One of the first budgets that most businesses slash during tough economic times, is their advertising budget. This may make perfect sense as businesses seek to reduce their spend as their cashflow is tight and revenues decline.
But does this make perfect sense or is it short-sighted?
2020 has been an incredibly tough year so far but history has proven, that when times get tough, it is more important than ever for businesses to actively promote themselves, by advertising and marketing their products and services to survive and grow in the future.
Your competitors will probably be in the same boat as you find yourself in, however, you want to be visible to your customers during this time. Advertising should not be considered as a “cost” but rather as an “investment” as this is what will cement relationships with your existing customers and bring in new customers.
During these tough times, it is imperative to take action now, in order to see the benefits down the line. You may or may not see positive returns on your advertising investment immediately, however, investing in advertising will pay off once the economy strengthens, with an increase in your market share.
As the adage goes:
“When times are good you should advertise. When times are bad you MUST advertise.”
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