So many people launch their first or second business with
misconception that they can survive without advertising. It is their fear of failure that almost single-handedly assures their failure. They fear spending
money that they need to get and keep their business running during those early years of their operation.Let’s face it, when you start in business, money is usually pretty darn tight. So, you must figure out how to get off
ground without throwing your money down
drain. Every single red cent is important enough to hang onto with a tight fist.
NOW IS NOT THE TIME TO REINVENT COPPER WIRE
I am reminded of an old joke a friend used to tell about himself.
My friend had always told me that both he and his brother were
inventers of copper wire. He insisted that
two of them were fighting over a penny one day and managed to stretch it out into
first strand of copper wire known to mankind.
Indeed, now is not
time to try to reinvent copper wire.
ADVERTISING IS A NECESSARY COMPONENT OF A SUCCESSFUL BUSINESS
The point of advertising is to notify your customers of
existence of your business. It is necessary to tell people that you are in business and to tell them what products and services you are offering.
Unless people know that you are offering a certain product or service at a certain price, no one will knock upon your door to buy your wares.
If you fail to attract customers and dollars, your business will die. Therefore, advertising is a must for
success of your business. Sure, word of mouth can take you places, but it can only take you so far. Advertising is designed to pick up where word of mouth leaves off.
ATTRITION IS A DEFINITE FACTOR TO CONSIDER
Attrition is a factor in all businesses. A business is able to pick up so many customers and dollars on every advertising or promotion venture. Yet, a certain portion of your old and new customers and dollars will drop off over time.
You simply cannot rest on your laurels. You must continue to generate new business and new dollars or your business will die.
EZINE PUBLISHING DELIVERS A GOOD EXAMPLE OF COMMERCIAL ATTRITION
If you have ever published an online ezine, then you will have seen attrition first hand.
You can spend all week advertising your ezine and note that your efforts have generated for example 500 new subscribers. Yet, by
end of
week, your subscriber base has only climbed by 250 subscribers. What went wrong?