The Importance of Advertising During the “Credit Crunch”
There are many good reasons to keep advertising during what we are currently calling the “Credit Crunch”. The main ones being:
1. To stay in touch with your customers
2. To be consistent and gain the trust of potential customers
3. If you can’t be found your competitors will get your business
4. If they forget who you are, you’ll have to start building your reputation all over again.
Recessions will come and go, but it is vital that your reputation doesn’t disappear with it. It’s during these times that ‘smart’ advertising becomes imperative.
Advertising plays an important role during the recession and should not be put on the back burner as a way to keep costs down. The ‘Credit Crunch’ doesn’t appear to be subsiding any time soon so it is absolutely critical that your business maintains its presence during these tough times. A lot of companies are in the same boat but if we stop doing business with each other that is when businesses will suffer!
Advertising your business does not necessarily mean spending a fortune and long term commitment will always far out way a one-off advertisement placed here and there.
This does not necessarily mean you have to splash out on large campaigns, although they are a great way to generate customer interest. A well planned consistent presence will almost always pay-off in the long run.
When considering your advertising spend take into consideration your average order value. This could be anything from £100 to £5000. If a small advertisement costs you £55 per month that will be a yearly spend of £660. This means that you would only need 7 people to respond to your advertisement to more than cover your advertising spend for a whole year. On top of that there is the repeat business and referrals that your business would generate and ensures that you are on an equal footing with your competitors.
The “Credit Crunch” wont last forever and businesses will come out the other side grateful that they continued to advertise their products and services, helping them survive these uncertain times.