Advertising In A Recession
The economy is expected to take years to recover from the mark COVID has left in the world. When consumer spending drops significantly during an economic downturn, companies often slash their marketing and advertising budgets, that means recessionary spending mode is activated!
On the one hand, this can be devastating for brands that are trying to stay afloat if they don’t have enough budget for advertising or marketing when they’re trying to compete with other brands that do.
But it’s not all lost. It may seem like a bad idea at first glance, but cutting your advertising budget actually presents an opportunity: now is a good time to create brand awareness while other companies are cutting their ad budgets out of necessity.
When ad space availability goes down, demand goes down as well, so this would give you an excellent opportunity to dominate your market share before other companies catch up. You should take advantage of free, discounted and also consider non-traditional advertising space while it lasts—and use this recession as a chance to build up your brand awareness in order to stay ahead of the game when things return to normal.
Why You Should Invest in Outdoor Marketing Now
While marketing is a long-term investment and you could be spending more than you’re making in the short run, if you’re smart about it and plan your strategy ahead of time, you could be earning way more than you spend in the long run. Aggressive marketing during a recession is a highly effective strategy that gives marketers an opportunity to differentiate themselves from their competition by building brand loyalty early on.
Smart advertisers nowadays know that a recession can be a golden opportunity. If it’s true that buyers become more cautious and try to spend less money (which means less ROI for companies), it’s also true that ad space becomes cheaper, and potential customers will be paying more attention to ads, branding and marketing now than ever before.
When companies are able to see through hardships and plan their marketing campaigns to work in the long run and encourage trust, conversion and loyalty to their brand, they will definitely be rewarded when the economy gets better in the upcoming years.
You don’t necessarily have to spend a lot of money to make your brand stand out. Recession can be a great opportunity for your brand if you take advantage of it by using marketing to be bold and make a statement about your business and the services you can offer.
Building brand loyalty is especially important in this context because it will give you an edge over competitors when it comes time for advertising again—you’ll have an established audience that trusts you, and additionally, your share of the market increases when you advertise during a recession because there’s less competition. This means you will see an increase in ROI!
Be creative with your marketing, ensure you are driving conversion, and focus on your brand development. Explore non-traditional mediums and consider how your brand can play with them; OOH advertising, especially transport truck advertising is a barely touched out-of-home marketing medium that can be highly beneficial to small businesses as the perfect tool to increase their brand awareness and push traffic to online spaces like websites and social media channels.
We invite you to explore truck advertising in detail by asking us for more information, send us your inquiries at [email protected], or call 1 855 972 7463 ext. 203
Big Rig Wraps Transport Truck Advertising (Big Rig Wraps) is the premier provider of large-scale outdoor advertising on trucks up to 53 feet. Through a series of partnerships created with fleet truck owners, graphic designers, and certified installers, we make it possible and affordable for companies to take their advertising on the road, locally, regionally, nationally and internationally, even if they don’t own their own fleet. Learn more about Big Rig Wraps here.