Why Not to Skimp on Advertising Budgets for Your Business
Marketing is one of the most significant and underappreciated aspects of a growing business. When the going gets tough, many executives cut advertising budgets in an effort to save money. However, these cuts may actually end up hurting the business more than anything else. Without advertising and marketing, brands stand to lose their visibility and awareness among current – and new – customers. Here are 3 compelling reasons to invest in marketing and advertising during tough times.
Reputation is everything.
When consumers notice that businesses stop advertising and promoting their products, they start assuming that the company is struggling. Once brands lose their visibility in the marketplace, consumers are less likely to associate with the brand and, most importantly, remain loyal. However, by continuing to advertise, even on a small scale, brands remain at the forefront for customers.
Marketing can give you a competitive advantage.
Businesses that continue to advertise and invest in top-of-mind awareness for their brands have a strong advantage. Creating – and maintaining – recognition generates trust and credibility, and that’s important when it comes to standing out in a crowded marketplace. Keeping advertising and catering promotions going also helps compel customers to remain loyal.
If you’re not advertising, you’re losing market share.
In order for a company to grow, it needs new business. How are consumers supposed to know about your business and products if they don’t know where to find you? Advertising provides value with no strings attached. Plus, it helps make it easier for consumers to go through the purchasing decision process when they think of your brand first.