Yeah, I know, this blog is self-serving as all get out. Be that as it may, it still makes not a lick of sense to trim advertising budgets when sales are slumping and you most need exposure.
The time to cut back is when you’re drowning in so
much business you can barely fill the orders coming in. Ironically, that’s when
most businesses decide to step up advertising, simply because they have the
bucks to spend.
Better to put some aside for the rainy days that are
now upon us. Then take to heart the following reasons why it’s important to
keep advertising in a down economy.
1. Because that's when you need
it the most.
2.Because that's when many
competitors pull back, which makes your ads stand out even more.
3.Because some competitors will
not pull back, and you'll lose market share to them if you do.
4.Because in a weak economy your
customers look hard for the best deals on everything they buy, which leads to
better ad readership.
5.Because a landmark b-to-b
study by Yankelovich
Partners & Harris Interactivefound 89% of business executives
surveyed said that when they see companies advertise in a down economy it made
them feel more positive about that company's commitment to its products and
6.Because 85% of those executives believed it "extremely important" for
their own companies to continue advertising in a down economy.
7.Because consistent advertising
has a cumulative effect in branding. Interrupting it reduces brand awareness.
8.Because you need to keep
customers aware of new products and changes in your business regardless of
Bennigan's, Mervyn's, Baker's Square and Sharper Image. All of those
companies enacted marketing budget cuts of up to 75% in the last couple of
years. All recently went belly up.
10.Because out of sight, out of
Okay, so you may think this blog
is way too self-serving to take seriously. What if I told you the brainiacs at
the Wharton School of Economics feel the same way?Read
how they come to the same conclusion.