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RISING WOMEN EXPERT
ADVICE...
When the economy is considered slow,
should I be investing in advertising?
From what I have personally experienced, particularity in 2009 and 2010, as
entrepreneurs, we have been pretty much on the “Half-Assed Via Rail” to
effective marketing...which I am sure I don’t have to remind anyone that
this is the foundation of our businesses. So to answer your question, when
business is slow, whether that be due to the “economy” or just because of
the seasonal flow, these are the most lucrative times to be investing in
advertising!
No matter what industry you are in, or what product or service you provide,
if your business survived in 2009 and 2010, then it is obvious that
consumers are still in demand for what you have to offer. On the flip side
however, I can bet that you are not unique within your industry, and your
direct competition is just as in demand too. So while the average consumer
is tightening their wallets and becoming ever so more discerning on what or
who they spend their disposable income on, what are you doing to make sure
that they choose you above the rest?
Trust me, you may have the best deal in town -- in relation to price,
customer service, quality and beyond -- but, unless you are up front and
center announcing this, the average consumer has already forgotten about
you. Why? That’s obvious. They are only reading, hearing and viewing the
strategically structured marketing campaigns smart business people are
investing in to keep their businesses “top-of-mind”. These companies are
also structuring their pricing and incentives to meet the needs of the
consumer and their budgets, hence the reason they are choosing to be
aggressive with their advertising. They understand that unless they reflect
the emotions and needs of the consumer, followed by getting the word out,
nobody is buying in!
My expert advice: stop buying new stock that you think the consumer might
like, or creating amazing in-house specials that stay a mystery to the
outside world, or only buying into marketing concepts because they are free
or cheap (i.e: word-of-mouth, FaceBook, etc.). Go to the bookstore, library
or surf the internet and read, read, read about how to create effective
marketing campaigns, or make the investment into a marketing/copy writing
expert. Then sit down and set a realistic budget (note that a couple hundred
bucks a month doesn’t cut it) and finally, source out and invest smartly
into the advertising vehicles (print, radio, TV, direct mail, etc.) that
best target your audience. And remind yourself everyday that out of sight,
means out of mind!
Interested in more solid marketing advice? For a free half hour rap
session, contact
media@risingwomen.com |
