“A man who stops advertising to save money is like a man who stops a clock to save time” – Henry Ford
It’s natural to want to cut spending during a recession, but doing so does not always have the best results for your business. Advertising when times are hard can actually be a good way to improve your profits and expand your margins.
You can often get a better deal on your marketing campaigns during a recession than during a boom. Many people will be cutting their advertising budgets, but this is actually the time to spend more to attract customers. Some media might offer lower prices and special bargains to help seal the deal.
You can Target the Advertising
People spend their money differently during recessions than they do during booms, but they still spend it, and your marketing can help to make sure that they spend it at your business. Your marketing efforts might even be more successful than usual if you take the time to tailor them to the local economic situation. Emphasize the bargains that you can offer, and that you can help people save money on things that they already want. Put the focus on the value that your products offer. Make sure that your customers know that you understand their situation.
You Still Need It
Businesses need marketing to attract new customers and turn a profit. That does not change when the economy gets worse. It’s a fundamental truth of the market that no business can make sales to people who don’t know that the business exists. Advertisements are the best way to bring in potential customers, and that is always the first step towards making a sale. Getting rid of your advertising campaigns means getting rid of all of those potential sales, and over time that will cost far more than the advertisements ever did.
You can Stand Out
Some people will decide to cut back on advertising to save money despite all of the benefits that it offers. That makes advertising even more useful for the people who make use of it, because their advertisements will not have to compete with those of rival businesses. It’s hard to stand out and be memorable when dozens of businesses are competing for people’s attention, but it becomes much easier when only one or two are making themselves known. There will never be a time with less marketing competition than during a recession, and businesses that take advantage of that can reap significant rewards.
Advertisements are cheaper and more effective during a recession than during other times. Taking advantage of that value can be a great way for businesses to grow their business even when profits are shrinking for their competitors, and no business owner should cut their marketing budget without careful thought.