When tough times affect business like a recession, decline of demand, or a national emergency, most business owners panic and immediately resort to cutting costs. One of the main areas where budget is cut is in marketing. What most business owners don't know is that eliminating ad spending during an economic crisis is actually a huge mistake and they're giving advantage to other businesses who continue to advertise.
Since most business owners cease to market their business during rough economic times, that creates more advertising opportunities for you. Your ad will have more chances of being viewed since it's not being drowned by thousands of other businesses who are also competing for visibility. Studies have shown that marketing during an economic hardship has actually helped to increase sales and make your business more memorable.
In addition, as other businesses choose to diminish their branding you can take this opportunity to introduce new products to the world or re-introduce your brand. The "noise level" will be low which is why this is the perfect opportunity for you to teach your audience about your products or the services you offer, since you won't have to compete against so many other businesses. Demonstrating resilience during trying times also shows consumers corporate stability.
Costs for advertising and marketing also tend to drop during recessions. Lower rates create a buyer's market for brands. Not only does the competition decrease but prices are also lowered to more affordable rates. This combination creates the perfect opportunity for your business to shine instead of hide like the majority will.
Nothing works better than consistency when it comes to marketing. When businesses cut back on their marketing budget, the brand loses its visibility among customers. This can result is the loss of current and possibly future sales opportunities. In order to increase your market share you have to continue to spread the word about your business and be persistent. Those who stay resilient during tough times are the ones who tend to persevere in the long run.
It's important to also use this marketing strategy according to the current times. If your country is currently going through a recession, chances are you can't sell your services or items at their usual price. Try to offer coupons and special promotions in order to relate to your audience. Help them help you by making things more accessible. If you offer high-quality products which may suffer due to price cuts, sell them as "high-end but worth it", explain to customers why their every penny is worth the investment.
If you're still having doubts about spending your money on marketing during rough times, Forbes further explains how companies like Toyota, Taco Bell, and Kellogg's used their competitor's ad cuts to their advantage. The power of persistence is a real thing and it's what has made some of the most remarkable people in history and in present time like Rosa Parks, Abraham Lincoln, Oprah Winfrey, Steve Jobs, and Jeff Bezos some of the most remarkable and successful people on earth.