As competitors and other businesses fail around you, ramping up your advertising in a downturn can give you an increased share of voice, says Ken Yazge of Yazge Print & Graphic Communications. In fact, an independent study by McKinsey found that …
- The companies who increased their spending in a recession were the only ones whose profits rose substantially when the economy recovered.
There are many ways to increase your brand awareness these days. From inexpensive online ventures (like social media and Google Maps) to grassroots involvement at the local level in your community. Any way you can push your company name and image to the forefront of customers minds now will pay off when they’re ready to spend again.
(analyzing 600 companies from 1980-1985)