Several of my clients have shared with me that their advertisers are getting a bit anxious about the next month or two. As the news trumpets the arrival of the Delta variant, business owners are concerned about what this might do to their businesses' recovery. And, what about the Christmas season?
I thought perhaps it might be a good time to cover once more the reasons that businesses SHOULD and MUST stay the course of inviting customers to shop with them. For the past 100 years, studies have been done after every economic slowdown. Whatever the reason for the slowdown, the studies all came to the same two conclusions:
- Those companies who continued to advertise during the slowdown did better than those companies who went silent.
- After the slowdown ended, those businesses who continued to advertise saw a much quicker and higher revenue lift.
In a McGraw Hill Study during the 1981-82 recession, companies who cut advertising saw only a 19% increase during 1980-1985. Those companies who continued to advertise, saw a 256% increase. Note that these increases were AFTER the recession ended.
Companies who continue to advertise when their competitors go silent have the opportunity to take market share. Once they have garnered increased market share, when business returns, this increased market share means increased revenue.
Your advertisers need to stay the course. As restrictions come and go, it is even more important that they communicate with their customers HOW they are serving them. Have they gone to take out only? Concierge service? Different hours? Different days open? However they might have had to pivot their business to better serve their customers, we have the perfect vehicles to spread their message to their world.
It's important that we stay in constant communication with our clients. Know how their business is changing. Keep their messages current and relevant. Reassure them that this, too, will pass. The question is: how will their business fare when COVID is a distant memory? The answer is partially in how they respond now.
"Nothing happens till someone sells something."