KEEP MARKETING IN LOCKDOWN
Local businesses have long been feeling the effects of the ongoing Coronavirus pandemic and adapting to the ever-changing rules, for business owners, it’s normal to feel overwhelmed and immediately look at how to cut costs.
Frequently in an economic crisis, businesses cut back on their marketing budget. However, studies over the last 100 years have shown time and time again that a downturn can provide a great opportunity to promote and increase market share.
Most of us are surprised to learn that increasing marketing during a recession can lead to growth!
As a popular saying goes:
“When times are good you should advertise. When times are bad you must advertise.”
Here are 4 compelling reasons why you should continue Marketing
1) The “level of noise” in your marketplace will drop when competitors cut back on their ad spend.
So this is your chance to stand out and to be heard.
2) An increase in “share of voice” typically leads to in an increase in market share which results in an increase in profits.
3) It shows strength and stability in your business and inspires confidence.
This something consumers are looking for during such uncertain times.
4) Cutting back on ad spend will lose your business “share of mind”, which may potentially lose you current and future sales. Stay at the forefront of consumers’ minds so when they are able to spend again, they instinctively turn towards your business.
So, think very carefully before cutting out your advertising spend. Reducing your local presence will leave the door wide open for competitors to take advantage and fill in the gaps. You may end up actually jeopardising your long-term market share.
During lockdown, we have all turned to shopping locally more. So make sure your keep your presence in the local community, on and offline, and let existing and potential customers know you are still here to support and serve them.
Good luck – turn the challenge into an opportunity!