Research shows that businesses that maintain advertising during a recession had significantly higher sales after the recession.
I have heard from so many customers and friends that are frightened by the economic downfall that is causing most of America to close up shop or simply ruined their business.
From one small business owner to another, the thoughts are real. I won’t lie, I have had similar thoughts, “Will my clients pay their invoices?, How can I pay my bills?, How do I support my payroll?”. These are just some of the many questions and concerns running through my head and it’s the same battle every day since the pandemic hit.
You are not alone in this frenzy of concern and desperation. Despite the negativity that was engulfing our world around us, I decided to take a step back and really capture everything at face-value and understand how Savvy can make a difference in our society, for our clients, and how I can pull through this crazy timeline of events that has become our “normalcy”.
When businesses are faced with high-risk, most owners dispense marketing and advertising first, as it is considered a luxury within the budget. A true misconception that many fail to recognize. As a business owner and a professional within the marketing and advertising industry, I can honestly say with the utmost certainty that by doing so you are putting the long-term future of your company at risk for short-term savings. A savings that does not outweigh the long-term business loss, or potential to even kill off your brand.
STOP looking at marketing and advertising as a DISPENSABLE item and START looking at it as a DEPENDABLE factor to the long-term growth and success of your company. To do this you need to first understand the true value behind your marketing strategy in the first place.
Marketing is the systematic planning while advertising supports the planning by creating the right exposure for a company’s products or service. Together it sparks interest in a select audience, your target audience, it creates buy-in and ultimately works to support the overall marketing plan to convert to sales. It is critical to understand how marketing and advertising differ, as well as how they work together to fully understand why allocating a specific budget for both will successfully bring your product or service to market.
Research shows that companies that consistently advertise even during recessions perform better in the long run.
One relevant study performed by McGraw-Hill focused on 600 companies from 1980 to 1985 found that businesses which chose to maintain or raise their level of advertising expenditures during the 1981 and 1982 recession had significantly higher sales after the economy recovered. Just like a long-term financial investment.
The key to their success?…..Marketing and advertising!!! …..Each company crafted a message that described how their products or services would benefit consumers during the crisis. Today’s economy is NOT the time to give up, it is the time the resilient thrive, an opportunity to differentiate yourself and stand out from the crowd, a time to embrace the down time, get ahead of the game and work on marketing, branding and internal processes.
Your doors may be closed, the phones have stopped ringing but we are here to put together and implement a strategy to keep you moving forward.
Here are our Top Ten Tuneup Tips for working on your business during quarantine:
🌀 Find your voice, develop a style and branding guide for consistency across departments within your company
🌀 Rejuvenate your creativity with a fresh photo sessions of the ins & outs of the company, team members, management, top seller products, or services in action.
🌀 Review & craft ALL branding & content to be relatable & resonate
🌀 Optimize, update or rebuild your website
🌀 Assess & optimize ALL search listings for greater ROI
🌀 Clean-up, create and implement social media for greater reach within our digital era.
🌀 Tell your story. Blog or vlog about your experience, your journey and what your company is doing day-to-day.
🌀 Focus and fine tune the companies internal processes.
🌀 Streamline communications via messaging & file sharing
🌀 Think outside the box – find alternative revenue streams and package pricing ideas!
A good example – I love that restaurants are offering take-out specials. Not only does this support the community, it also focuses on staff and sales.
🤷♀️Not sure where to start?!
We are offering a FREE, no obligation, 15-Minute consultation to point you in the right direction!
Seriously, this is our way of giving back to the community. ✌️
We know the last few weeks have been filled with uncertainty and global challenges for everyone and Savvy and their ecosystem of experts are here to be the voice you need to help you focus on the marketing and advertising aspects of your business during our nation’s healing time.
If you are running a small business that is struggling right now, or simply looking to utilize this down time to your advantage, Savvy and their team of experts are ready and able to help!
Please think of us as your trusted toolkit for all things Marketing and Advertising, and let us help you find your voice in this new reality.
Reach out to us directly at firstname.lastname@example.org, and we’d be happy to help get your team rockin n’ rollin!
Wait! I almost forgot the best part – refer a friend in need of a Top-Ten-Tuneup and get a $200 referral fee if they partner with Savvy and actively utilize our team of experts and services!
Wishing you a productive and safe Week!
Bureau of Labor Statistics. “Unemployment Rate and Long-Term Unemployment Rate, January 1948–December 2011, Seasonally Adjusted (in Percent).” Accessed April 11, 2020.
Federal Reserve History. “Recession of 1981–82.” Accessed April 11, 2020.
Bureau of Labor Statistics. “Labor Productivity Growth Since the Great Recession.” Accessed April 11, 2020.