Cutting back on advertising might seem like the right thing to do in the tough economic climate, but it is not necessarily the right move for your company.
In difficult financial times companies often say they can’t afford to advertise, but I challenge this thought and offer an alternative view, can you afford not to advertise?
According to a leading business group, the UK will avoid a double-dip recession but economic growth in 2012 will be slower than last year. Positive news I hope, but when it comes to advertising, d economic uncertainty can make consumers more cautious with their purchases and demand both quality and value for money.
Speaking with local companies, the feedback that I am getting is that business is tough, and every quality lead and every new order is taking so much more effort and resource to generate.
From my experience, working in publishing, in tough economic times companies often reduce their advertising budgets before anything else. This in itself presents huge opportunities for ‘smart companies’ to take advantage.
If your competitors are reducing or stopping their advertising, don’t just follow suit. This is your opportunity to capture your customers’ attention and increase your market share.
Advertisements can communicate key messages more powerfully than other forms of marketing. As they are generally designed for maximum visual impact, advertisements help capture the attention of readers who don’t have the time of inclination to read detailed editorial stories.
A robust marketing plan with a clear advertising focus will maintain your brand presence, so that when your customers make the decision to buy, they think of you first.
With media sales becoming more and more competitive, publishing companies are being forced to lower their ad rates, so now is one of the best times to advertise, as there are definitely some deals to be had!
Times are hard for everyone right now, but think twice before you cut your advertising budget as you could risk losing your customers to your competition.