The definition of business says that it is an economic system, where goods and services are exchanged for one another or for money. Another equally valid definition describes business as any commercial, industrial or professional activity undertaken by an individual or a group. The activity, now defined as a business, may be for-profit type organization or non-profit organization. The most important aspect of business is the clientele. A business cannot exist in a vacuum and hence presence of customers or clients is a must for the continuation of the activity. All businesses run by proprietors or by corporate entities or by governmental authorities need sufficient customers on a consistent basis for making the activity of running business worth the enterprise. This is where the concept of advertising takes roots.
The main aim of advertising in business circles is to sell the intended product. Many experts believe that looking for activity of advertising through the prism of selling and eventual profit gives a very narrow view of the subject. The opinion makers in this school of thought stress that the fundamentals of advertisement are based on the principle of enlightenment the customers. This larger perspective gives a new dimension to the art and science of advertising. World economies need continuous growth to propel the nations into business activities for mutual benefit. Brands are developed and sustained through seamless blending of product quality and some brilliant advertising ideas. Essentially, the advertisers market the benefits of the product and not the product itself. The main advantages of advertising can be explained.
Business Visibility
The success of any business enterprise depends largely on their turnover. Higher turnover ensures higher profits for business owners. The company, the product, the brand are all made distinctly visible to the existing customers through intelligent advertising techniques. Additionally, the exercise is also aimed at attracting new customers. The strategists always aim at creating new ideas to make customers feel incomplete in the absence the product. Various tactics and tools of advertising are harnessed to create the desired effect. The visibility in public eyes is ensured through jingles, slogans, catchy punch lines, memorable taglines, mascots. Testimonials, endorsements and celebrity brand ambassadorships.
Liaison
Advertisements keep direct liaison between customer and the company selling the product. This mental closeness keeps the customer loyal to the product. Advertisements create bonds at various levels with the clientele. Declaration of grand prize schemes, gala functions to honor loyal customers, the provision of additional facilities to existing customer base are some of the techniques used successfully by advertisers. The success of advertisers can be gauged from the status of clientele psyche. If the customers of the product are found to be bonded with it, the honor of achievement can certainly go to the advertising team. Advertisements of many brands of soft drinks, chocolates, cosmetics and apparel are testimony to such a phenomenon.
Enlightenment
Once the level of product satisfaction reaches targeted height, the advertiser’s job undergoes subtle change. The focus now shifts to harnessing underlying goodwill to build a strong brand association. The task is complex and needs geniuses in the field, who exactly understand nuances of small shifts in the minds of customers. A detailed strategy is worked out by the advertising team. Subdued changes in advertisements, are incorporated to create a feeling in minds of customers that they are indeed masters and that they have chosen a particular product, after full understanding and conviction. The products sell better and faster in such environment. Some healthcare products have achieved grand success through such and similar approaches.
Generation of Employment
Advertiser’s task is generally cut out for achieving targeted sales or revenue results. The society at large also benefits of advertising. The whole cycle of business activities is accelerated through successful advertising. This phenomenon results in increased production and productivity. The incremental production has cascading effect on employment generation. Labor, artisans, packers, transporters, sellers all have bigger roles to play. Skill education also gets a boost to meet increased demand. Overall, society in general is benefitted.
Creativity
The importance of advertising in business is fully understood by captains of product industry. Near miracles have happened, in product sales, through novel ideas of advertising. There are fable like stories, explaining how a successful advertising campaign can make a turn around. Most creative minds join hands to produce long lasting impressions about the product. The advertisers’ toughest test comes when a new product is about to be launched in the market. Huge data about the profile of targeted customers, their present options of buying, future requirements and many more things come into play. Robust advertising concepts only can succeed in launching and establishing the product firmly in the market. This is where a saga is completed, only to start again in a new avatar.
