Ignore your customers, and they will ignore you. Seems like a fairly obvious assumption, but many of us fall into this trap in times of economic turmoil. The reactionary response to lower profits is to cut something, unfortunately, one of the first things many of us cut is marketing budgets.
While a realistic cutback may be needed, an all-out slashing of the very tools that drive customers to our doors is often what occurs. Leaving our presence in the marketplace lacking, as well as a shortage of income.
The principle of “brand awareness” does not disappear when the economy hits a rough patch. Customers still need to be constantly reminded of your existence even when times are tough. Whether this is through radio commercials or any form of marketing. Contrary to popular belief, your target customers are still buying things. Maybe less than they were a year ago, but they are still indeed spending money; spending that very money with the businesses that come to the top of their minds first. It’s more important than ever to ask ourselves… “will they think of us first”.
Right now may be a great time to gain some footing over your competitors. If your competitors have slashed their marketing, it could be the most opportune time to start showcasing your products and services to a marketplace that is lacking any brand awareness for such an industry. Not only driving more business to you now but also creating a new and solid customer base that can only grow as the economy slowly rebounds.
It is important to explore marketing options that are realistic for you and within your budget though. You don’t want to stretch yourself to a breaking point. Radio commercials, as well as TV commercials, are the route to reach the most people at the lowest cost per thousand. Even maintaining a stronger presence with your email mailing list in such a downtime will help you keep awareness there with your existing base.
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