Even in hard times it’s crucial you keep advertising your business!
Below is an excerpt for #smallbusiness owners.
“There have been a number of studies going back nearly one century that point out the advantages of maintaining or even increasing ad budgets during a weaker economy. Those advertisers that maintained or grew their ad spending increased sales and market share during the recession and afterwards.
As a popular adage says, “When times are good you should advertise. When times are bad you must advertise.”
There are several reasons to advertise during a slowdown.
The “noise level” in a brand’s product category can drop when competitors cut back on their ad spend. It also allows for advertisers to re-position a brand or introduce a new product.
Brands can project to consumers the image of corporate stability during challenging times.
The cost of advertising drops during recessions. The lower rates create a “buyer’s market” for brands.
Studies have shown that direct mail advertising, which can provide greater short-term sales growth, increases during a recession.
When marketers cut back on their ad spending, the brand loses its “share of mind” with consumers, with the potential of losing current – and possibly future – sales. An increase in “share of voice” typically leads to in an increase in “share of market.” An increase in market share results, with an increase in profits.” -Brad Adgate
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