This article was featured on the SignIndustry.com website and has some very fundamental points to make on the importance of maintaining (and in some cases, INCREASING) your business' advertising budget during a slowdown in the economy.
Its typical that many businesses slash their advertising budgets when times are tough, however, if you make calculated purchasing decisions on where to allocate your advertising dollars, then your marketing can work exponentially for you since many of your competitors are making cuts in THEIR advertising which leaves a phenomonal opportunity for your business to fill and capture the customers that you need to survive and grow your business.
Vehicle wraps are one of the fastest growing forms of advertising for businesses of any size due to several very important reasons. The cost of a vehicle wrap is a one-time cost with a lifespan of nearly 5-6 years and that it has an enormous ability to reach potential customers 24 hours per day, 7 days per week and 365 days per year.
With the average vehicle wrap costing anywhere between $2500-$3000 and reaching up to 70,000 potential customers each day, the cost is simply irresistable. With WrapJax, we understand that your vehicle wrap is an important element of your advertising campaign and our creative team is capable of designing a wrap for your business that targets the customers you wish to market to.
Find out why considering a WrapJax vehicle wrap makes sense for your business during these difficult economic times by calling us for a no-strings consultation and we're sure we can provide you with a quote for a wrap that fits your budget.
Businesses that continue to advertise regardless of economic times have a competitive advantage over businesses that trim their ad budgets.
So says a business-to-business (b-to-b) media study conducted by Yankelovich Partners and Harris Interactive. The study showed more than 85 percent of business executives believe advertising during a down economy is extremely important.
B-to-b media is an undisputed ally for advertisers seeking to reach executives about products and services for their businesses. The study, prepared for American Business Media, showed that despite slow economic times, executives rely on b-to-b media for information more than any other media source for the influence or support of purchase decisions.
Competitive advantage Advertising during a sluggish economy clearly creates a competitive advantage, according to the study, with a majority of executives agreeing that seeing a company advertise during slower times makes them feel more positive about the company’s commitment to its products and services. But perhaps most important is staying at the top of buyers’ minds when purchase decisions are made.
“For advertisers interested in maximum profit from their investment in b-to-b media, these research results indicate that advertising frequently and capitalizing on the synergistic effect of print, Web sites, blogs, e-mail ads and trade shows is a sure path to increasing awareness, interest and purchase,” said the study authors.
Add to that the fact that there have been dramatic increases in the time executives spend online and that online advertising is a winning strategy. Moreover, the study findings are consistent across industry sectors, making results relevant regardless of business category.
Long-term investingWhile the Yankelovich/Harris study offers compelling data to support the benefit of advertising especially in slower times, other business gurus also support the theory.
“Advertising in a down economy is even more important than advertising during the good times,” says Joyce Gioia, president of the Herman Group, a firm of strategic business futurists in Greensboro, N.C. “That’s when you can build market share. That’s when you have less competition for share of mind. While others are in a cocoon, hibernating until things blow over, it’s a great time to invest in your business.”
Gioia says sign industry suppliers need to establish themselves as the brand of choice and halting advertising during tough times is counteractive to that goal.
The bottom line is clear: If a company is not communicating with customers when they enter the market, then that company will not be considered in the buying decision. That fundamental truth does not change, regardless of the economy.
While many companies readily understand the value of short-term advertising generating new sales, generating repeat business from existing customers and generating new leads that turn into future sales it can be more difficult to comprehend the long-term value. Think of a snowball rolling down a mountain consistent advertising has a cumulative effect. The more familiar buyers are with your brand, the more likely they are to purchase the brand.
Cross media approach is the best approach, according to experts, because it allows your company to stay in front of customers consistently.
The Yankelovich/Harris study shows executives value magazines, online and trade shows for different reasons. B-to-b magazines are favorably evaluated with respect to being “highly credible sources” and “providing information you can trust.” B-to-b online rates high for being “primary sources of research” and providing “access to the latest information.” And b-to-b trade shows are highly regarded for enabling “interaction with industry peers.”
“To stay on top of developments in your field, it’s important to seek information from multiple media sources, like business-to-business magazines, online couterparts and trade shows,” said the study authors.
When is the best time to advertise?Regardless of the medium, the Yankelovich/Harris concludes that advertising during down economic times is critical to the future success of companies.
Ninety-nine percent of those surveyed said it is important to keep abreast of new products and services during tough times and 97 percent said it is important to continue to invest in these products and services to remain competitive in the future.
The study stresses that executives are not going to let their guards down even during slower economic times they must stay current on what is new in the industry and must position their organizations for the future. Advertisers, then, must not let their guards down, either, say experts.
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