Advertising on the Edge
As we’ve spoke about this week there are a few things you and your business should be doing to position yourself for success during a tough economy.
I was happy to see the folks at The Economist agree with me that cutting your advertising budget is not one of those things.
Why do businesses cut advertising when times are tough?
- Because it’s easy
- Think it’s a good short term fix
What are businesses forgetting when they do this?
- Marketing is part of the solution, not the problem
- What they sacrifice now, they pay for later
- It can damage the brand
Brands that increase advertising during a recession, when competitors are cutting back, can improve market share and return on investment at lower cost during good economic times – Prof. John Quelch, Havard Business School
For more great ideas and thinking about what your business should be doing during the down economy take a look at the following presentation put together by The Economist.
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