Things are more unknown than ever right now. Whether it’s election results, coronavirus future or the economic fallout of the pandemic. While no one can predict the future accurately, we can predict one thing – many brands have cut advertising budgets, some severely. This is the general go-to option for many when turbulent times lie ahead and seems like a cost effective, easy way to save money.
While hitting the panic button might seem like the logical thing to do, we’re here to tell you it’s actually not. Based on numerous studies (and some great minds here at NOISE), maintaining your marketing budget in tough times may be tough, but will give you a competitive advantage — now and later. Hear us out:
Based on numerous studies (and some great minds here at NOISE), maintaining your marketing budget in tough times may be tough, but will give you a competitive advantage — now and later.
SPEAKERS IN AN EMPTY ROOM. If there’s one thing we’re good at, it’s creating a lot of NOISE. There’s no question that many of your competitors have reduced or eliminated their advertising budgets. This provides a golden opportunity for you to plug in your choice of instrument and make as much noise as you can. Odds are, with less competition, you’re going to be heard and trust us — it sounds beautiful.
SPEAKING ABOUT COST EFFECTIVENESS. When demand goes down, the price does as well. This is true with advertising costs, as lower rates can establish buyer markets for brands. Numerous studies show that certain types of advertising, such as direct mail and social media, can provide a boost in sales during hard times.
STAYING FRESH IN THE MIND OF CLIENTS AND CONSUMERS. Imagine depleting your advertising budget altogether. Do you think your brand’s awareness would increase or decrease? In all likelihood, it’s going to decrease. Staying relevant through advertising during tough times keeps your brand top of mind. Think of it like a chain:
- an increase in advertising budget will…
- increase your brand’s share of mind which will…
- increase your brand’s share of market which…
- leads to an increase in profit!
LOOKING PROFESSIONAL. Looks can be everything, especially during a recession. That’s why it’s important for your brand to maintain its professional image. If you look panicked, there’s a strong change it will be noticed — especially by consumers. And that’s not good for anybody. While you maintain your advertising budget, you’ll be the rockstar everyone needs. Show off your flashy looks of corporate stability and brand effectiveness during challenging times!
We at NOISE understand that your first instinct might be to cut back on advertising. But we’re here to be your voice of reason and tell you to “slow down — let’s work on this, together.” Visit our site here, call us at 239.395.9555, or email directly Partners Ashley Shenk or John Sprecher.