Search the site:
Illinois Country Living

Economic Dark Days Best Time to Invest in Your Business
Gain market share while competition bails

Double-digit unemployment. Multibillion dollar federal bailouts. Markets reeling. Consumer spending and confi dence at all time lows. Whew! Might as well board up the barn, sell the goat and call it a day. And when it comes to marketing and advertising your products or your brand, most businesses retrench, pull in the reins and slash their marketing budgets to save money.

Sure the economy is suffering and consumers are much more cautious about spending their hard-earned cash. But they are spending. They have not stopped buying products and services. They are looking for “deals,” which relates to better value, and they are buying when they find it.

During down economic times, great opportunity exists for those with enough vision to see it. Now is the best time to invest in marketing your business and/or brand for many reasons. Remember, advertising is an investment in your business, just like equipment and brick and mortar. An investment in advertising pays off over time, and the potential return on that investment can be rather large if done properly. However, the opposite approach can create a quick downward spiral, one that you may never recover from. When you “follow the pack” and reduce your ad/marketing efforts, your customers will forget about you, and it will happen quickly. Forgetting anything is a lot easier than remembering something.

Here are just a few reasons why now is the best time to promote your business.

1. Customers Want to Hear from You. Consumers and businesses are looking for bargains and value in their purchases more now than before. They are shopping harder, which means they are more receptive to your ad message, especially if it is a new message.

2. Your Competition has Buried Their Head. Like most everyone when things go sour, your competition is most likely withdrawing from the marketplace. They have stopped their promotions, pulled their ads, and are hunkering down waiting for any customer to stumble across their store or product. Now’s the time to grab market share. Aggressively promoting what you have to sell, while your competition is cowering in the dark, can gain you market share faster and less expensively than before. And once you gain market share, it is diffi cult for your competition to gain it back.

3. Build Value in Your Product Line. With consumers looking for value and more bang for their buck, now’s the time to promote the inherent value in your product or service. What extras come with your product or service? Now is the time to reinvent your product message to build value and gain new customers faster.

4. It’s Cheaper Now than it was Before. The cost of advertising in down economic times is cheaper or rates are being held. You can more easily buy good ad positions now at lower costs than a year ago. So your current marketing budget is now getting you more exposure than before. It’s a bargain out there, and it is generally negotiable.

The point is clear – unless you are planning on being out-of-business, now is the time to get your marketing game plan in play and get it going. They say there is a silver lining in every dark cloud. If you’re in business to stay in business, this economic dark cloud is just what you have been waiting for. And like every historical downturn in our economy, this dark cloud will also pass. The question is, will your business be there at the top when the sun returns? It can be, but you have to start working on it now. Economic Dark Days Best Time to Invest in Your Business Gain market share while competition bails


Patrick Anderson is the President and Creative Director of GM Anderson & Associates, Springfield, Ill.

 

 

© 2014 Illinois Country Living Magazine.
Association of Illinois Electric Cooperatives

Designed and Maintained by Cooperative Design and Print.

Current Issue Archive About Us Advertisers Contact Us FAQ