Knowledge @ Wharton gives Advertising Advice
The guys over at the Knowledge @ Wharton Marketing Blog hit it straight on here when they talk about how to approach advertising your business during a recession.
“The first reaction is to cut, cut, cut, and advertising is one of the first things to go,” says Wharton marketing professor Peter Fader, adding that as companies slash advertising in a downturn, they leave empty space in consumers’ minds for aggressive marketers to make strong inroads. Today’s economy “provides an unusual opportunity to differentiate yourself and stand out from the crowd,” says Fader, “but it takes a lot of courage and convincing to get senior management on board with that.”
A recent Ad Rants article echos the same philosophy, and includes data from a McGraw-Hill Research Study, (which both articles quote):
“A McGraw-Hill study of 600 businesses found businesses that maintained or increased their ad spend saw higher sales growth during a recession and in the years following. In fact, the study found those who maintained or increased their ad budgets experienced a 256 percent increase in sales compared to those who cut their budgets.”
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Yes! During tougher times like the global crisis, advertise more. If consumers feel that your company is existing despite the economic turmoil it creates a good image for the company. Therefore, never fail to advertise.
But i have a question that if a company do not have money then how can they do advertisement and all???Companies who are still doing cam-paining for their products are really rich ones…..what the small companies and those who are facing recession there can be another solution for that????you people are professional so i think you have some knowledge about that as well actually i have completed my a+ practice exam and that went awesome man and now i am really working on my thesis and that is based on marketing in global recession and i will try to post some thing on internet also…