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With the economy weakening and business slowing one of the first things small business owners do is cut expenses. Unfortunately advertising and marketing is often one of the first things to go. During slow times there is nothing more important than your marketing. Your very survival may depend on it.
During the Great Depression the companies who not only survived, but thrived were the ones who did aggressive advertising while their rivals cut back.
Take Proctor and Gamble (P&G) for example. When their competitors were taking the advice of their accountants and dropping the budget axe on their marketing, P&G actually increased their spending, despite the fact that shareholders were demanding that they cut back on advertising. Because so many companies cut spending during that era, advertising budgets were largely eliminated in many industries. These advertising cutbacks caused many customers to feel abandoned and they associated the effected brands with a lack of staying power.
Even though people were cutting back on their spending, the president of P&G at the time, Richard Deupree, knew that people were still purchasing essential household items. So Dueupree decided to do something different and he created radio programming that did not focus on the product, but rather they were sponsored by a product. The first of these shows was broadcast in 1933 and it was called "Ma Perkins." It was sponsored by Oxydol detergent. So if you ever wondered where the term "soap opera" came from, it all started with that show and its sponsor. That program was so successful for P&G they sponsored 21 more programs and they doubled their radio advertising budget every two years during the Depression.
The businesses that not only survived, but they increased their sales during the Depression were those that acted as if nothing was different. In other words, they advertised. The most important thing you can do now to weather the storm is to increase your marketing. Start marketing more aggressively and market more creatively.
One thing to note is that during tough times, more people than ever are looking to create their own home based businesses. Perhaps you offer products or services that can help them. You can take advantage of fact and specifically target these people. You help them, and they help you.
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