That was an actual response heard by one of my appointment setters.
Why is it that no one says things like, “I’ll pay my phone bill again when business picks up,” or “I’ll pay my electric bill once business picks up”? How do you expect business to “pick up” if you don’t advertise?
I’ve said it before and I’ll say it again: A recession is the best time to advertise, because most of your competition is cutting back on theirs.
It’s the perfect opportunity to steal their customers.
You see, the average business owner tends to think that, in a recession, no one is buying; so if no one’s buying, why advertise?
That would make sense, if it were true. But the reality is, people are buying, you’re just competing for a smaller pool of buyers. (In fact, a recent study shows that 24 percent of consumers made only minor cutbacks to their spending during this economic downturn.) Only the businesses that continue to advertise will have access to the larger percentage of consumers that did adjust their spending habits.
Since you need to compete even harder for customers, don’t just keep doing what you’ve been doing – otherwise, you’ll just get more of the same. Instead, figure out what will get customers to buy from you. Just advertising in itself will not do the trick. You’ve got to advertise better. In a recession, consumers become more value-oriented. So what can you do to create more value for your customers, so that they’ll remain loyal customers?
For example, in a recession, over 80 percent of consumers surveyed say they think it’s a smart idea to pay for everything with cash, debit cards, and checks. So how about offering a discount to these customers?
That’s just one idea. The important thing you need to know is, how does the consumer’s buying habits change when the economy is down? That knowledge is power.. but only if you act on it.