In so many companies the first thing they do when sales drop is cut the advertising and marketing budget. This is probably one of the biggest mistakes you can make.
A business survey done during the 1981-1982 recession in America found that out of the 600 businesses analyzed, 256% growth was recorded by the year 1985 for the companies analyzed that maintained or increased their marketing budget. Very similar growth was recorded in the preceding 1974-1975 recessions.
Will these Industry saving moves that have saved businesses through two recessions work for you:
- Your Competitors won’t advertise: To become an industry leader, you need to think, act and stand out better than anyone of your competitors. As this survey has shown, most companies shrink their budget in tough times. That will mean that you gain more recognition as there will be less visual advertising from your competitors, leaving you with the larger slice of “The Pie”.
- Create a Long-Term Position in the Market: It is hard to maintain a strong presence in the marketplace when you and your competitors are battling it out every day. With them making cut backs, it allows you to shine through the clutter. Long after the recession is over, you will still be known as a company that stood the test, and was worthy of making it through.
- Get better advertising deals: As advertising client thin out, the advertising platform providers are forced to settle for more affordable packages to fill their ad inventories. This is also a great time to build a relationship with advertising contacts, as they will also be back on the hunt to find new clients, and way more willing to bend over backwards for a new client.
With that all said, advertising and marketing should also be done in a more strategized fashion to ensure that you get the best out of your buck.
Roy Booyens, Brand Director for Design Storm – Branding Studio advises local companies to apply the following tips and tricks to improve their market awareness:
- Update your website – fresh up to date products, news and company profile
- Market around words like Specials, Bargains and Discount – it immediately attracts attention, even on unwanted products.
- Sharpen up your corporate identity and visual appeal – Your logo and identity markets you long before you even make the first handshake
- Market online – More affordable and aims at a larger audience
- Use Social Media Marketing to drive clients to your website.
- Strategise more direct campaigns aimed at your demographic, don’t waste money on a audience that does not need or want your service or product.
- Use a professional company or even just consult with one – well directed marketing will cost you less in the long and short run.
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