“Studies of the last six recessions have demonstrated that companies which do not cut back their advertising budgets achieve greater increases in profit than companies which do cut back,” Ogilvy on Advertising, 1983
In today’s economy, few of us have the opportunity to be complacent about our marketing and public relations. The competition is fierce and we’re all clamoring for the same piece of the pie. So how do we differentiate ourselves from the competitors? Take a good, hard look at your company’s reputation and image. Could it use some burnishing?
Waiting until the economy picks up to focus on your marketing is a rookie mistake. History shows us that the companies that spend the time and resources to market their company during the down times come out on top when the economy turns. Dell stepped up its marketing by 346% over two years during the economic slump of the early 1990s. Its competitors cut back their expenditures by 25 to 40% The effect? By 1993, Dell had become one of the top five computer system makers in the world.
The best time to market is when everyone else is holding back. Your marketing dollars bring even greater ROI during a downturn because there are fewer voices clamoring to be heard by your customers. Whether it’s media relations, Internet marketing or advertising, now is the time to promote your company.
You don’t have to spend a lot of money to market wisely. You just have to be a wise marketer.