Should I Advertise in a Recession?

(A time to gain market share!)

*PART TWO*

Last time we went over two of the basic things that focus your marketing efforts to gain the clients your competitors are no longer fighting for.
This time we will cover putting together all of the information you gathered and making good use of it.

Become more competitive

In a down economy many companies will start to spend less on advertising, creating a void for someone (you) to fill. This could be a totally new market you haven’t gone for yet, or just more of the same type of people you’ve always had. Either way these are the people with needs that you can fill.
Just remember you may not get the type of sales increase you would get in a good economy but you will replace your competitor as the trust worthy name in your field thus gaining market share for the future of your organization.
Now combine the increased market share with advertising that speaks directly to the client. Something along the lines of a “great deal” they can’t pass up and a higher level of service than they’re used to. You will start to notice a steady increase in momentum and profits which will be exactly what you need to thrive in these hard economic times. Not to mention putting you in the lead for profits when the economy turns around.

Take advantage of things your competitors have stopped doing for clients

Things to watch for are things like if your competitor has stopped doing direct mail all together (a growing trend to cut costs). That’s a good time to swoop in with an informative newsletter that has promotions for your company built in. Or even a simple business letter that tells them they are appreciated paired with some sort of promotion.

For example: “As a valued customer we are putting $$.$$ towards your next purchase.”

Many companies have retreated to the Internet because of increasing printing costs. Now I think the internet is great for marketing and needs to be utilized by all companies but these companies are forgetting the cardinal rule- Make it easy for customers to remember you, give them more ways to reach you and they will (most likely) come to you instead of going to someone else.

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