Advertising is considered one of the most effective marketing strategies for business to perform well. However, many businesses are being picky of when is the right time to do the advertising. Many avoid doing it during tough times because they consider it as risky move. However, some believe that even during tough times, advertising is essential. In fact, they think that advertising can help them dealing with the tough time better. Which one should you do?
The idea of advertising during tough times
Every entrepreneur has their own way to implement business strategies they think are the best to achieve their goals. During tough times, they may respond differently. They face the situation with different method. Advertising is important element for any business. However, is it wise to advertise during tough times?
It is clear that most consumers are still worried about their safety and spending due to the unclear future. The year of 2020 is when the brand loyalty receive a huge blow due to the coronavirus crash. Many business decided to cut their ad spend because they thought it would affect negatively to their revenue during this tough time. However, experts say that brands that totally cut off their ad spend is at risk of facing revenue declines in the upcoming years.
Brand building does take time. And advertising is one of the way to maintain and nurture your brand visibility. If you totally cut it off then it will be harder for your business to recover later because you need to start everything from zero again. Pausing spend might costly. However, it is also important to consider its long-term impacts to your business. It will be such a waste to just throw everything a way after building your brand for years.
Advertising is costly but you can try different strategies to do it without causing huge dent to your finance. It is essential to maintain your customer trust. If you decide to just totally shut off any advertising during this tough time, you may lose your customer trust in a blink. Meanwhile, maintaining it takes times.
Advertising can be done effectively by paying attention to important points such as focusing on your customers and catering to their needs. Make sure that through your advertising you show your care to your customers and that you let them know your value and purpose.
Advertising during tough time can also help project sentiment stability. It is a way for your customers to know where your stand is and how you respond to the changing world. You can try to maintain your budget ad and discuss this further with your finance team.
Advertising during tough time can bring benefits especially when your competitors decide to pause. You will have the chance to step ahead and be the ultimate choice for your consumers. Keeping your advertising consistent even during tough times is beneficial for the long run. Also, it is a way for you to reach out your customers so they know you are always there for them.