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No business can succeed without great promotion. You could have the best products or services in the industry, but you will never find success if people are unaware of your business.
Effective promotion will raise awareness about your brand. This will help to increase your brand reputation and generate more sales. This is true regardless of the size of your company or the industry that you operate in.
In today’s Internet-driven world, promotion most commonly comes in the form of digital marketing. This involves advertising your company online and increasing your web presence and visibility through practices like search engine optimization (SEO). This is important because consumers turn to the Internet when looking for any kind of product or service. However, this is not the only type of promotion to consider.
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More traditional forms of advertising remain highly effective even for Internet-based businesses such as ecommerce stores. Traditional advertising campaigns based on paper promotions—such as leaflets, posters, catalogs, and the like—can help to attract attention. Moreover, this kind of advertising can reach those who do not use a computer on a daily basis.
Businesses such as Leafletdrop make it easy to reach customers in your local area. What’s more, they use clever targeting tools to identify people who are likely to show an interest in your brand. This should deliver a positive return on your investment. That’s because it will help to raise awareness about your company in your local area.
How Much to Spend
Using a combination of both digital and traditional marketing is an effective approach. What’s more, any business in any industry can adopt this method.
So, how much of your business takings should you reinvest in advertising? Many successful brands have found that pumping as much as 50% of your takings into promotion has proven to be a smart business move. This strategy is sure to boost your business up to the next level.
Using as much as 50% of your takings for promotion is the best way to grow your company quickly. This is particularly true when you’re first starting out. However, many entrepreneurs want to use any company profits as their salary. This may be tempting, but ultimately you are limiting growth when you do this.
When you are able to grow the company through reinvesting you can then take on new staff and continue to grow and expand. This will allow you to pay yourself a much higher salary down the line.
Promotion is vital to your business success. This is true regardless of the industry you are in. In today’s day and age, there are many effective ways to promote your products and services and raise awareness about your brand. However, you must also make sure that you are spending enough on advertising to maximize your company’s growth.