I’m familiar with the old adage about when your only tool is a hammer, every problem looks like a nail. Honest.
And let’s all agree that I work for an ad agency. So, it’s a given that I believe in advertising and creativity as practical business tools. It even says so on our web site. I think advertising can help a business attract more customers, get a premium price and more than pay for itself.
But even with all those caveats, it’s really hard for me to understand the logic behind cutting or eliminating your advertising (or, said another way “stop trying to attract business”) when business declines.
Seriously. I don’t get it. Sure, you need to cut costs across the board when your revenues are down. But cost-cutting is, for the most part, a short-term solution. Advertising is one of the few things that can actually help you reverse that trend and build revenue for the long haul. Why cut it to a point where it can’t help you?
“We’re going to hold off on any advertising until business gets better” is like saying “I’m not going to go see a cardiologist until that pain in my chest goes away.”