" --Henry Ford When companies go through tough times, the first instinct is often to cut costs.
Advertising is usually one of the first areas to be cut.
While every other company is reducing or withdrawing their advertising, continue yours and see the long term benefits that arise as a result.
It's been proven that advertising during tough economic times can actually be more beneficial for your company.
A McGraw-Hill research study observed 600 companies from 1980 to 1985 and found that companies who continued to advertise during the recession reported much higher sales once the economy recovered.
In the study, those who advertised despite tough economic times reported sales to be 256 percent higher than those who cut back on advertising.
The spike in long-term sales can be easily explained when you consider the fact that other companies, including your competitors, that drop their advertising efforts make your message even more prominent to customers.
Consumers will be watching their wallets even more, too.
Pay attention to what budget-conscious consumers are really looking for, and sell it to them.
Consumers are still spending, they're just being smarter with their money and looking for the lasting benefits of their purchases.
Like a consumer, examine what's working and what isn't with greater scrutiny.
The key for isn't to eliminate advertising, but advertise smarter.
Here are a few "smart advertising" questions to ask yourself: •What is my competition advertising? Have they cut back? •Am I reaching my target audience through my advertising efforts? •Do my ads prove there is a lasting benefit for customers? •Do my advertising methods have measurable and proven results? •Am I utilizing free methods of marketing, like social media?