How does your company view advertising? Is it viewed as an expense or an investment?

How are other similar businesses succeeding during a tough economy? Have you asked them for helpful hints on what has worked/not worked?

Advances in sales during a recession can be linked to a shift in emphasis. There is a trend to highlight value and quality but also to invent new ways to create new functions for a product.
You must reinvent yourself – switch emphasis.

• Keep existing customer base. Let your customers know you are still here, going strong and able to service their needs.
• Gain new customers - stand out among your peers.
• Visibility - have your competitors cut back dollars and reduced their presence in the market place?

Why people cut back on advertising budgets

• Don't have the money - research and spend your money wisely - make it count.
• Everyone else is cutting back - this is the opportunity to capitalize and increase sales and improve your reputation. Increased advertising allows you to position yourself to benefit in the future when the economic situation stabilizes.
• Saving money to keep profitability - This is incorrect.

In order to regain your market position that was lost in a recession costs much more than a consistent marketing campaign. Don't destroy a client base or reputation your have fought to build. It is difficult to regain old clients after they have left to seek out other companies and products.

Not all businesses are affected by a recession.
Steady ad spending = higher sales

Number don't lie.
Studies have shown that companies that maintained their advertising campaigns had an increase in sales between 16 % to 80%. Years following a recession they also showed gains with over 200% increases and the gains made had permanent effects and their business expanded for the next three years.

Companies that cut back on spending experienced little if any growth. The 80% of businesses who waited for the recession to end saw zero increase in market share.

Don't forget:
There are customers in need of your services
Capitalize on your strengths
Make the most of your business relationships
Stay positive
Differentiate/stand out
Change your way of thinking and adapt to the times.