I used to work for a company whose tag line was "Change Equals Opportunity." That is something for all of us to remember in down economic times. While change isn't necessarily easy, it does present opportunity. When the economy slows, the opportunity to grow your market share is lurking in the shadows.
According to a business-to business media study by Yankelovich Partners and Harris Interactive, businesses that continue to advertise during slow economic times have an advantage over businesses that cut their ad budgets. More than 85% of business executives believe that, in a down economy, advertising is extremely important.
"Advertising in a down economy is even more important than advertising during the good times,” says Joyce Gioia, president of the Herman Group, a firm of strategic business futurists in Greensboro, N.C. “That’s when you can build market share. That’s when you have less competition for share of mind. While others are in a cocoon, hibernating until things blow over, it’s a great time to invest in your business.”
Yes, it's sometimes scary to keep on advertising during lean times. It can take nerves of steel and discipline, but it is the right thing to do. Cutting your marketing efforts will slow your recovery when times ease up. In a down economy you can grow market share. Let the other businesses cut their advertising back, you'll get even more attention with your advertising! When the economy gets better, and it will, you'll grow sales because you primed the pump during the slow time with consistant advertising.
