Instead
Many small businesses believe that online advertising is the most cost-effective way to reach their customers. However, they may not be aware that online advertising costs are rising. In fact, according to a recent study by eMarketer, the average cost per click (CPC) for search ads in the United States rose by 13 percent in Q1 2018 compared to the previous year.
This rise in cost is likely due to an increase in competition as more businesses are vying for attention online. And as the competition heats up, so do prices.
So what’s a small business to do?
Invest in brand building instead.
There are many benefits to brand building, including:
Increased awareness: When you invest in brand building, you’re increasing your visibility and reach. You’re also making it more likely that potential customers will think of your business when they’re ready to make a purchase.
When you invest in brand building, you’re increasing your visibility and reach. You’re also making it more likely that potential customers will think of your business when they’re ready to make a purchase. Greater customer loyalty: Customers who are familiar with your brand are more likely to be loyal and stick with you even when times are tough or prices go up. They also tend to spend more money with brands they know and trust.
Customers who are familiar with your brand are more likely to be loyal and stick with you even when times are tough or prices go up. They also tend to spend more money with brands they know and trust. Enhanced reputation: A strong brand can help you build a good reputation and overcome negative reviews or customer experiences. People are more likely to give you the benefit of the doubt if they know and trust your brand.
A strong brand can help you build a good reputation and overcome negative reviews or customer experiences. People are more likely to give you the benefit of the doubt if they know and trust your brand. Increased customer lifetime value: Customers who have a positive association with your brand are more valuable over time because they’re less likely to churn and more likely to promote your business through word-of-mouth marketing. Branding can help you attract high-quality leads that convert into valuable customers who stick around for the long haul.
