The Choices You Make Now Could Ignite Your Business or Weaken
it
There is no question we are facing unprecedented economic
times. COVID-19 has already caused a drastic decline in the US economy. But how you react right now and the choices
you make could make or break your company’s future. So, what’s it going to be?
Are you thinking about cutting back your advertising budget?
You are ready to hunker down and ride this out? It’s an option, but
perhaps not the best option. Take a look at what one company did in one of the
WORST financial meltdowns in United States history: The Great Depression.
The Great Depression was very difficult for most consumer
product companies, but Procter and Gamble came out of the entire meltdown a
whole lot stronger than it was in 1929. How did the soap giant beat the Great
Depression when grocery customers started cutting their orders? P&G
determined that even in a depression people still need soap, so why wouldn’t
they buy it from Procter and Gamble?
Instead of cutting back their advertising efforts as many of
its competitors did, the company actively pursued new marketing opportunities,
which at the time included radio broadcasts. It was able to maintain and
increase sales while other companies folded. One of these campaigns involved
becoming the chief sponsor of daytime dramas (later called “soap operas”) aimed
at housewives, the company’s primary market. The Mullikin Agency saw the same
thing happen with several of our clients during the 2008 and 2009 recession.
Could your business do something similar today?
Let’s look at a couple of ways to increase your marketing
efforts right now.
The Digital Market Just Got a Whole Lot Bigger
You say that’s not possible! There aren’t any more
people today than there was yesterday; how could it have possibly grown?
It’s really pretty simple. With hundreds of thousands of
people furloughed from work or working remotely, and so many live entertainment
opportunities being shut down, the number of hours people spend online and on
their TV, phones, laptops and radio is already increasing. They can’t go to restaurants or gather in large
groups. This is likely to skyrocket in the coming weeks. If you
want eyeballs, digital is one place to consider being right now. People are
stuck at home and you can reach them better than you ever could.
Less Competition = Lower Marketing Costs
While many of your competitors may stop marketing out of
fear and uncertainty, this could be a great time to get ,more traffic and make
more sales while others are pausing and stopping their advertising campaigns.
It’s simple economics. The law of supply and demand says: when demand drops,
and supply stays the same prices will naturally fall. For online
advertising, this means a lower cost per click, and lower CPM (cost per 1000
advertising impressions). Your brand exposure will be less expensive
during this time.
This may even be a great opportunity to leapfrog your
competitors. When else in the history of your business have your competitors
just stopped? SEM and Targeted Digital Display ad campaigns along with Facebook
Lead Generation campaigns will likely leave your competitors in the dust.
Your Brand Will Be Louder Than the Rest
You’ll stand out. With your competitors cutting back,
pausing, or stopping their campaigns, you will stand alone or at least you will
have an opportunity to stand out.
Your message will be clearer without your competitors
present and you will have an opportunity, perhaps the only opportunity, to
address your customers and prospects without the noise of competing
messages.
Remember, Procter and
Gamble expanded their voice, while their competitors shrank, maybe you should
consider doing the same.
The Mullikin Advertising Agency is open for business and can
help you navigate through these difficult times with a customized on-line
advertising approach that will bring you increased sales that could even help
you leapfrog your competition. We can also help you with other advertising
options as well.
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