History has proven that companies that cut their advertising and marketing budgets during an economic down turn suffer. Don't do it!No matter what the surrounding economic condition, marketing should be considered an investment and not a cost. Mismanage your investment in a down economy and it’s going to hurt your overall bottom line.
If cuts are unavoidable, one way to keep in front of your audience is to renegotiate your current ad rates. (ie: Demand 90 days to pay, demand 12x’s rate for three insertions etc.) It’s a buyers marketing and media outlets that are also feeling the pinch are more likely to deal rather than lose your business.
Even if you have made a conscious decision to increase your spending in a down turn it is still critical that you take a look at how wisely you're spending those dollars. Make sure you have a solid message. If unsure, invest in market research if haven’t done so already. All businesses have the ability to collect data. Surround yourself with someone that has the knowledge and systems to get you started in the right direction.
At the end of the day your business is worth it.
Don’t put all your hard work in harms way.
