It seems that when a recession arrives, the first things to go are marketing, advertising, and public relations: the staff, the budget, the strategy. However, this is probably the worst move a company can make in a down economy.
This is proven fact. The companies who continued to advertise during the 1980 to 1985 recession had a 256% growth by recession end over their competitors that had stopped or decreased ad spending, per a study by McGraw-Hill Research.
By ‘staying in the game,’ you’ll be the lone gunman, so to speak. You’ll be the voice the customer sees, versus your competitors, who have all stopped advertising. Talk about cutting through the clutter!
Plus, not only will you be able to attract more customers by 1) being the only ones advertising and 2) offering them deals, but you’ll also be able to get some deals yourself on ad spending. When no one else is doing spending ad money, the radio stations, TV stations, and print publications cut their costs in the hope of attracting customers – you.
Don’t fall victim to the lure of saving money by cutting your marketing, public relations, and advertising budgets. Rather, keep that budget in place, and actually earn more money – and more long-term customers – for your business by keeping your brand in the forefront of your customers’ mind.