A recent article from the Harvard Business Review entitled "Advertising as an anti-recession tool" brings the solution to a recession economy into focus:
"The rationale that a company can afford a cutback in advertising because everybody else is cutting back is fallacious. Rather than wait for business to return to normal, top executives should cash in on the opportunity that the rival companies are creating for them. The company courageous enough to stay in the fight when everyone else is playing safe can bring about a dramatic change in market position."
Another article by American Business Media entitled "Making a Recession Work for You" states it simply:
"When times are good, you should advertise. When times are bad, you must advertise".
- Promoting your business remains part of the formula for success in the best of times and in the most challenging times. Companies may scale down according to changing sales, but never stop promoting. Use times such as these to be strategic and gain strength, and let your competitors stop promoting.
- In reviewing your budget, strengthen your trade advertising. It goes farther. This audience buys in volume.
- Stay on message. Be consistent. Repetition is the hammer pounding the nail all the way in. Don't change the game plan every time things don't go exactly how you expected. Marketing takes time; keep the pressure on in the markets that you want to win over.
- Finally, keep a positive attitude! People want to do business with winners -- positive people who are going to overcome any hurdles or set-backs.
We speak with thousands of companies every year and we have the privilege of learning what works and what doesn't. The number one rule across the board from successful companies is to be a sales and marketing company first. Everything else is adjusted to fit into that.
Francisque Savinien, Performance Racing Industry
