There's a saying in sales, "In times of prosperity, you should advertise. In times of hardship, you must advertise."
During these times of uncertainty, it makes sense to want to save as much money as possible. Businesses often downsize during times of recession to accommodate for losses. One forefront of thought is reducing advertising and marketing expenses - this is a classic pitfall that usually ends with businesses having to shut down. For the sake of your business's longevity, you must continue to move forward, as consumers have higher expectations from brands in times of crisis. It is proven that brands that continue to advertise in a recession fair the best.
Keeping up with advertising and marketing during a recession is one of the most powerful investments you can make for your business. Stability and consistency displayed to your targeted audience go a long way. Think about it - if your competitors start slowing down and cutting back on marketing dollars, that leaves all the open-air space for your business. Don't let that opportunity go to waste! Keep your business at the forefront of people's minds and stay in front of your target audience.
And let's not forget about gestures - recession discounts go much further to show consumers you care and that your brand can be relied on. Here at TWiT, we immediately reached out to our partners at the beginning of the 2020 pandemic and offered free added value to showcase our appreciation and gratitude during that unprecedented time. We're doing it again now because we all know this is another unusual situation, and we are encouraging our partners to pay it forward to their customers.
It's as simple as this. If you have the money to spend on advertising, you should spend it on advertising!
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