Advertising is a Waste of Resources, and we often hear from people advocating the stance. Quite certainly, this statement is true, but in case your advertising handlers are unaware of marketing. If one doesn’t hire an advertising management company or professional, chances are that the resources will get wasted. Advertising requires a budget, and it sucks if the return on investment is lower. Digital Marketing is a better solution as it allows control of the advertising budget, strategy, and audience.
Resources are assets in the form of money, stocks, material, or staff, etc. And acquiring, allocating, and managing all these resources is called Resources Management. Every business at some stage has to spend a percentage of its resources on the advertisement. Businesses often face difficulties in deriving sales via advertising due to several reasons. The reasons for advertising failures could be many, from flawed marketing techniques to underperforming products, over-competitive markets, or business models. Setbacks in deriving sales should not render advertising a waste of resources, as it is not a wise conclusion for any business.
As life is getting faster, people have a shortage of time due to entertainment, social activities, etc. Therefore, it is mandatory to communicate with potential customers in a world full of competition and variety. Advertising plays an essential role in reaching customers and serves as a source of interaction or communication with potential customers (Dyer, 2015). Hence, it is in the best interest of businesses to invest their resources wisely in advertising.
There are speculations that advertising is expensive or wastage of resources, as it often fails to drive expected sales. However, considering advertising a wastage of resources is incorrect. Whereas, if a business outlaws the use of resources in advertising, there is a chance of losing a fair amount of sales with possibilities of a business closure.
Advertising is a well-versed use of resources as it helps promote the brand and reach new people, people who interacted with the brand, or those interested in similar products (Hamlett, 2019). Advertising helps businesses attract people and convince them to buy a product even if they don’t need it. According to research conducted by Shopify dropshipping experts interviewed by CNBC, more than 60% of customers who use social media buy a product without any prior intention of buying while opening the app, only due to social media ads.
How to avoid resources wastage in advertisement?
Short-term advertising strategies usually yield no results. Advertising is a process of interacting with your prospective clients regularly. And it requires a lot of effort on the side of seller or business stakeholders to interact with their prospective clients regularly. Therefore, a proper strategy should be devised before spending a dime on advertising. Digital marketing and social media marketing are gaining popularity these days.
On average, people spend 70% more time on social media platforms than on TV and Newspaper combined. The trend in youth is as high as 90% compared to elders. Thus it is feasible to invest time in earning all the free marketing and relation-building platforms available online like, Facebook, Instagram, and LinkedIn. Once you are familiar with the system, invest your resources in the advertisement or hire a professional website management company at a low price.
Advertising is a waste of resources in developing countries
It is often considered that advertising is a waste of resources in developing countries. However, it is a waste of resources if and only if the strategy is not according to the local market and public orientations. It is obvious that advertising strategies have to be different for different areas, communities, and customer-type. And only a comprehensive marketing strategy can bring favorable results.