Friday, January 13, 2012
(I resisted the temptation to title this "can you hear me now?" )
Imagine a roomful of people. Let's say 25 of them. All talking at once. Can't hear a damn thing, can you?
OK, let's say that 24 of them suddenly stop talking.
The one person still talking can be heard loud and clear.
That's exactly the opportunity that presents itself to a business in a down economy when people cut their advertising budgets. Or, said another way, when they decide to stop looking for new customers.
When the economy gets tight, many of your competitors will hunker down, thinking they can ride it out, planning to kick that marketing program back in when times are better.
That's your cue to step in and snatch their customers.
Slow and steady isn't going to win this race. Not in this economy.
There is plenty of data to support this, too. During the recession of the 80's, McGraw-Hill found that companies that cut their advertising saw sales rise 19% during the latter part of the decade. Companies that maintained or increased their advertising saw their sales increase 275% during the same time frame.
I'm not saying that advertising is the be-all and end-all in making it through a recession. What I'm saying is that I can't imagine a better time to shout out your sales message from the rooftops than when damn near everybody else has quieted down. And there is no more cost-efficient way to reach large numbers of potential customers than through some form of advertising.
Cutting back on efforts to generate new business is saying "Business is bad, so we're going to stop trying to get new business until business gets better all by itself."