When facing a pandemic with a projected decrease in sales, which do you think is best? Reduce your marketing and advertising budget to provide a financial cushion or continue to invest in your marketing efforts through advertisement? If your vote is the latter, then you’re headed in the right direction my friend! FORWARD MARCH… or forward marketing in this case.
Sure, you may be thinking… Of course, an advertising company would love for me to continue to support their business financially.
However, studies show that continuing to advertise a brand, regardless of the economic forecast, is more beneficial than detrimental. Can you imagine how many current and potential sales a business could lose just by removing themselves from the eyes, ears and thoughts of their targets? Think about it… how many times were you reminded about a service, meal option or item you needed via billboards, radio commercials, or social media ads!? Even if you didn’t need the reminder, it helped keep that suggestion in the forefront of your mind. Now consider the opposite. Do you really think your business, service or product is everyone’s non-negotiable go-to? I think not!
Stats from the U.S. 1990 recession support this marketing advice.
When faced with a recession, McDonald’s decided to reduce their advertising budget. Although it seemed to be the logical decision at the time, it actually caused a decrease in sales for McDonald’s. During that same time frame, Pizza Hut and Taco Bell moved in a different direction. Rather than cut back, both companies decided to strategize and reinforce their marketing efforts. This decision proved to be a success as their sales increased tremendously even while the U.S. was in recession.
In a world where the population’s attention span is shortening by the minute, consistent advertisement is imperative. So, stay AHEAD of the game by staying IN the game.