Advertising in Tough Economic Times The answer to a down market is not to cut spending, but to practice smarter marketing. Barry Silverstein, Brandchannel.com.

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Presentation transcript:

Advertising in Tough Economic Times The answer to a down market is not to cut spending, but to practice smarter marketing. Barry Silverstein, Brandchannel.com

No matter how deep the recession is or how long it lasts, it's the perfect opportunity to become aggressive and grab market share as competitors scale back their marketing efforts.

According to CNNMoney.com,many are leaving the car in the garage and staying home. A whopping 50% of Americans plan to buy an HDTV in the next year. Ezine Articles;Advertising in Tough Economic Times, by Peter Michund Even though consumers are cutting back, they are finding ways to maintain their quality of life. Two examples: Consumers are refusing to give up entirely on vacationing. Even in these tough times, 59% of Americans plan to take a trip of 100+ miles in the next six months. They just plan on closer- to-home trips: Epcot instead of Europe.

Many Businesses Increase Advertising in a Tight Market Why? Downturn Brings Opportunities…

14x More Growth 2008 An Aggressive Approach Will Pay Dividends A McGraw-Hill Research study showed that four years after a downturn, companies that maintained or increased marketing communications during the economic slowdown typically experienced 14 times more growth than companies that cut back.

Aim to Win Market Share 2008 Companies that gain share during downturns historically keep that increased share when the economy bounces back. The tough times that businesses are encountering today could actually set you up for a promising future tomorrow.

Similarly, recent studies out of Kellogg’s School of Management and Penn State conclude: A decade later, aggressive recession advertisers increased market share 2½ times the average for all businesses during the post-recession. Tough Times Call for Tough Marketers

Your brand is for life, despite economic downturns David Sable, chief operating officer of Wunderman, a prominent brand- building agency, warns: “If companies cut deeply into advertising and communications in a down period, the cost to regain share of voice in the market once the economy turns around may cost four or five times as much as the cuts saved.”

Ezine articles, Peter Michund Everyone is trying to get a piece of the pie. Building value is going to separate you from your competitors. To compete in a down economy and gain market share, highlight what you do best and be sensitive to the needs of your best customers. Show the customer what you have that your competitor doesn’t. Remember, customers are looking for value and benefits.

Marketing “Do’s” in a Tough Economy 1.Maintain Quality Customer Service 2.Gain Market Share at Your Competitors’ Expense 3.Fine Tune Your Message to be Sensitive to Buyers 4.Increase Your Visibility 5.Create Synergy Among Marketing Mediums

Five Marketing “Don’ts” in a Tough Economy; BusinessWeek, July 11, 2008 Marketing “Don’ts” in a Tough Economy 1.Be smart and thrifty, but don't panic. This, too, shall pass. 2.Marketing is muscle, not fat. Be careful about cutting it. 3.Don't lose focus by chasing business you wouldn't normally want. 4.Use discounting carefully and deliberately.

Most importantly, DON’T GO DARK. Now is the time to build market share and be positioned for the future. As the market tightens up, the best positioned players will survive and thrive.