5 Reasons To Increase Your Advertising During A Downturn
When the stock market is dropping, people are being laid off and businesses are shutting down, it might seem like the wrong time to increase your advertising. But it is essential you turn your thinking away from fear, and toward abundant market dominance.
Here are five reasons why you need to increase your advertising right now, during the downturn.
Number 1: You still have customers
People are still looking to buy your product or service. Even if they’re stuck at home, they still have wants and needs. Those former customers, current customers, and future customers need to know about your company. It’s what we like to call the first key to sales. Your customers have to know you, before they can like you, trust you, and then buy from you.
Number 2: Assert your position
Many markets and industry segments are crowded. There are many people offering what you have to offer, whether it’s a product or service. That means your company has to assert its position of dominance. You need to remind potential customers that you are the best provider, best vendor, best person to have a business relationship with. And you can only do that by utilizing marketing.
Number 3: Plan for the future
“This too shall pass.”
It’s an old Persian phrase that’s since been translated into multiple languages and it’s extremely fitting for the economy we’re about the confront. I know it seems like all the bad news is weighing you down, but if you look ahead, it will get better. No, not every business will survive. I wish I could tell you that. But I do guarantee the businesses that fail in this downturn will have one thing in common. They will have shut down their marketing and advertising. How can you expect customers to know who you are, like you, and trust you, so they can buy from you if they never hear from you. The time to increase your advertising is now. We absolutely advise our clients to increase their ad spending now, because it will reap rewards in a year or two when the economy is back to normal, and customers are ready to spend money.
Number 4: There are advertising deals to be had
This is super secret. Shhhh. Don’t tell anyone I told you. But when the economy tanks, the traditional advertising channels and vehicles reduce their rates. When there is less demand because of uncertainty, advertising providers are more willing to negotiate and give you better rates, especially if you buy in bulk. So don’t forget to work with the ad reps and ask for best pricing.
Number 5: Take over like a boss
Advertising allows your company to take over in a market or industry segment. If you practice some good basic marketing mix strategies, customers and competitors alike will feel like they see you everywhere. But one warning: just be sure you’re advertising where your most likely buyer is. For men, hit YouTube hard right now. For women, Instagram and Facebook are still the best for the buck. The point is this, you need to allocate enough money to the advertising so you’re getting a good frequency (being seen more) and good quality leads. Because after all, we can help brand you all day, but if you’re not getting solid sales leads, what’s the point?
There you go, five reasons why you need to increase your advertising during a downturn. Now if we can help you form a strategy, put together your graphics or video, or you just need some business coaching to help you whether the storm, we’re here for you. Just email info@stokesherzog.com
Sarah Stokes and Chris Herzog, who are both former WEAU television news anchors, started STOKES|HERZOG, an advertising and public relations agency in 2014. The agency assists both local and global clients with all of their corporate business consulting, advertising, public relations, and marketing needs including video production, website management, graphic design, social media management and overall marketing and advertising strategy.