I read an advert in a magazine recently. An ad stating why you should continue advertising during a recession… The key phrases used in the ad were;
In principle I agree with what they are saying – but lets face it – it all sounds rather threatening… Realistically any advertising medium has as its first priority its own financial health. So many magazines are using this sort of approach at the moment.
If you are an advertiser you must put the interests of your own business first! Yes, it is absolutely crucial to maintain a presence – but all advertising should be judged on results – measure what responses you get, make a note of where they come from, and always assess how much each enquiry or sale is actually costing you.
Here my take on the above points;
Magazines, radio and the other old school advertising are not the be all and end all to marketing your business.
However, as I said ealier – marketing is critical in the bad times – absolutely critical, and with money tight you may have to cut your budget. If you are cutting back on your magazine, radio advertising find a way to replace it with something more cost effective – don’t just stop doing everything. If you do, they are right and your business will simply die.
Use the recession to assess what you are doing.
Now is not the time to panic – use it to learn – get smarter! And, take a long hard look at your business as a whole.