Do Not Let a Recession Reduce Market Share for Your Business
You probably hear advertising media reps advising you to advertise now more than ever due to the recession. Obviously it is in the reps best interest if you do more advertising. But is it in yours? Take into consideration the importance of your market share before you automatically reject the idea of maintaining a solid advertising program.
I see some businesses using the recession as a reason to cut advertising. The rationale I hear on the streets of Central Pennsylvania is “why advertise? No one has the money anyway.” Or, “I get lots of people shopping but no one can get credit. So what good would it do to advertise?”
While it is true your return on advertising could be less during an economic down turn, consider the importance of your market share. When you stop advertising, you risk losing market share, which no one can afford, especially these days. Perhaps if all your competitors decide not to advertise, you will not lose share. But there is a risk of consumers changing their habits. One of the phenomenons of the current recession is how it has changed consumer habits. Consumers may just decide they don’t need your product or service anymore once you lose them.
It is understood that some businesses have no choice but to cut advertising. But if you do, look for creative ways to keep awareness so when the economy does improve you’re not behind the eight ball.