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The Costly Mistakes Small Businesses Make in Advertising

Costly Mistakes Small Businesess Make with Advertising

In our recent podcast, we delved into the common pitfalls small businesses encounter when it comes to advertising. 9 out 10 of the small businesses we consult with either don't advertise or are wasting money on ineffective ads. Here are some common pitfalls you can avoid:

1. The Myth of 'More Eyeballs, More Sales': Many small businesses believe that simply reaching a large audience guarantees sales. However, the reality is quite different. Research shows that a potential customer needs to see an advertisement at least seven times before making a purchase decision. While broadcasting your message to a wide audience may seem like the solution, it often comes with a hefty price tag. Small businesses, in particular, struggle to afford the frequency needed to make an impact.

2. The Fallacy of 'Set it and Forget it' Digital Advertising: With the rise of digital advertising, there's a misconception that once you set up a campaign, it will run smoothly without much intervention. However, this couldn't be further from the truth. Digital advertising requires ongoing monitoring, optimization, and adjustment to yield results. Neglecting this aspect can result in significant financial losses, with small businesses potentially spending hundreds to thousands of dollars monthly with little to no return on investment (ROI).

3. The Importance of Attribution: Understanding the source of your customers is crucial for optimizing advertising strategies. By asking customers how they found your business, you can identify which channels are driving results and which ones are falling short. This attribution allows small businesses to allocate their resources effectively, focusing on tactics that deliver tangible outcomes while eliminating those that yield minimal returns.

In conclusion, small businesses must navigate the complex landscape of advertising with caution. By debunking common myths and embracing strategies rooted in data and customer insights, they can maximize their advertising budgets and drive sustainable growth. For a deeper dive listen to our recent Blunt Force Business podcast "You're Burning Through Money on Bad Advertising".


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