5 Reasons to advertise in a weak economy
The economy sucks and we all know it. There’s a lot of doom and gloom out there and business owners are looking for ways to save money left and right. Unfortunately (for us), some of the first things to get cut are advertising budgets. I know I’m a little biased, but I put together a few reasons to consider maintaining your advertising budget anyway.
1. Advertising outlets are having trouble too- time to get a deal!
If the Reno business world is having a tough time, the Reno advertising and marketing world is feeling it even more. Budgets get slashed and ad revenues go down. Available advertising inventory goes up – look at how thin RGJ is lately. You might notice fewer commercials on the radio too. The point is, it’s a buyers market, so make the most of it. Sure, the ad reps will still try to hold on to the prices printed on their rate card, but when it comes down to it, 50% is better than 0%. You just need to be firm and negotiate to get what you need. We’ve seen unprecedented concessions from some of our media partners in recent months and we’re always happy to twist some arms to get deals for our clients.
2. If your competitors are cutting back, take up their slack.
Now is the best time I’ve ever seen to gain market share. If your competition is reducing their exposure to your target, it’s that much easier to jump in and introduce yourself to them. The target audience might be interested in hearing about a competitive service, especially if you can offer superior pricing or service. Your audience is looking for value too, so you have to let them know that you can help them out.
3. Show your companies’ strength
Even though we’re in a recession, it doesn’t mean people completely stop spending. They still need products and services, but they will chose where to spend their money with much more consideration. Advertising your company is a show of strength and stability. Your audience is more likely to make a major purchase from a business they perceive as solid and lasting.
4. Co-op: Forming alliances for survival
If you are starting to feel the pinch, chances are your neighbors and competitors are too. Join forces with a neighboring business, friendly competitor or related industry to share expenses for promotions or advertising. For example, a small group of Downtown shops can combine forces to promote their stores using media that would normally be too expensive to do alone. If 4 businesses join together, suddenly an ad buy only costs 25% of what it normally would, thanks to co-op.
5. Consistincy is key.
Cutting back now means losing any ground you may have gained in the past. Customers have notoriously short memories, so whomever is fresh in their mind is going to get the call. See number 2. As soon as you cut back, there will be someone to jump up and take your place. Be careful about giving away your share. It might be tough, but if you your approach is consistent your audience will maintain top-of-mind-awareness and hopefully come to you first if your competition drops off their radar.
