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How to advertise in tough economic times

During tough economic times many businesses think twice before they put their hands in their pocket to advertise. However, numerous studies have shown that maintaining or increasing advertising during tough economic times yields better results as opposed to advertising during good times. According to a recent research, advertisers who can maintain or increase their advertising investment will see a greater impact in their advertising and enjoyed significantly higher sales growth, both during the recession and for the next three years versus those that eliminated or decreased advertising.
Below you will find a few helpful tips for advertising during tough economic times.

Maintain Quality Customer Service

Current and previous customers are your most valuable asset when the economy’s in a bad place. They already know, like, and trust your business. You can avoid the usual sales and marketing costs to introduce them to your business. Instead of chasing new customers, target the ones you’ve already got. Customer service is even more important in challenging times.

Gain Market Share at Your Competitors’ Expense

During the last recession, McDonald’s almost tripled their advertising campaign at a time when their competitors, namely Burger King, were cutting back. So even though this may seem counter-intuitive, tough economic times may be the time to increase your marketing.

Increase Your Visibility

Consumers don’t stop buying during tough economic times. They may become more selective, but they are still going to buy-most likely from a brand they know. The more visible you are, the more confident your customers and prospects become. By reminding them of your stability and staying power, they will put more trust in your business.

Create Synergy Among Marketing Mediums

Utilize all of your offline and online marketing tools and create synergy between mediums. Enhance your print with text messaging and use streaming video to create a better user experience online. An integrated marketing approach helps to create an overall communication strategy for your target market.

Maximise Your Print Advertising with Cellphone Marketing

This can deliver highly personalised and useful information when and where it’s needed. By including a specials offer reply sms line on your print or outdoor advertising, you’re allowing prospective customers to reach you 24/7. Market research indicates that  69% of cellphone subscribers use sms messaging, with 44% sms-ing daily or weekly. Cellphone marketing is on the rise and consumers are conveniently searching for products and specials via Web sites and PDAs.

Build Closer Relationships

The mantra, “It’s not what you know but who you know,” will become more important in tough economic times. Online social networks allow you to actively engage with consumers and deliver messages that are relevant to their changing needs. Customers will be looking for those businesses that are still actively engaging with them.

Use social media

Through social media, new relationships can be formed between brands, businesses, and consumers which will outlive the economic downturn. Get involved in communities and social networks where your customers are already engaged.

Leverage E-mail Marketing

E-mail marketing will gain market share because marketers can tie them to sales. The power and reach of email has become a must for businesses. It is easy and provides direct interaction with your customers.

Provide Perks

Providing perks to existing customers is good for brand loyalty and can help you achieve brand differentiation. Providing perks to new customers can also provide a leading edge over your competition when it comes to catching the attention of first time customers.  

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