Most companies tend to cut down on their advertising during a crisis drastically. However, this is a wrong move because it is an opportunity for businesses to focus on marketing and advertising.
The recession has also created lots of options for businesses, giving even more reason to advertise. Read on to know more about why you should continue promoting even during a crisis.
1. Snowball effect
With other businesses slowing down in their marketing, the recession gives you more room for your ads’ success. With the competition down, their online visibility drastically drops.
They no longer remain at the top of their customer’s minds and may even end up losing on orders. This is time for you to grab the opportunity to use the proper marketing and advertising strategies and land those orders.
2. Make use of lowered demands
With other businesses cutting down on their advertising, advertisers have no option but to reduce their rates. So it’s an excellent opportunity for you to make use of these reduced rates in prime media spots to strengthen your market position.
3. Explore new opportunities
It’s time for you to advertise correctly, targeting the emotions of your audience. You need to figure out what your audience’s priorities are now and perhaps develop a new product, service, or feature that they will need.
It’s any way your brand, so there’s no harm in advertising about something else in your brand. The main idea is to get your brand name across, using whatever product or feature is high in demand and the hour’s need.
4. Prove your company reliability
It’s the thought that gets going.
This is what you need to let your customers know about you. How tough, resilient and reliable your company is even in these uncertain times. Once you continue your marketing, you prove your companies’ stability and a brand that your customers can depend on.
You need to show that you are a brand ready to serve and provide for them even during a crisis.
5. Increase sales during and after the recession
With the competitors down, it’s time to buckle up with your advertising to increase sales. The sales generated during the recession will carry on till long after the recession.
Besides, remember that once the recession subsides and the economy expands, all firms increase their advertising. No single firm stands to gain much through their advertising if this happens. It’s only the gains that you acquired during the recession that persist.
6. Maintain your share of mind
You have spent so much time, effort, and money to reach your business’s present status. The last thing you need to happen is to have all this crumbling down because of the recession.
You risk losing your share of mind with customers once you reduce your ad spending. It may not only lead to your brand losing present sales but also future sales. You need to instead work at maintaining your share of mind with your customers by advertising and letting everyone know you are still around.
7. Offer short-term price incentives
A prime reason many companies stop advertising during a recession is that they feel that it’s no point to advertise. People are in a financial crunch, and anyway, won’t be ready to spend unnecessarily.
But there are still some people who may grab this recession and make maximum use of any discounts and reduced prices offered. So it’s your opportunity to offer perhaps short-term price incentives that suit these consumers looking for a good deal.
You could provide interest-free loans, coupons, or special promotions to boost sales. You can always revert to regular prices once the economy bounces back to normal.
And if case you can’t give any cost incentives, you could perhaps work at an angle to change the ad message to prove that though expensive, it’s well worth it, even now in a recession.
In a nutshell, while companies’ normal tendency to reduce advertising during a recession, it’s not the right thing to do. The brand that maintains its ad budget and changes its messaging lasts longer in the market and can generate more sales.
The effects of reduced sales during her recession because of lack of advertising may result in a loss of capitalization. Something you could have avoided just by maintaining your adverts during the recession. All of this proves why it’s essential, and always fruitful to you to advertise, even during a crisis.