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When a global pandemic forces the world to slow down and that collective feeling of panic sets in, many sectors of society face uncertainty. For many business owners, marketing and advertising are one of the first things to get cut!
MarketingWeek found that 60% of respondents to their survey had chosen to delay or review their marketing commitments in response to the COVID-19 pandemic. Fears about projected lower demands for products and services over the next two quarters are valid for many business owners during such uncertain times.
However, the economic downturn brought on by a crisis of this nature, can create new opportunities for businesses who continue advertising.
To find out about the 5 reasons to market during difficult times – keep reading!!
Out of sight, out of mind isn’t just a saying. In fact, it’s a reality. As more businesses cut their advertising budgets, the smart move for you as a business owner is to take advantage of the fact that there is less “noise” across advertising channels. Less competition in your industry gives your business greater access to your target market.
If you want to make money in the long term, you have to invest. Business owners need to change their perspective on marketing and see it as an investment, rather than a cost. Investing in marketing enables you to bring in long term gains from future ongoing sales. You need to figure out the best place to invest your marketing dollars for your business and then review the results frequently to see what returns you are getting and also what additional actions you need to take e.g invest more, or switch to a different advertising strategy.
Advertising helps you to create a positive image for your business. Maintaining contact with your loyal customers demonstrates you care about them and enables you to stay connected to each other.
Think about your current customer base and how they are being affected by the situation at hand. Advertising not only keeps your business at the forefront of their minds, but also gives you an avenue to provide comfort and a morale boost. It can also show that your business has reassuring faith in the future. This builds trust in your brand because consumers associate your ability to maintain relationships through advertising with that of a thoughtful and caring business.
Your loyal customers aren’t the only ones who will benefit from that sustained advertising campaign. As other businesses lose their competitive advantage by not keeping up with their advertising and promotions, your business now has the opportunity to reach a wider audience and even capture the attention of consumers who previously may not have even considered doing business with you.
By continuing to advertise, you will also be more visible to other business owners, with the same mindset, who are looking for joint venture partners. If you have complementary products or serve the same target market, you can join forces and capitalise on each other’s strengths. Partnering with another business brings more opportunities and also allows you to add more value to your customers.
Find out how you can benefit from partnering with BPD to receive a GREAT opportunity to increase your visibility and sales visit https://bpdassociates.com/marketing-support-for-women-entrepreneurs-ra/
Although it may seem counterintuitive to invest in advertising during uncertain times, continuing to invest in your marketing and advertising has been shown to provide businesses with more opportunities to boost sales and build brand awareness in the long term.