Over the past few weeks, even during this economic crunch, many of my clients have chosen not to cut back on their online advertising spending. The result of not reducing their ad spend has been nothing short of amazing.
In a previous blog I discussed the importance of not reducing advertising spends, especially during a recession. As a concerned Campaign Manager, I advise my clients to take advantage of this situation. With companies making budget cuts, more often than not advertising and marketing budgets are the first to get trimmed or even slashed. That being said, this leaves much room to scoop up customers, as there is less competition.
This result of limited competition has not caused my clients to reduce the budgets, but instead increase their advertising spends by 50 to 100%. Cory Treffiletti of MediaPost says that during economic uncertainty “the first response is to spend, spend, spend. When brands spend during a recession, they do so to take advantage of the lack of spending by their competitors, attempting to increase market share by hammering home product benefits and values. This is an aggressive strategy that can result in a stronger recovery once the rest of the economy catches up.”
Not only are the visitors continuing to buy products, but they are spending significantly more time on the site and viewing more pages per visit than before.
So before you start putting your advertising budget on the chopping block, think of the big picture; this may be your organization’s opportunity to outperform your competition and stay on top.