I am SICK of hearing about the Economy! Isn’t it time to “hunker down?”
We know every business has felt the economic downturn. It has made us re-examine our expenses. It makes complete sense to cut expenses that are not crucial. The temptation is to also cut marketing in these conditions. BUT, there are VERY good reasons you should NOT DO THAT!
Countless studies show how maintaining (and even increasing) your marketing efforts in a recession may not only be profitable, but will accelerate your growth once the recession comes to an end. This has been proven time after time.
Even in a recession, not everyone has stopped doing business or spending money. They may have cut back, but they still need goods and services to live life and do business. If your product and service (and name) are not out there, someone will be brave (and hungry) enough to put their message out there, reminding the listener and viewer of who is still in business. They will earn “Top of mind” and get the buyers IN the recession and earn “Top of mind” for when the recession ENDS. HINT: It is EASIER to get “top of mind” IN a recession. (Keep reading)
Lost market share or loss of “Top of Mind” is harder to make up after a recession. Regardless if you like it or not, marketing takes a while to have an impact. A listener still needs to hear your message over and over to get them out of their “lazy boy”, and that takes time. If your competition has continued to market during a recession, and you do not, you will lose a sizable slice of the business “pie”…during the recession and after it ends.
Many of your competitors do not have good counsel and they are “hunkered down’ and quit advertising or almost quit advertising. LESS competition means YOUR advertising will be seen and heard even MORE! Top of mind achieved by default!
One more thought on advertising in the recession. The media groups want to use are having a harder time selling ads and thus have more inventory to sell. This can drive prices down, so often they have great deals. That means you buy more ads for the same money or the same ads at less cost!
This recession will “take out” the weak companies… but remember this…It also will end! When it ends, let’s have you positioned for great growth, and meanwhile, make more money from the buyers that do exist today.