucial investment every Business Owner needs to make in order for their business to Stand Out, Survive, Succeed & Grow! Advertising I don't think Business Owners understand the value of having a Strategic Advertising Plan that is spelled out with your business goals and budgets and the expectations you need from your advertising investment! This plan needs to be updated year after year and managed as a tool to grow your business just like your financial plans or your investment plans.
We are trained and coach in school to have a "Business Plan" and we are reminded about having a business plan from just about every banker, workshop, business coach or financial planner, but not once are we ever told to have an "Advertising Plan." I don't understand why there is absolutely no importance placed on having an advertising plan to help a business sustain, scale and grow? Advertising is one of the most important investments that a business owner needs to make for their business to Survive and Grow!
Advertising for a business is just like Air, Food and Water for us to Survive!
Why you need an Advertising Plan and why you should think differently about it. How can you pay your business loan back if you don't have an advertising plan as part of that loan? I have met so many businesses that get loans for a building or equipment and they dump all the money into those types of capital investments with no plan on how to tell people that they have that equipment or services now! Why would any financial institution give you a business loan if you don't have an "Advertising Plan" in place to grow your business in order to pay that money back? I don't get it?
Yes, there is a very small part of the Business Plan that includes your advertising but it is laid out like an expense when advertising is and should be treated as an investment just like investing in Stocks or Insurance or buying Real Estate. Your advertising investment should be treated with the same respect you give toward your financial investments. You should make sure the person you partner or work with to choose and select your advertising is trained and experienced in advertising and marketing. You should analyze your advertising investments and you should have monthly or quarterly updates from your advertising partner and hold them accountable. This is all part of having a good strategic advertising plan in place and having a professionally trained advertising consultant to work with.
Reasons why you should have a "Strategic Advertising Plan" in place? Just look at the Staggering Statistics!
50% of businesses will Fail in 1 Year!
95% of Businesses will Fail within 5 Years!
Over 76% of Businesses Today Don't Advertise At All!
Need I say more?
Again - Advertising for a business is just like Air, Food, and Water for us to Survive. No longer are the days of relying on people to just find you. Businesses can't survive with this attitude there is way too much competition not only from your backyard but everyone on the internet too!
Finally my last beef on how business owners treat advertising.
Think about this as food for thought!
When we hire an Accountant we hire a professionally licensed and trained accountant. When we need an attorney we hire someone who is professionally educated, licensed and trained in law. When we need a financial advisor we hire someone who is professionally educated, licensed and trained to manage our financial investments, I am sorry did you hear me our financial investments. When we want to buy Real Estate we hire a Realtor who is a professional, licensed and trained in real estate.
Now the best part - MOST Business Owners don't put any value on hiring the best professionally trained or experienced person or company to manage their Advertising Investment. I have met so many business owners that say they have their son or daughter manage their advertising or they have an employee or friend help them out. Why? I don't get it.... Your Advertising Investment is the absolute most important investment in your business besides your human capital and your product or service.
I challenge you to rethink what you are currently doing or not doing with your advertising and think about what I am saying and think about how important an "Advertising Plan" is to you and the survival or growth of your business! Please don't self-eliminate yourself because you say you don't have a budget (a lot of business owners don't). Whether your advertising budget is $0 or $999,999,999 this applies to YOU and Your Business! Also, this applies to anyone who owns any type of business whether your business is targeting business to business or business to consumer.
Again think about what I am saying.
The Robin Hood of Advertising!
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