At NLA Media, we understand the importance of marketing and advertising your business, especially during tough economic times. As a business owner, you may be tempted to cut back on your advertising and marketing expenses when revenue declines, but this could be detrimental to your overall success and viability.
Consumers become more discerning and budget conscious. They are more likely to shop around for the best value for their money and are less likely to make impulse purchases. This means that businesses in not only Colorado Springs but across the country need to work harder and smarter.
Should You Cut Marketing Spend During Tough Times?
Marketing and advertising are essential to keep your brand top-of-mind among your target audience and potential customers. Even during difficult times, people still need products and services, and if your business is not visible, you risk losing customers to your competitors. Cutting back on advertising and marketing can have long-term consequences for a business. It can damage a brand’s reputation and cause it to lose market share. In contrast, a business that maintains a strong advertising and marketing strategy during tough economic times is more likely to emerge as a market leader when the economy eventually bounces back.
A recent report by Analytic Partners in August 2022 warns against cutting marketing spend in tough times. According to the study, brands that increased paid advertising witnessed an impressive 17% increase in incremental sales. However, those who reduced their ad spend risked losing up to 15% of their business to competitors who invested more in advertising. The report highlights the importance of maintaining a strong marketing presence to remain competitive and thrive in challenging conditions.
How Can You Effectively Market Your Business During Tough Times?
Be Strategic
NLA Media will focus on promoting what makes your business unique and valuable to potential customers. We will choose the most-efficient marketing and advertising platforms like TV, radio, CTV/OTT (streaming TV and audio), social media, email marketing, and search engine optimization and search engine marketing to reach your target audience.
Incentivize
Offering promotions or discounts to attract customers to choose your business over your competitors. This could be as simple as offering a discount on a purchase or providing a free trial or consultation.
Measure Results
NLA Media tracks and measures the effectiveness of your marketing and advertising efforts to ensure that you’re getting the most out of your investment. NLA Media’s analytics will tell us what’s working and what’s not, and we will adjust your marketing strategy accordingly.
It’s important for businesses to resist the urge to cut back on advertising and marketing. NLA Media can provide marketing strategies to keep you competitive, capture a larger share of the market, and be experts in your field.
Allow the team at NLA Media to help you and your business to thrive amid adversity. We are a full-service marketing agency, and our team of experts is able to help you decipher the best strategies for your company, product, or brand. We pride ourselves on honesty, transparency, and delivering results. Your success is our success! Call us at 719-635-9988 or visit us online at nlamedia.com.
