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4 reasons to keep advertising during an economic downturn. With ever-changing restrictions on face-to-face trading exhausting to keep up with, COVID-19 has affected the bottom line of many companies. Understandably, this has led many companies to rethink their advertising budgets.
Advertising doesn’t directly keep a roof over your head or feed your employees, and it can seem like a frivolous use of your shrinking budget in these tough times. But now is not the time to stop advertising.
To survive an economic recession like the one we’re currently experiencing.
Why should you continue to advertise during an economic downturn?
#1. There will be less competition | Advertising
Small businesses in many sectors have begun to re-evaluate their marketing budgets in the face of falling revenues and rising expenses. But if you have no other choice, it’s in your interest to continue advertising.
With so many other companies pulling out, it’s the perfect time to keep moving forward, because it means less competition with each of your ads. And the less competition you have, the better your ads are likely to perform.
#2. You’ll spread the word more cheaply | Advertising
When demand for advertising is high, the price of advertising rises. This means that when the economy is healthy and small businesses are thriving, it’s more expensive to advertise your business online.
The reverse is also true. During economic downturns, when fewer companies advertise online and demand is low, the cost of advertising decreases. In other words, there’s no more affordable time to get the word out about your business, and if you can fit it into your budget, you should definitely take advantage of it.
#3. Your brand will remain relevant.
At present, many consumers are concentrating mainly on basic necessities. If you’re not in the business of providing essential products or services, it’s still important to keep your brand at the forefront of your customers’ minds.
Sooner or later, people are going to want to look for the products or services you offer, and when they do, you want your brand to be the first thing they think of. If you can continue to advertise, you’ll ensure that your brand remains relevant to your customers and remembered.
#4. Trust breeds trust.
As social animals, people look to each other for inspiration on how to respond to life’s ups and downs. The more people see other people panicking and companies pulling out, the more they’ll believe the economic recession is serious.
Companies can help counteract panic by letting the world know that they are calm, serene and operating normally by continuing to advertise. This will have a positive effect on consumer confidence, which in turn will have a positive effect on the economy.