Are we in a recession? The official answer is no, however,
most consumers and businesses are definitely feeling the
purse strings tighten.
As a business, believe it or not, periods of recession or
economic downturns can offer many opportunities - if you
know what to look for.
It is very common during these tough times for businesses
to reduce their marketing budgets. This means they are
taking fewer ads on the radio, television and in newspapers
and magazines.
What does this mean for you? Quite a bit.
Shrinking advertising budgets mean that radio stations,
publications, etc. are seeing a decline in the number of
ads placed. Where they may have had a steady advertiser in
the past, there may now be a vacancy. Their revenue is
dropping.
Advertising outlets tend to offer greater incentives during
these tough economic times. They still have to produce
their show or publish their paper or magazine. Ad dollars
pay for all that and they still need to generate revenue,
even if it is discounted.
Often they entice new, or existing advertisers with things
like:
2 for 1 deals
Full color for the price of black and white
Free design of your print ad
Free production of your radio or TV spot
Discounts if you take an ad in a sister publication
In most cases, the ad sales rep will be anxious to tell you
the specials they have available. If they don't offer,
ask. You may feel uncomfortable, but it's OK to ask for a
discount. That's how ad agencies get great pricing for
their clients.
Tell them that you really like their publication and you
feel it would be a good fit to help you reach your target
market and if it is, you'd like to make it a permanent part
of your marketing plan. However you've only got a specific
amount to spend each week or month. "Is there any way we
can work together so that I can allocate my ad dollars to
your publication?"
Don't expect an answer right on the spot. Very often the
ad sales rep will have to talk to their supervisor to see
if there's something they can work out.
Because of the difficult economic times, your competition
is likely cutting back on their advertising. If you can
make your dollars go further, you can start to take hold of
your market. While your competition is cutting back you
can be capturing a bigger piece of the pie - and for less
expense.
In an economic downturn, you can seize the opportunity to
achieve top of mind awareness for your company.
----------------------------------------------------
Nicole Shields is a marketing veteran and the creator of
the 7 Step Marketing Plan System which quickly develops
effective marketing plans for small, offline businesses
market. Her system allows business owners to generate
higher sales and profits, immediately. She provides lots of
f'ree resources including a F'ree Marketing Course and
F'ree Audio Class which walks you through the 7 steps at
http://www.7stepmarketingplan.com
No comments:
Post a Comment