Should I Advertise in a Recession?

(A time to gain market share!)

*PART ONE*

Did you know that you could set your business up to gain market share when the economy is bad?

All you have to do is focus your marketing efforts to gain the clients your competitors are no longer fighting for. The key here is to get really good at understanding your competitors and your target markets.

First, let’s talk about understanding your competitors. You need to know their names, locations, websites (not just how to get to it but actually what it looks like and what sort of content is on it). Find out what their current sales promotions are so you can make sure you are playing in the same ball park. But most importantly, how are they (or aren’t they) reaching their target audience.

Second, look at your own target market. Think of this more like looking at one or two specific people that would be the perfect customer (or the new type of customer you’re trying to gain). What makes them view one company as a superior choice to another? What types of media do they have exposure to? For example, if they regularly ride the bus to work or drive certain freeways the understanding of these facts can let you know how to take advantage of all sorts of media that will get your message to a very specific group of people that aren’t being reached currently. Is there a promotion that those customers will feel the benefits of more than another? What level of service do they expect? How do they actually get your product or service? Study these things, and write them down. Analyze the information and then your campaigns will be more effective in making you more money, even in a so-called recession!

Digest that information and start employing some of those practices into your daily routine and tune in next time to read about more you can do to gain that competitive edge!

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