Recent Events Have Created A Panic
In recent weeks, Coronavirus or COVID-19 has swept not only the nation, but the world. Countries have seen cities and towns go on lockdown and the economy has taken a brutal hit.
When this will end is anyone’s guess but what’s more important at the moment, is ensuring you make it through ‘now’ in order to see ‘the end’ of this global crisis and ensure your business makes it out intact.
The question on most people’s lips however is whether or not to advertise during an economic crisis such as this and here at 4site Implementation, we can say with absolute certainty that right now is the best time to advertise.
From well designed hoardings surrounding your closed construction site advertising the exciting things to come once lockdown has been lifted to signage offering shoppers a safe 2 metre distance from the next shopper, our hoardings and signage could indeed play a vital role for you during this time.
How? Allow us to explain.
Ad Budgets Decline – But Should They?
Following the last recession back in 2008, ad spending dropped by around 13% in the US alone with the UK following suit. Despite an obvious desire to refrain from spending during such uncertain economic climates, there have been a number of studies, dating back a whopping 100 years that show why doing the exact opposite is actually a much better idea.
This study showed that from the 1920’s through to the 1990’s, companies who spoke the loudest during recessions were noticed more.
The companies who chose to continue advertising or push their advertising more through ad spend increased their sales and even their market share not only through the recession itself but afterwards too.
As the old adage says, “when times are good you should advertise. When times are bad, you must advertise.”
Still Not Convinced?
If you’re still not convinced that now’s the time to put money into advertising, allow us to explain further…
- Your competition immediately drops. Think of it as a ‘noise level’. The noise level within your particular industry and even product category drops as competitors begin cutting back on their ad spend. This allows for other advertisers to be heard easily and even reposition themselves as the new must-have product or brand.
- While everyone else is cutting back, you continue to advertise which presents an image of corporate stability during very difficult times.
- One of the biggest advantages of advertising during recessions is the fact that advertising costs tend to drop. It’s these lower rates that create a real ‘buyers market’ for brands looking to be seen and heard. Not only may you notice much better short-term sales but also a prolonged increase in sales throughout the recession and beyond.
- When brands cut back on their ad spend, they immediately begin to lose their ‘share of mind’ with consumers and by this we simply mean, they become forgotten all too quickly. By increasing your share of mind, you’ll usually see an increase in ‘share of market’ which subsequently leads to an increase in profits.
Now Is The Perfect Time To Shake Up Your Marketing Too
With business being a little quieter than usual, it’s also a great time to think about your marketing campaigns for the future too, not just right now. When economies take a downturn like they are now, it’s vital that you spend a little time thinking ahead too.
While it’s important you ensure your branding and marketing remains strong throughout, it’s also important that you think about your message and how you want to present yourself to customers when we finally arrive out from under this temporary cloud.
Right now we have clients thinking about their signage and hoarding campaigns for this summer and autumn. Their designs are already being created so when the time comes, they’re one step ahead. Are you?
Contact 4site Implementation Today
There are numerous examples of companies throughout the years who have taken advantage of marketing opportunities during financial downturns.
From Jif to Toyota, Taco Bell to Pizza Hut…don’t you want to become one of the few who come out of the recession stronger than when you went in it? For more information on how we can help with advertising through our incredible signage and more, contact us today on 01268 540081.