As a matter of history, companies that continue to advertise all the way through tough economic times, come out ahead in the end. As the economy enters an upswing, customers will remember the deals they got when they were down and those companies are perceived as being cheaper to shop at. Some examples are WalMart, Target, Procter & Gamble, etc. One of the biggest changes is to alter the type of printed material that you use to advertise.
There are two basic reasons that you should continue to advertise:
- Less competition: With companies scaling back or eliminating their ad budgets, it leaves room for you to get into more markets with less money. Low competition means lower ad costs.
- People are looking for deals: If you can offer consumers a deal on your products, they will come. People still spend money during a recession, they just don’t spend as much of their money. Of course, those people that are always frugal still have money to spend. They tend to buy essentials first. You need to make them think you are offering that they must have to exist and be successful.
Many companies change the type of print material that they use to advertise. Frugal becomes a buzz word that is heard the around the world. How do you do that? Try flyers with a broader reach in each campaign. Do not become too generalized and lose the personal touch that has brought customers to you in the first place. Use an autoresponder instead of direct e-mailing campaigns. When you buy print materials, create something that can be used more than once and buy a larger quantity to get a discount. There are dozens of ways to be frugal and advertise at the same time.
Are you facing some interesting ad challenges in these tough times? Let me know, our readers could benefit from your experiences.