What Advertising Can’t Do
October 20, 2021What Does God Say About Gratitude?
November 2, 2021It’s thrilling to watch a scary Halloween movie. Those jump scares really make your heart race. A similar fear can overwhelmingly be felt when making decisions in marketing. Is it worth it to run that ad or sponsor a sports team? How many pennies from each dollar should be used towards marketing?
Marketing matters and should be a part of your regular business budget. The US Small Business Administration suggests investing up to 20% of gross revenue to advertising if you want your business to grow. Did that number make you howl like a werewolf? 20% might sound extreme, yet it’s what is takes to have exponential growth. We all know that to make money, you must spend money. This guideline from the nation’s leading business organization suggests spending $20,000 if your company brings in $100,000. If your business does 500k then one hundred grand is to be used towards marketing. This isn’t money being spent frivolously though. If done effectively, branding is investing in your business. It reinforces relationships, reminds people of your services, and reaches new potential customers. One way to do this is through smart sponsorship.
Sponsorship allows you to create an emotional connection with the community. It’s not traditional advertising that is begging people to buy from you. Instead, it says you care about the neighborhood or cause. It tells people why you are special and not just about your specials. This simple concept is powerful. For example, billion-dollar brands place their logo on events or venues to create goodwill. Locally, you could donate to schools, athletes or non-profits to position yourself top of mind as a company that cares. People shop with people. We all choose to do business with companies that share our values. Sponsorship does this and you can do this with just few pennies from each dollar earned from your sales. It’s a win-win as sponsorship makes something you care deeply about possible and advertises your services.
Don’t be afraid to invest in the future of your business. The marketing you do today is for the sales you will make in the future. And while we all enjoy dark Halloween nights, to do business without advertising is like smiling in the pitch-black dark of night. You know you did it but no one else can see it.
Without trick or treating, Halloween is just another day. Without advertising your company, your future might not be sweet either.
By Daniel Rendelman
