Advice
Why Businesses Should Advertise More Than Ever in This Economy
In today’s challenging economic landscape, businesses may be tempted to cut back on advertising to save costs. However, data and expert opinions suggest that maintaining or even increasing advertising efforts can be crucial for survival and growth.
Stand Out in a Less Crowded Field
With many businesses reducing their ad spend, there’s an opportunity to gain more visibility. According to a study by McGraw Hill, companies that continued advertising during the 1981-1982 recession saw 256% higher sales than those that didn’t when the economy recovered.
Cost-Effective Opportunities
The reduced competition for ad space can lead to more affordable advertising options. This allows businesses to get more bang for their buck and potentially reach audiences that were previously out of budget.
Adapt to Changing Consumer Behavior
Economic pressures are changing consumer priorities. Advertising allows businesses to communicate how their products or services meet new needs. For instance, 68% of consumers now prioritize authentic and relatable social media content over polished content.
Local Advertising Impact
Nearly 60% of senior marketing specialists believe local marketing is key to an enterprise’s profitability and growth. Local advertising can be particularly effective and affordable for small to medium-sized businesses.
Digital Advertising Growth
The digital advertising market was valued at $601.8 billion in 2023, with media ads accounting for 67.1% of overall ad expenditure. This highlights the growing importance of digital platforms in reaching consumers.
Video and Short-Form Content Effectiveness
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57% of Gen Z and 42% of Millennials prefer short-form video for product discovery
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54% of social media marketers choose it as their primary format
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33% of marketers plan to invest more in short-form video than any other format
Building Trust and Stability
Consistent advertising during economic downturns signals stability and reliability. This helps build brand authority and consumer trust, which are crucial for long-term success.
Prepare for Economic Recovery
Businesses that maintain their advertising presence during tough times are better positioned to capture market share when the economy improves.
Experiential Marketing
77% of marketers use experiential marketing as a key part of their plan, and 16% plan to try it for the first time. This approach can create memorable brand experiences even in challenging times.
Affordable Options for Small Businesses
Local advertising options like flyers, community partnerships, and targeted digital ads can be cost-effective for businesses with limited budgets.
While the current economy presents challenges, it also offers unique opportunities for businesses willing to invest in smart advertising strategies. By focusing on targeted, cost-effective approaches and leveraging both traditional and digital platforms, businesses can not only survive but thrive in this economic climate. Remember, the key is not just to advertise more, but to advertise smarter, focusing on channels and messages that resonate with your target audience and provide measurable returns on investment.
Stay Connected
Unlock impactful advertising opportunities with Bolanle Media. Our expert team crafts immersive experiences that captivate audiences, driving brand engagement and memorability. Let’s elevate your brand’s marketing strategy together.