"Are rival companies creating opportunity for you?" That is one of the questions answered by the Harvard Business Review when they wrote: "The company courageous enough to stay in the fight when everyone else is playing safe can bring about a dramatic change in market position." And, they added, "Advertising should be regarded not as a drain on profits but as a contributor to profits, not as an unavoidable expense but as a means of achieving objectives. Ad budgets should be related to the company's goals instead of to last year's sales or to next year's promises." (Harvard Business Review - Jan/Feb 1980)
That, my friends, is still true today.
Here are three things you can do today to turn this economic mess into opportunity:
1) Watch what rivals are doing. If they are cutting back consider increasing your marketing budget. Hit harder and win market share.
2) Shop for deals. Look, we are getting solicitations from media companies who are cutting rates. You can lock in some great fourth and first quarter advertising rates if you shop...and ask.
3) Stress benefits. Your customers are looking for value. Give them the reasons they should invest in your product or service.
4) Marketing mix review. Are you spending your dollars in the most effective places for your prime demographic? Do you know?
Tomorrow examples of what works.
Michael Libbie - Insight Advertising, Marketing & Communications where we seek solutions for our clients...every day.