How to Use the Recession to Your Advantage - Part 1
Are we in a recession? The official answer is no, however, most consumers and businesses are definitely feeling the purse strings tighten.
As a business, believe it or not, periods of recession or economic downturns can offer many opportunities - if you know what to look for. It is very common during these tough times for businesses to reduce their marketing budgets. This means they are taking fewer ads on the radio, television and in newspapers and magazines.
What does this mean for you? Quite a bit.
Shrinking advertising budgets mean that radio stations, publications, etc. are seeing a decline in the number of ads placed. Where they may have had a steady advertiser in the past, there may now be a vacancy. Their revenue is dropping.
Advertising outlets tend to offer greater incentives during these tough economic times. They still have to produce their show or publish their paper or magazine. Ad dollars pay for all that and they still need to generate revenue, even if it is discounted.
Often they entice new, or existing advertisers with things like:
2 for 1 deals
Full color for the price of black and white
Free design of your print ad
Free production of your radio or TV spot
Discounts if you take an ad in a sister publication
In most cases, the ad sales rep will be anxious to tell you the specials they have available. If they don't offer, ask. You may feel uncomfortable, but it's OK to ask for a discount. That's how ad agencies get great pricing for their clients.
Tell them that you really like their publication and you feel it would be a good fit to help you reach your target market and if it is, you'd like to make it a permanent part of your marketing plan. However you've only got a specific amount to spend each week or month. "Is there any way we can work together so that I can allocate my ad dollars to your publication?"
Don't expect an answer right on the spot. Very often the ad sales rep will have to talk to their supervisor to see if there's something they can work out.
Because of the difficult economic times, your competition is likely cutting back on their advertising. If you can make your dollars go further, you can start to take hold of your market. While your competition is cutting back you can be capturing a bigger piece of the pie - and for less expense.
In an economic downturn, you can seize the opportunity to achieve top of mind awareness for your company.