Why Do Marketing & Advertising Matter For Small Businesses?
Marketing & Advertising is the best decision you can make for a small business. Read on to know the importance of marketing & advertising at IIFL Finance.
Building a product is one thing, and selling it another. A market presence with product awareness among your target audience is vital. Therefore, it is wise to have a marketing and advertising strategy in place. However, it can be heavy on the pocket of small businesses and hinder the required budgets for marketing and advertising. A small business loan or SME loan is crucial in providing the necessary funding for these strategies.
This article highlights why marketing and advertising matter for small businesses and where to apply for a small business loan.
Why Are Marketing And Advertising Important?
1. Brand VisibilitySocial media platforms like Instagram, Twitter, and Meta can help you get the visibility you need for your brand. Choose the ideal platform to showcase your products and services based on your target audience. You can also run ads on these online media outlets, depending upon where your target audience spends the most time and increase sales.
2. Brand AwarenessMaking your business accessible allows people to connect to your story. Share your brand story with potential customers. Let them know who you are, why you started your business first, and what you believe. People will buy from companies making an impact. Be real by creatively sharing your personal and relevant story, and you will soon build brand loyalty.
3. Instant FeedbacksYou may receive more calls and emails if you place your ad on different platforms. However, which medium was successful for you? Using Facebook's Ads Manager and Google Adwords to monitor individual campaigns will provide information and answers to the questions, including:
• What kind of people are watching your ad?
• What time of the month does your ad get the most response?
• Which device is most frequently used by users to view and interact with ads?
4. Builds Trust And CredibilityAs with any relationship, building trust with consumers takes time and effort. You must prove that your small business is reliable, ethical, moral, genuine, and socially responsible. After all, people buy from the brand they trust.
A brand does not earn a reliable status on a whim. You need to consciously create marketing messages and communicate with people.
Consider implementing social responsibility practices such as ensuring the ethical sources of your product procurement. You can also adopt a noble cause and give a percentage of revenue to the underprivileged. People trust these acts and might want to buy more from you.
There are many ways to go about marketing and advertising your small business–from digital marketing to content marketing to paid advertisements.
Apply For A Small Business Loan With IIFL FinanceIIFL Finance is a leading business loan provider. Since its inception three decades ago, it has helped several business owners have a hassle-free experience. IIFL Finance offers a quick business loan perfect for MSMEs with small financial requirements up to INR 30 lakh. The entire process, from application to disbursement, is 100% online. Kickstart your marketing and advertising journey with IIFL Finance small business loan or SME loan and watch your business soar.
Frequently Asked Questions
Q.1: Which is the best way of marketing for small businesses?
Ans: The best channel depends on your target audience; who they are, what they do, and where they spend their most time. However, social media platforms in today’s era are a good start.
Q.2: Are paid advertisements effective?
Ans: Paid advertisements can prove to be game-changing if done right. Ads drive visibility, reach, and sales.