Before advertising, we strongly suggest resetting your brand. No point advertising something that is broken or not as effective as it could be.
Here’s why advertising during economic stress is good:
Your competition may not be advertising.
When you advertise while everyone else in your market is saving their money, you have the potential to earn new business you may not have had the opportunity to attract if everything was status quo.
You can change your messaging and earn more new sales.
Perhaps you can look at targeting a new audience while your competition reduces their advertising budget. You can then create cost-saving messaging specifically for that audience.
You can put yourself in place to be top of mind for the long-term.
Although people may be tightening their purse-strings and wallets, they are still spending. That means that consistent advertising gives you the chance to be top of mind regardless of the economic climate.
You can create relationships with advertising representatives.
Account executives are people you will do business with at radio stations, television stations, magazines, online, the list goes on. They are the people who can get you in front of your customers when and how you want to be seen. You can also grow your business by discussing potential trades, partnerships, or sponsorships.
You may be able to get better deals on advertising.
Even in tough economic times, ad inventory is there to be sold. Through all mediums, account executives still have target budgets to hit. This is a good time to get promotions or deals on advertising space. You might even get some free add-ons included at no extra charge.
You can target your messaging directly to those looking for a sale.
Do not shy away from addressing the lousy economy in your marketing messaging. Your audience is looking for good deals right now. Stand out from your competition by advertising during tough times!