Comments on: Marketing in a Bad Economy

By: MessageIsNEar

MessageIsNEar — Thu, 05 Aug 2010 14:27:15 +0000

Adjusting your product mix and message is the last step when considering advertising. When you deliver your message in many different ways, you increase your odds of reaching your target market. The ANA said that 61% of business owners are eliminating or delaying new projects. A business should look at what other companies are cutting back on and use that to create value for their business. A good example of that would be the Super Bowl. The Super Bowl ads are selling $3 million for 30 seconds.
.-= MessageIsNEar´s last blog ..Apple Expanding into Small Businesses =-.

By: Hancock

Hancock — Fri, 02 Jul 2010 12:22:56 +0000

By: bill@Organic Search Marketing

bill@Organic Search Marketing — Fri, 14 May 2010 20:19:54 +0000

The down economy has certainly be challenging for most people but the ones who come out on the other side will be stronger (i.e. what doesn’t kill us makes us stronger). Additionally, those who have been able to go after more market share, whether through search marketing, social media marketing, or other more traditional marketing methods, those people and businesses will be thriving on the other side of this period.

By: Foreclosures Chicago

Foreclosures Chicago — Fri, 05 Mar 2010 21:26:49 +0000

I would focus more on internet marketing in this tough economic times. It can often be much cheaper and just as effective if not more then traditional forms of advertising.

By: Philadelphia Web Design

Philadelphia Web Design — Wed, 11 Feb 2009 16:08:21 +0000

I’m glad to have seen a few similar articles floating around the net. Companies need to make sure that the economic climate doesn’t put their business into an unnecessary tailspin due to a kind of self fulfilling economic prophecy.

I would also like to submit one of our blog posts to this discussion:
http://www.contextsolutions.net/blog/2009/02/marketing-in-a-troubled-economy-why-you-should-focus-on-the-web/

Comments welcome.

By: Steven Daniel

Steven Daniel — Mon, 09 Feb 2009 15:50:35 +0000

“Marketing is not an event… It has a beginning, a middle, but never an end, for it is a process. You improve it, perfect it, change it even pass it. But you never stop it”, as stated by Jay Conard Levinson. A powerful quote at this time in our society when the country is experiencing a recession. Sometimes it is a challenge for most businesses to decide whether they need to cut their advertising budgets or to pay those extra dollars to make a name for themselves. A perfect example is the Great Depression. During this event in time, many larger companies like Kellogg’s cut their advertising budgets by 14% while new businesses such as GE and Disney started to increase their advertising budgets by 8% and that percentile steadily increased over the years to bring them more customers than ever before. Years later, at the beginning of WWII the nation’s economy was stabilizing. Small business went out on the limb with advertising campaigns and they benefited from advertising by becoming widely recognized. Marketing your business has a proven history in not only these few examples but many other instances. The Pioneer Press stated that there are 4 things you need to consider when advertising: concentrate on core values, start sponsoring, maintain or increase spending and share of voice, and adjust your product mix and message.
When you concentrate on your core values you must reinforce brand values by demonstrating strong consistency of the message. Businesses have to make sound business decisions by evaluating expenses, having the right advertising campaign, and determining what their company stands for. The Association of National Advertisers took a survey in New York, NY and 63 % of business owners said that they are reducing advertising campaign production in 2009. Studies show that businesses that continue to advertise regardless of economic times have a competitive advantage over businesses that trim their ad budgets. Joyce Gioia said that “Advertising in a down economy is even more important than advertising during the good times.”
Businesses that sponsor events or rallies are the ones who get the most recognition whenever their name is on something. Most businesses do not realize that when they sponsor other people’s events they are going to return the favor by mentioning your business periodically. This is going to bring you customers faster and more effective. Most of the people who get sponsored may even let the business have a stand where they can sell their products or services, in addition to displaying printed material.
When you increase your spending you will be on top of the competition. Why you may ask, most business owners cut advertising campaign to keep money in their pockets which is not a good thing. Titus Plautes Maccius said “you have to spend money to get money.” If you don’t spend money on your advertising campaign then you are not developing a stronger name for your business. Andy Marken said “advertising builds strength” which means companies that invest more for advertising over a period of years experience faster growth than those that spend less. He also said it speeds recovery and companies that have increased their advertising during a recession have recovered more rapidly than their counterparts that have maintained or reduced advertising. Finally he stated that it affects sales and most business organizations that have continuously increased their advertising investment have enjoyed similar increases in sales.
Adjusting your product mix and message is the last step when considering advertising. When you deliver your message in many different ways, you increase your odds of reaching your target market. The ANA said that 61% of business owners are eliminating or delaying new projects. A business should look at what other companies are cutting back on and use that to create value for their business. A good example of that would be the Super Bowl. The Super Bowl ads are selling $3 million for 30 seconds. Pregame spots don’t have the same standing as those during the game. Companies like FedEx said they are not going to pay NBC for their ad space because they said it’s a bad investment. Coca-Cola said the yare going to pay NBC because their ad has to do with happiness which takes peoples mind off of the sluggish economy. You must also offer the “right now” product that would appeal to a certain age group or to everyone as a whole at a stable and affordable price. By doing that more people will be attracted to you and that will keep your business booming in a recession or out.
Businesses whether small or large are placed at a risk during tough economic times. Businesses think this is the time to cut back on marketing. Marketing can help a business survive by generating revenue in the short term as well as building your businesses market share for when the economy picks up again. Cutting marketing out of the picture is like cutting the heart out of the business.

By: Marketing Techy

Marketing Techy — Mon, 05 Jan 2009 20:32:11 +0000

If you ask me, now’s the best time to get out and pound the pavement… while all the competitors are licking their wounds

Marketing Techys last blog post..Market Share: Buy Low, Sell High

By: Marketing In A Bad Market « A discussion of PR

Marketing In A Bad Market « A discussion of PR — Wed, 10 Dec 2008 07:19:38 +0000

[...] chunk of their wealth with magazines which were launched during recession years. Some examples: Time (1923); Fortune (1930); Sports Illustrated (1954); People (1974); Entertainment Weekly (1990). Also, regarding marketing in a bad economy, Jack Humphrey says that in times like this it is [...]

By: Nicole Dean

Nicole Dean — Wed, 23 Apr 2008 02:52:17 +0000

I was having this discussion with my husband the other day, about ways to use the slow economy to our advantage. We were trying to think of all of the fears our target market currently has and how we can help. (Much like you said, get into their minds.) Another thing I hadn't thought of, and it was either John Reese or Rich Sheffren who said it -- we have a global economy. So, we need to look outside of our own backyards to see the opportunity for growth. Excellent post. Thank you. Nicole Dean's last blog post..Blogs Bad for Business?

By: tap

tap — Mon, 21 Apr 2008 22:57:30 +0000

Once again, Jack, a great post and timely good advice.
Those of us building income online can help people struggling now, with new opportunities and ways to get thru this difficult economy.