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10 years Ago By / AJ Ross Staff

Advertising In A Bad Economy. You Need To Be A Player

It seems that everyone I have asked about how business is doing gives me the same answer, “It’s not doing well.” The next question I ask is what they’re doing about it. Most of the answers I get are the same, “Nothing.” And that’s exactly what they’ll get in return.

When times are tough the first things businesses cut is their advertising and marketing budget thinking they are saving money, but what they’re doing is cutting off their lifeline. If anything, advertising should be increased, and here are some of the reasons why.

Advertising during a bad economy clearly creates a competitive advantage because your clientele feels more positive about your company’s commitment to your products and services. More importantly, you’re at the top of buyers’ minds when purchase decisions are made. People don’t stay loyal to products based on the memory of a strong campaign in rosier times. Memories are short, and it’s advertisings bombarding them now, today, and every day that will stick in their heads when they’re making a purchasing decision.

Some experts believe that advertising in a down economy is even more important than advertising in good times. It’s a time when you can build market share. It’s a time when you have less competition. While your competitors are hibernating and sticking their heads in the sand and waiting for things to blow over, your company has the opportunity to establish itself as the Brand of choice. Halting your advertising defeats that goal. Advertising aggressively during economic downturns means gives you a leg up on the competition that have cut their promotional budgets. Your timid competitors stand a real chance of falling behind and never catching up.

The economy may be bad, but people are still spending money on needed products and services. Of course they become more selective and look much harder for value, but they are going to buy from someone. It is a known fact they are likely to buy from businesses that they know, like and recognize. Now is a great time to keep your market share and particularly in bad economic times consumers want to feel comfortable with the companies where they spend their money. Make sure they know you, remind them of your staying power, and that you will be there for them tomorrow and in years to come.

I tell my clients, target your message for this economy and then get it out there. The impact of promoting your business in these times will maintain your presence and help sustain your bottom line.

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