* Awareness includes things like banner ads, TV ads, and radio ads.
* Selection includes word of mouth, online search, and online reviews.
Building awareness has largely become one of the most common forms of advertising. We see TV ads, hear commercials on the radio and see billboards plastered all over major cities.
One of the most, if not the most, highly coveted forms of advertising is running a commercial during the Super Bowl which has long been known as the most watched American television broadcast yearly. According to Wikipedia, “the average cost of a 30-second advertisement was around $4 million.”
You could spend millions of dollars on building awareness, but if you don’t have good reviews and recommendations, you might as well throw your money away.
Online reviews have long been one of the most underrated forms of advertising and their use is growing with each coming year.
In a survey conducted by Statista this year, 49% of the population used online reviews to determine whether a local business was a good business or not.
So what does this mean for business owners?
* Paying very close attention to your online reputation and reviews is key in gaining new business and maintaining existing business.
Traditional forms of advertising will always remain to be tried-and-true, but being open to new ways of advertising will keep you and your business one step ahead of the game.