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Cutting ad budgets: There goes the baby with the bath water
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Keep telling the world about your business despite the poor economy.
It is the nature of business owners to cut waaaay back on expenses during tough economic times. The most obvious are the highest costs, namely labor. Then others fall into line including -- unfortunately -- advertising/marketing budgets.
That's too bad because most businesses follow that same sheep mentality. That leaves the market wide open to the business owners who continue to advertise and look for customers. There are simply fewer players in the field to compete with!
I have seen first-hand the exodus of advertisers from local small market newspapers. As a freelance writer for Gannett Newspapers, it has been my job to write focus articles and advetorials for small businesses in southeast Michigan. I've been doing this for about seven years now. It's usually pretty good, steady work. But not lately.
Many of the businesses that I have written about on a regular basis have opted out of these features -- at least for now. What they may not know (and I don't profess to speak from the owner point of view) is that there may be other ways to cut back without cutting the advertising.
For example: worker productivity. Ask workers to do chores they may not normally do, such as cleaning, repairing, running errands. Maybe building maintenance can become an in-house responsibility for now. Also, capital expenditures like a new van or remodeling of the office can be put on hold while new customers are still being harvested. And take a look at telephoine directory advertising. Busines owners have discovered much better alternatives to spending ad dollars than on costly phone book ads whose viewerships has been sliding for years.
Ask employees where they think cuts can be made. Don't be an island. You don't know EVERYTHING.
Just don't hastily slash your advertising budget because you think it is the best thing do or because someone told you so. The best marketers are the ones who ride out the storm and continue to put their business name out there.
And speaking selfishly, it also keeps my freelance career going. I had to put in my two cents because I NEVER stop advertising myself.
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