Want to generate more revenue? Duh, who doesn’t. In order to do so we need to be more strategic about our marketing (knowing your customer) and advertising (getting the message out) during down turns in the economy.
Here are some interesting statistics for those you who like evidence.
A McGraw-Hill Research study of over 600 Businesses found that during the recession of 1981-1982, businesses that maintained or increased their ad spend during this time averaged higher sales growth during the recession and in the following 3 years! By 1985, those same companies experienced sales increases of 256% over those that had cut back on advertising.
Likewise in 2001, another study found that aggressive recession advertisers increased market share 2 ½ times the average for all businesses in the post-recession. In 2002, the Strategic Planning Institute illustrated that during economic expansion although 80% of businesses increased their advertising spend there was NO improvement in market share. Why? Because everyone has increase ad spending!
BUT, spending money for the sake of spending money is foolish not only now, but anytime in business. Applying The Level 7 Principle, carefully define the result or outcome you want from every advertising effort and track the results like a mad man (or woman). Make sure your dollars spent are paying off in either increasing your leads and building your brand in a positive and measurable way.