To advertise or not to advertise during these tough times!
KEEP ON GOING
One of my favorite quotes is from the great Winston Churchill. Most people remember his famous "Never, Ever, Ever, Ever Give Up" speach.
I like when he said "If your going through hell, keep going"! It's easy to recognize opportuntities at this time of low stock values, properties in foreclosure and bargains on every corner but if you don't have any available cash, the opportunity means nothing to you.
COMPANIES THAT ADVERTISE IN SLOW TIMES SUCCEED IN GOOD TIMES
If you are a business that is looking at cutting costs, the first thing you look at is your advertising and marketing budget. You might look at your sales efforts as well and reducing expenses like travel, trade shows and face-to-face time spent with customers and potential customers.
All businesses need to do what is needed to survive, but history shows us that a number of companies will take full advantage of this soft market and use it to their advantage.
THE STAGE IS EMPTY
If all of your competition is cutting their marketing budget and 'retreating' in this time of uncertainty, your company can 'come up the middle' and gain more mind share for less money. $1 of advertising will look like $5 in the current market. Audiences are still watching TV, listening to the radio and consuming other media while the cost of the advertising is LESS during tough times.
ADVERTISING IS ON SALE
During strong economic times, companies that sell advertising tell YOU the price that it costs. The stage is crowded and your message is grouped in with every other advertiser trying the squeeze their message through the crowded media mix. During soft times...like NOW, your message will stand out and you pay less money for more audience exposure!
General Motors and Proctor & Gamble are out right now. When they are IN, they drive the rates and demand for advertising up. Your brand has the opportunity to take a smaller, workable advertising budget and make it look like a large, major league budget.
SET YOUR RATES NOW
You may want to book longer term contracts with media suppliers and lock in lower rates. Just like your mortgage, it's great to lock in LOW and take advantage of a soft ad market at this time.
Advertising has worked in the past and it still works now. It costs less today and the opportunities are many. So if you plan on being in business in 2009...feel free to adjust your advertising budget but DO NOT eliminate it. A few dollars well spent now will fuel the fire while this economy comes around.
For more information on how YOUR business can take advantage of these tough times contact: