Should I be Advertising Now?
The short answer: Yes.
The long answer: Yes. And if you aren’t advertising now, start.
Anyone with passing knowledge of American history knows what happened during the so-called Great Depression of the 1930s. That is the last time this country faced a crisis such as the one with which we are dealing now.
Agility and flexibility are jargon in business. Today, they have meaning. Owners must be agile and flexible regardless of their business. That needs to start with advertising and marketing.
First, some history. During the Great Depression and the recessions of 1921-22, 1981-82 and 1990-91, business that maintained or increased their advertising had large growth curves during the years following the economic crises. Those that did not lost market share. The COVID-19 crisis will end. Now is when you begin to position your business for the recovery. How you do that is where agility and flexibility come into play along with creativity and innovation.
People turn to local media during a crisis. They need and want to know what’s happening where they live. That is not information one can obtain from national media outlets or, in many instances, the Internet. Online information is only as good, and as current, as what is input from the source. As for social media, that’s a great source for the latest rumors, most of which have not been fact-checked.
Advertising during this pandemic needs a good dose of empathy. Smart businesses are taking the approach of “…we’re all in this together…” and “…we want to keep our people working…” These businesses are addressing the concerns of clients such as offering contact-free services, help in setting up home offices, inviting kids to write notes for nursing home patients, or setting up donations for local first responders. There are many ways a business can advertise in this climate.
Marketers know they can increase their share of mind during this pandemic. You can increase your top of mind awareness when your competition is not advertising. It is hard to separate from the pack when each of your competitors are advertising. Now, smart businesses can position themselves with their competition out of the way.
One more example of Why Advertise. Most Americans were eating oatmeal or cream of wheat prior to the Great Depression. Kellogg and Post were fighting over a small share of customers in the emerging boxed cereal market. The two companies used promotions, merchandise and a lot of advertising dollars to try to get the lead in this category. Then, the depression hit. Post slashed its advertising and marketing budget. Kellogg doubled its advertising budget and even rolled out a new product, Rice Krispies. By 1933 Kellogg had increased profits by 30% and had a stranglehold on the boxed cereal market. Today, Kellogg has ten of the top 20 selling cereal brands. Its biggest competitor is now General Mills.