Pinching Pennies in a Bad Economy- Marketing & Advertising

[CityWaboo]

I keep hearing from customers and friends how bad the economy is and that because of it, everyone is pinching pennies. In ballet, I was taught when you do a plie-stand up nice and tall and squeeze everything in like you’re pinching a penny between your cheeks… all this advice did was make me unnecessarily uncomfortable, pinching pennies does the same in your advertising budget, it’s unnecessary and uncomfortable. We get saving dollars, however, what many fail to realize is when the economy is not doing well, the absolute worst thing you can do as a business owner, is to sit back and take it. You have to promote your business even more and give your customers a reason for continuing to do business with you.

Over the past few months, I’ve changed who I do business with on multiple aspects of my personal life. For example, I’ve switched phone services, grocery stores, even gas stations. Why, you may ask? It’s simple, I work hard for my money, as do your customers, the last thing I want to do is take my money to someone who doesn’t care if they have my business. This example is true to advertising as well, why would a customer be inclined to do business with your company if you’re not promoting yourself, especially when your competitors are running promotions, creating an online presence, and essentially winning over your potential customers by simply being seen? You could provide a particular service or product at a more affordable rate or even with better expertise, service, and customer care, however, your potential customer has no way of knowing who you are if you’re not advertising. See: “How to Captivate your Customers”

Simply put, don’t cut your advertising budget. If you need to make cuts, do it on things that are less important, maybe additional unnecessary phone lines or the complimentary bagels you provide your employees with in the morning. Advertising though, is a key part of your businesses infrastructure that will cripple your business if you remove it from your agenda. Too broke to advertise…. non-sense, there are plenty of affordable and even FREE ways you can advertise your business. I’m not telling you to break your bank account on thousand dollar advertising stints, but creating a presence, especially in your local community, is essential and advertising is a necessary.

[ladyflguru]

Agreed, most of the conversations i have with other local small business owners is this is a good time to be advertising. Just like its a great time to travel because a lot of things have become cheaper like gas prices, travel lodging and specials to certian parks/landmarks. The best time to advertise what you have is now, specially if your a small business in a certian niche market.

I also agree free advertising is a great way to get your name out there also a good way to is find a paid advertising you can control, with putting in a balanced amount of cash and keeping track but also earning incentives. This is what i do with a few of the affiliated programs i am with. In hard times such as this it takes a lot of patience and attention to keep yourself afloat without tanking your advertising budget and bringing in more sales.