New Businessmen often faces the dilemma of whether they need to advertise or not advertise. Whether the advertisement you plan needs to be extensive or specific to a particular region or market.
If you are new to the market with a lot of competition, you will need extensive advertising to gain visibility but if your product is unique with no competitors you may not require extensive form of advertising. Thus, the dilemma continues.
In order to understand whether your planned advertisement campaign needs to be extensive or not, you need to understand these terms –
Return on Investment (ROI)
Return on your investment is a major factor that needs to be considered before engaging in an advertising campaign. Not all adverts can gain you same amount or rate on returns. You need to analyse the market before publishing an ad. If the market reacts positively to your product or ideas, your advertisement will have a better return or profits.
Many companies are fighting with each other to gain more awareness and reach. This is a competitive market and there are many products that are similar. Thus, Customers have many options or alternatives. In this case, customers don’t want just the product but to achieve the best service or quality. Thus, heavy advertising is needed to gain visibility.
But for a new or unique product, not much advertising is required since there are no competition and customers will purchase the product. Just the information about the product, its usage, directions, benefits need to be properly communicated to market.
Special attention and analysis need to be done before promoting an advert. People will make an impression about the brand only according to the ads they promote. If the ad is counterproductive, have opposite results, your advertisement campaign will fail, and customers might not approach you again.