It’s not shocker that these tough economic times have put a tight squeeze in most budgets. Managers in every business, in every industry, are looking for great ways to save some money in their budgets, without losing precious profits. Understandable. There are some places, though, where there is prime opportunity for cutting your budget, increasing visibility and, ultimately, increasing sales.
Take it from Warren Buffet. The multi-billionaire recently poured $5 billion into Goldman Sachs, then went on to invest $3 billion in General Electric. He knows that now is the time to buy cheap and bank big. This includes your advertising.
With tight budgetary pressures, businesses are cutting back on marketing expenditures. This is good news for savvy business owners who are looking to invest in their business’s success. For starters, it means that there are few competitors taking up your ad space. With many business abandoning marketing efforts to help meet their bottom lines, there are fewer competitors passing by your audience’s eyes. That means any marketing initiatives you make will end up being more effective. Why wouldn’t you want to advertise when there are fewer competitors visible?
Beyond the lack of competition that the down economy presents, there is the added benefit of more affordable advertising spaces. As media outlets scramble to attract advertisers, they are willing to accept lower fees than what they typically do. As an example, I recently purchased a full-page advertisement in a regional magazine at a fourth of the price it sold for a year ago. A fourth of the price! While that example may be a bit extreme, it’s representative of advertising sales trends throughout the U.S.
More than the lack of competition and the advertising steals you can find today, there is also something valuable going on inside the heads of consumers. As individuals look for ways to save money, their brand loyalties are being challenged. They are willing to try new products or services if they think they will be more economical. Creating a sense of need is all it takes to get shoppers to consider your product or service as the cost-effective alternative to their current brand loyalties.
Fewer competitors, advertising bargains and consumers’ finicky brand loyalty combine to create the perfect opportunity for you to market your business during challenging economic times. There’s no better time than now to put good marketing to work to sustain and grow your business.
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