So times are slow, huh? I guess it must be time to role up the welcome mat and call it a day. And, while your at it, stop advertising, because, well, who needs to know about your business anyway, right?Shockingly, this is the way many small businesses think when business is slow. What small business owners don't seem to consider is that unless they are advertising their products or services, even their established customers will not think to continue doing business with them. This thinking, of course, means their business will continue on a downhill trajectory. Basically, cutting back on advertisements in slow times will cost you your business in the future. Therefore, even if you are facing some troubles today, don't fully ignore your advertising; instead cut back on things which are not going to leave their effect on your business or its reputation. For example, if you're leasing company equipment, consider forgoing a few luxuries and buying essentials instead to reduce your monthly expenses.But cutting back on promoting an building your business is exactly the wrong solution in slower times. The fact is that in slow times around 80 percent of your efforts should be on marketing, advertising, or some other form of client cultivation... and that includes current clients. In fact, current clients may be one of the best places for you to you work on growing your business again, because getting people who have done business with you in the past to re-engage with you can be easier and lest costly than attracting new customers.One of the old adages in advertising is that "constancy is the key" The point is that you want to make your ad dollars carry you through future slow times, and by branding you and your business with those who already know you, you can encourage cash to keeping coming through the door. So you you ant to be consistent and always have your brand name and your offer out there in whatever marketing or advertising mechanisms make the most sense for you and your business.
Let me give you an example: back in 2008, obviously a tough economic time worldwide, the food product giant, General Mills, not only continued advertising, but they actually increased their ad budget by 11 percent. Here's what their chief marketing officer had to say when he was interview about it by Business Week: "brands that continue to expand and give hope and optimism, historically do well." That's why it's important to continue to be out there in tough times.Here are a couple of quick tips when it comes to why and how to be marketing and advertise when times are tough:1) Become a tougher negotiated with your advertising salespeople. Get a better deal than one you already have. Get more ads for what you are paying, or extend the contract for a lower rate.2) Focus your marketing investment on re-engaging your current clients. It can be much less expensive to communicate with people who already know you. Think email or special "come back" direct mail campaigns. Even Facebook target marketing can work with current and past clients.3) Remember that your competitors may be cutting back, so this is an ideal time to get the upper hand in your marketplace.For more help in making the right marketing and advertising decisions for your business, you might want to get a copy of my free report on 7 mistakes local businesses should avoid in their advertising. If you think it would be useful for your business, you can get access to it at http://baeronmarketing.com/7mistakes. Remember that advertising is a vital part of the economic success of most businesses. Don't overlook the importance of budgeting for and constantly promoting your business to both prospects as well as your current clients.
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