Advertising is something which is lifeline of any successful business because without advertising only few companies can survive. The importance of advertising cannot be underestimated, given below is the list of importance of advertising for a company –
- It helps the company in making new customers because it is only advertising which can increase the consumer base of the company.
- It helps the firm in retaining the present customers, imagine when an advertisement of your favorite cold drink stop appearing on television, your first reaction would be is something wrong with the company and you may switch to other substitute.
- It helps the company in selling any new product which it has discovered or made after many years of research, without advertising heavily a company cannot sell such new products because it is only through advertisement that company can tell customers what is the difference in their product from the close substitute of the product being advertised.
- It ultimately helps the company in increasing the business of the company by increasing the sales volume of the products of the company and that is the reason even new companies do not hesitate in spending millions on advertising.
- It can lead to change in the fortunes of the company as history reveals some companies products are not that good as compared to their competitors even then those companies have performed better purely on the basis of better advertising strategies as compared to their competitors.
- In this globalized world it is advertising which makes possible the people of Africa to see what companies are producing in America or Asia and vice versa.