What do many companies do when faced with “times like these?” They stop advertising! But why?
Marketing budgets get cut first because they are often viewed as non-essential costs. It’s easy to look at your marketing budget and wonder if it’s worth continuing to spend money on it. However, investing in advertising is one of the better decisions you can make as a business owner… especially during an economic downturn.
When you decide to cut your marketing budget, you are cutting off communication between your business and new or returning customers. You’re also ensuring that the only ads your customers will see or hear are those of your competitors.
In the past year, we’ve seen many of our clients bounce back strongly from the Covid economy because they decided to maintain or increase their advertising activity. They viewed advertising as an investment rather than an expense, an investment in the future viability of their businesses.
We’ve helped many businesses adapt to a new way of communicating with their customers. We’ve updated their websites, launched new channels and created social media campaigns to reach new audiences.
Don’t ever underestimate the power of advertising! During difficult times, every business should have a marketing plan, and use that marketing as a platform to stand up and deliver a real, empathetic and honest message to the community. And during times like these, smart businesses look to “steal” market share from their competitors. How? By maintaining a good level of advertising in a less crowded media environment, you capture a larger share of voice. Same marketing spend, but now you are benefitting from a larger share of the messaging in the media. Result: more business for you now, and a larger market share for you going forward.
Bob Abbate Marketing is here to help you choose the right marketing strategy, the right message and the right media. Right now we’re offering a limited number of free 30-minute marketing consultations over Zoom. Let’s work together to build a strategy specifically designed for your business. Fill out the contact form below to get the conversation started.