As a former advertising sales rep turned independent Marketing Activist, I’m painfully aware that when things get tight for businesses, one of the first things we’re tempted to cut is the advertising. It’s like a survival tactic that kicks in and all we want to do is shore up our resources so we can make it to the other side. I get it, and I’m right there with you. But we can’t make the mistake of sabotaging our own short- and long-term success in the meantime.
Here’s the thing: More than 48 percent of U.S. adults believe a lack of advertising by a retail store, bank or auto dealership during slower economic times indicates the business must be struggling.
Likewise, a vast majority perceives businesses that continue to advertise as being competitive or committed to doing business. When you advertise, in addition to generating immediate sales, you’ll bolster consumer confidence in the future of your business. Consumer confidence builds market share. Market share leads to profit. Those that continue to advertise in tougher or slower times will actually gain a bigger piece of the pie when business starts back on the upswing…leaving their competitors (who cut way back on their advertising efforts) cleaning up the crumbs at the bottom of the pie tin.