Advertising in a down economy is even more important than during times of robust growth. During the slower economic periods, businesses have the opportunity to build market share and will have less competition from those who want to hunker down until things blow over. Now is a great time to invest in your business!
If a company is not communicating with potential customers, then that company will not be remembered in the buying decision, regardless of the economy. The more familiar buyers are with your brand, the more likely they are to purchase the brand when they are ready to buy. The key is to stay in front of customers consistently.
Think of things in terms of how you invest your money in your personal life. When stock prices are at the bottom of the market, you should buy them. You want to buy low and sell high, right? So, you should apply this same principle to marketing your company.
When the overall level of advertising drops most media feels the pinch and drops rates or will offer specials throughout the year. You should be taking advantage of those rate changes and take the lead in brand recognition.
It’s important to remember that during a recession consumers don´t stop buying, they just become choosier and look much harder for value. They are going to buy from someone and they’re more likely to buy from businesses that they trust and like and remember. You may not be able to change what’s happening in the world, but you can change how it affects you and your company profits.