There’s no denying that 2020 has been a very challenging year. The coronavirus has sent the economy into a tailspin. While there are glimmers of better days ahead, business owners are looking for ways to streamline budgets. Today, many are asking: “Is now the best time to invest in marketing?” The answer is: yes.
Believe it or not, although the unemployment rate is high and consumers are cutting back on spending, the time is right to actively advertise your business and to try something new. The trick is to understand the best ways to market to consumers in this very sensitive time.
Top reasons to advertise during a time of economic uncertainty
Studies have shown that companies that advertise during a recession see higher rates of sales during that period and beyond; sometimes for as long as two years. Simply put, advertising your business now can go a long way. Here’s why:
Advertising rates are inexpensive. For you, the small business owner, it’s a buyer’s market. Digitally-speaking, the cost to run ads on Facebook and Google are down significantly right now, which means you can take advantage of advertising that can sometimes be very expensive. Broadcast companies need to keep the cash coming in, too, so it’s also a great time to advertise on radio and television.
Tip: If you’re already using Google PPC, look into Google ad credits for small and medium sized businesses. Customers can take advantage of ad credits that can be used towards future ad spends, until the end of 2020 across Google Ads platforms.
Advantage: David, not Goliath. When the pandemic began and the economy tumbled, many large corporations scrambled to stay afloat. Concerned with plummeting sales (not to mention the prospect of laying off employees) many cut way back on marketing costs.
Not only did this drive down ad costs across the board, it also gave small businesses a chance to cut through the noise and saturate the market without competition from big name brands. Now, there are more opportunities for small businesses to get out in front of more people.
Use content marketing and SEO. Content marketing and search engine optimization (SEO) is important in a rocky economy for two reasons: it’s cost-effective – and it works. When building your marketing plan, start by using Google Analytics and other measuring tools like SEM Rush to understand your past campaign’s performance.
Then, do keyword research to create an effective SEO strategy. Once you’ve got that, create content for your website, including helpful blog articles that your customers and clients will find valuable.
Be a leader. Now is the perfect time to be a leader in your community by creating inspiring and empathetic advertising campaigns that show you care. A simple Facebook post suggesting ways people can help small businesses during the coronavirus, for example, is a great way to build brand awareness and find new customers (at no cost).
Get creative. Another reason to keep advertising when the economy takes a downturn is to try something new. This is the perfect time to advertise a new product or service or market in different ways. Get old-school and try a cable TV, radio or even outdoor ad buy, for example, or learn how to build a successful Google Ads campaign.
The coronavirus hasn’t stopped Friedrich Advertising. In fact, we’ve been busy helping small businesses with their marketing needs during this unprecedented time. We’re ready to help yours too. Like the Godfather of Soul, Jame Brown, used to say when down on one knee with his band putting the cape over his shoulder to call it quits… “Please! Please! Please!” Don’t be a follower. Don’t sit on your hands in a bad economy. “Git on up” and make your advertising move the needle when other businesses are waiting things out.
Thanks Artworks Cincinnati for use of an image of your amazing JB mural. My son benefited from your summer mural program. It enriched and informed our entire family.