Editor’s note: This article was first published in August 2010; its remarks on social networks and the internet as a new advertising medium reflect how online marketing was seen at that time.
Success in business is never guaranteed, but with knowledge and effort we can improve our chances of success considerably. Sometimes we don’t give enough importance to certain factors that are key to the success of our business.
We recently began a series of articles on how to be a successful entrepreneur, in which we looked at the importance of the people we surround ourselves with in business, of learning to lead people and of the entrepreneur’s time management. Now it’s time to talk about something much more basic, something we all know, but which leaves many businesses unprofitable even when they have the best product on the market and the best price.
In Spanish-speaking countries we forget how important effective advertising is. Even if we have the best product or the best service, of high quality and at a very competitive price, if consumers don’t know about us, we have NOTHING.
Many business owners set up their businesses and wait for prospective customers to walk through the door, when that happens in very few cases.
To succeed in business, one main key is to understand that advertising is not an expense, it’s an investment. It’s true that there are many kinds of advertising, at different costs, and nowadays we also talk about the importance of the internet as a communication medium.
Social networks, used well, are a great outlet for very low-cost and highly effective advertising. For certain local businesses they may not be as effective, but you shouldn’t rule them out.
Your business, one way or another, needs to be on the internet and have a website, because, in the words of marketing experts: “A business that isn’t on the internet is a business that, to a customer, doesn’t exist or can’t be trusted.”
When your business is starting out, you can never have too much advertising. To apply a basic rule: the more people who know about you, the more likely they are to visit you, and the more people who visit you, the more likely you are to sell.
That way you’ll avoid what sometimes happens: businesses or companies with real prospects close down for lack of sales, and as they pull down the shutters, a passer-by can be heard saying: “Oh, if I’d known they sold this here, I’d have come.”
So marketing and advertising are not tools meant only for large corporations. They are tools that every business should use, whether it’s big or small.
Further reading
- 5 ways to grow your business
- Why a new business fails
- The most common mistakes Spanish-speaking business owners make
- How to be a successful entrepreneur, part 2
Featured image: Kent Wang from Barcelona, Spain, CC BY-SA 2.0, via Wikimedia Commons.
.jpg){kind=link}