Coronavirus has been a disaster for our economy. Your marketing budget is probably in tatters or at least reduced. We know spending money on advertising right now may feel strange. Or it’s on the list of things you can’t afford. That’s why, not long ago, we wrote about what marketing items you should keep, and which to pause if needed.
But here’s the thing: if you can find the money for online ads right now, it’s the perfect time to do so. Here are three great reasons to increase your online advertising budget.
- It’ll boost your business in the long run. Studies have shown in past hard economic times, the companies that maintain their ad budgets (or increase them) have done better. Companies that advertise preserve their customer base and even grow their market share as the economy recovers. Per one study, “For the aggressive marketer, the data suggest that a more ambitious increase in expenditure, although reducing short-term profit, can take advantage of the opportunity afforded by a recession to increase market share even further.”
As we mentioned before, if you were flat-out closed, you can choose not to advertise. Over time, some of your customers may forget you. If you offer something online or are partially open, you can and will draw customers — new and old. Forbes has some good examples of companies that took advantage of recessions.
- Online advertising is a bargain.
Adwords prices have gone down. This isn’t true for all adwords, all locations, or all industries, of course. But in general, you could be getting your ad for a better or lower price than you did in January. That means you could spend the same money and get more out of it, reaching more eyes.
- You’re not offending anyone.*
*If done correctly, that is. During such times, advertising in and of itself isn’t going to offend most people. We all get that business is struggling, and no one is going to fault you for mentioning you sell stuff.
Of course, if your ads come off as rude, that’s another story. Say no to the hard sell, bragging about your product or service, and competitiveness. Now is not the time to show off or talk about how you’re better than the others in your field. Stay away from too much text. Don’t focus on the product as much as you focus on people.
How to Advertise in a Recession
If you choose to advertise at this time, a few tips:
- Focus your efforts. If you sell multiple products or services, decide which ones are going to do well right now, and focus on those. The psychology of consumers has shifted. What they buy right now may be different, just as the way we buy has moved mostly online. We’re also reacting differently to messaging, meaning what prompts us to buy and to choose one brand over another is not going to be the same.
- Build relationships with ad reps. While you may be advertising online with Google or Facebook, if you do go with print, radio, or TV ads, now is an excellent time to create a relationship with someone. You might be able to get a better deal, as mentioned, but also work with him or her on partnerships, trades, or other things — now and into the future.
- Create ads that focus on people. Stick to your brand’s general message, and make sure you convey compassion. Tailor your content to fit the context of today’s world and what will appeal to your consumer right now. How does your product or service fit into this “new normal”?
If your Raleigh business is ready to take advantage, contact us to get started with online advertising.