By Stacey Ackerman, MA
If you plan to go out of business during the recession, then stop marketing. But if your goal is to be around for years to come, quit taking a recess and show that you’re out on the playing field for good.
Look to the Future
According to “How Advertising in Recession Periods Affects Sales,” by The American Business Press, when the sales of companies that cut back their advertising expenditure during the 1974-75 recessions were compared with companies that did not, results showed that companies that did not cut their budgets increased their sales by more than 200 percent two years later, while companies that cut their advertising budget had barely increased 50 percent.
Minimal Clutter
Right now is a perfect time to get your brand’s message out there because the clutter has been minimized. Since so many companies have scaled back, your message is more likely to be heard because your competition may have taken a recess. Plus, the power of negotiation when it comes to advertising has never been more in your favor.
Expect Longer Sales Cycles
No matter what industry you are in, the sales cycle is taking longer. While a typical sales cycle for a consulting company may have been one to six months, six months to a year may be more accurate right now, which makes tracking your marketing efforts increasingly difficult.
Don’t Be a Quitter
While the immediate gratification from running a marketing campaign may not be there, this is no excuse to quit. The recession won’t last forever, and when it’s over and people start willfully empting their wallets, you need to be the first one on their minds. If you wait to build your brand until the buying power is there, you’re going to be too far behind of the competition to catch up.
Make Smart Choices
Building a brand during a recession doesn’t mean that you need to invest in a major advertising campaign. There are many low or no-cost ways to building your brand such as article writing, blogging, speaking at a conference or event, networking through your local chamber, starting a company page on Facebook or LinkedIn and asking for referrals from past clients.
Just remember the old saying, “Out of sight, out of mind.” Then think twice before your marketing takes a recess.
Stacey Ackerman, MA, is the director of Marketing for Small Business Builders. She has helped numerous small business owners grow their business by creating practical, affordable growth strategies that work. She can be reached at sackerman@smallbusinessbuilders.comor 651-783-5763.
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