A recent study found that over 78% of small businesses fail because they lack a well-managed business and marketing strategy. When done right, advertising and promotional materials can boost your profits and make your products a household name.
However, if done wrong, it can sink your business and your investments. So when do you need to advertise or promote?
Don’t worry, with this advertising guide; you can find out! We’ve investigated the differences between advertising and promoting; that way, you can decide which is right for your company today.
Now, are you ready to get started? Here’s a quick look at advertising vs. promotion?
What Is Advertising?
Paid advertising is a strategy to increase public attention toward a product or service. Its objective is to boost sales, build a positive brand image, and drive awareness. For example, every time you see a TV commercial or a print ad in the newspaper, that’s a paid advertisement.
Advertising strategists are constantly coming up with ways to make their product or service relatable to their target audience. For an advertisement to succeed, it should tell a story and create an emotional connection with the consumer. In fact, the customer shouldn’t be able to tell it’s an advertisement; the quality of the ad and its statement should make them question what is paid advertising?
Now, because paid advertising works slowly, you’ll gradually see results over a year or more period. Due to the quality of the ad and the time it takes to produce, advertising is generally highly expensive.
What Is Promotion?
Promotion, on the other hand, is a marketing technique used to spread the word about a product or service. Generally, promotion involves some kind of incentive for the buyer.
For instance, when you’re handed free samples or coupons at the mall, that is a promotional strategy to attract you to the brand’s products and/or talk about them with your friends or family members. Either way, the promotional samples are spreading the word about the product and, therefore, increasing customer awareness.
Promotional activities are more cost-efficient and time manageable for small and medium-sized businesses to handle. Unlike advertising, promoting is a short-term solution to boost sales, attract new customers, and get customers involved with your company.
Advertising vs. Promotion: Which One Is For You?
Deciding to advertise or promote can be difficult; thankfully, with these advertising tips, you can choose the best strategy for you and your company. Advertising is the best for the long term, even though it can be quite expensive. Since advertising focuses on retaining customers, it builds a positive image of your company and boosts sales.
However, promotion works with short-term incentives to intrigue buyers and attract their attention. Results are often instant, but long-term effects vary based on the promotion itself.
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