Businesses small and large are being cautious with spending due to the sinking economy and worry of a Depression. So why should you spend money on advertising?
Because advertising works and people are still spending!
Yes, people are still spending money; they’re just shifting the way they spend it. According to MediaWeek.com, “Though consumers modify their spending behaviors during recessions, actual spending patterns reveal a case of ‘spend different’ rather than ‘spend less.’”
For example, people are brewing their own cup of joe instead of stopping by the local café for a latte. They are buying fuel efficient cars, rather than large SUVs.
When your neighbor’s dishwasher breaks, they will still buy a new one; they’ll just make sure they get the best deal for their money.
So your job is to convince the public that you have what they need for the best price.
How?
With strong advertising!
Studies by Harvard Business Review, McKinsey, Financial World and McGraw Hill looked into how the marketing/advertising practices of U.S. companies affect their sales during recessions. All four studies concluded that businesses that maintain and grow their marketing during recessions come out ahead. (Click here to read the full article.)
Here are 3 questions to ask yourself about your product or service:
- What sets your product/service apart from the competition (why is it a better deal?)?
- What about your product/service does the potential buyer need?
- Why should they buy now?
Don’t skimp on your advertising budget. Make it a priority.
Email me today to see how I can help you convince the public they need your product/service!