"Advertising Goals: Understanding the Purposes of Advertising"
In the dynamic world of commerce, advertising plays a pivotal role in introducing new brands, products, and services, particularly for startups and businesses seeking to establish a foothold in the market. Advertising serves various objectives, primarily focusing on influencing consumer behavior and supporting business goals.
One such objective is to encourage trial, where advertisements are designed to be engaging and flashy to attract initial buyers. This is common for new market entrants, aiming to entice customers to try their offerings for the first time.
Retaining existing customers is another key objective. By continually promoting products, brands can introduce new features or advertising angles to keep customers loyal and purchasing consistently.
Advertising also targets customers currently using a competitor’s product, persuading them to switch to the advertiser’s product. This involves comparative or competitive advertising strategies to attract market share from rivals. The goal is to regain customer loyalty for those who have previously switched away.
Informing consumers about a product or service is another crucial objective. This includes providing features and benefits, which helps in awareness and understanding. Advertising can also entertain, capturing customer attention through engaging or inspiring advertisements to create a memorable impact.
Beyond these specific advertising goals, advertising supports wider marketing and business objectives such as building brand awareness, increasing market share, improving ROI, and supporting internal objectives like attracting talent.
Advertising can position a product and brand in the minds of customers, such as premium brands being positioned as high-end or niche brands being positioned as experts in their field. The choice of advertising objective depends on the current standing of the firm in their market.
Effective advertising can significantly boost a brand's visibility and profitability. Global advertising spending is projected to reach $620 billion by the end of 2024, highlighting the importance of advertising in today's business landscape.
Whether the objectives are short-term, like advertising to increase seasonal sales, or long-term, like brand building and increasing profits, advertising's role remains vital in achieving business success. Brands like Coca-Cola, Toyota, and Amazon, among the most trusted and top advertisers, are testament to this fact.
Digital advertising also plays a significant role, with a common objective being to get a call to action, such as filling out an email form, clicking on a link, watching a video, or taking a survey. Regular advertising and delivery of quality products can build a brand's value, contributing to increased profits.
In conclusion, advertising serves diverse objectives, from informing and persuading to entertaining and influencing buying behavior. By understanding these objectives and strategically employing them, businesses can effectively reach their target audience, increase sales, and enhance their market position.
- Advertising's role in business includes supporting internal objectives such as attracting talent and finance, essential for the growth and success of a company.
- In the quest for achieving business success, advertising objectives can extend towards long-term goals like building brand finances, as demonstrated by global brands like Coca-Cola and Amazon.
