Last week we discussed the importance of being willing to spend money to acquire customers.
We talked about how using the marketing ideas I give you will really only go so far if you’re not willing to put some money behind it to make it that much more impactful.
Today I was to go even further and expand on this idea.
One of my favorite quotes is this:
“Until you can pay to acquire new customers, you don’t have a business; you merely have a promotion.”– Todd Brown, who is considered the #1 authority on customer acquisition
To build on this idea, I want to discuss something we often confuse or mesh together…
We’re going to go over the differences between paid advertising and promotions.
Promotions, which is something we talk about all the time, are typically focused on giving an immediate incentive to your buyers and are focused on a specific product service within your company.
Promotions are short-term, cost you little to no money to run, and the entire goal is to attract new customers, reward the current ones, and overall increase sales… all of which is super important!
Promotions are an important part of business, which is why they are focused on so often!
However, in an effort to keep promotions going, we can often forget about the bigger picture… about the health of our business.
And one way we can focus on that also is through advertising.
To contrast promotions, advertising is a long-term focus that will cost more money to you and your company.
The goal of advertising is to build your brand and build trust. This will ultimately lead to sales just like promotions do, but it is not the first and foremost goal.
You might be thinking now…
There seems to be a lot of crossover. Couldn’t I do promotions as part of my advertising and don’t promotions also build my brand?
Yes! That’s absolutely true!
But the point today is to make sure you also see these as two different goals that are both important. You can’t have a business without advertising your brand and you can’t have sales if you’re not doing promotions.
So here are my questions for you today:
What do you focus on more? Are you more concerned with sales or with your brand? How can you balance out your business to make sure you’re focusing on both?
Making this adjustment can make all the difference in the way your business is run and in how your future prospects and current customers respond to you.
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