CEA Marketing Group

The biggest mistake most companies make during a financial storm is freezing all marketing dollars instead of finding a way to dance in the rain. In a recent survey conducted by the Association of National Advertisers (ANA), 77 percent of marketers say they plan on reducing their advertising budgets. These budget cuts usually include every niche of marketing except web-based.

Is this the best strategy to weather through the storm? The simple answer is no. In the current economic environment building name recognition and brand loyalty is crucial to empowering consumers to buy. Maybe its time to do some flood control with our marketing efforts by investing in a multi-channel advertising approach as opposed to fishing for the cheapest bait and hoping to get some bites.

A multi-channel advertising approach is the best strategy to reach consumers. It’s important to spend money on traditional advertising like billboards, radio, television and print to drive consumers to a web site. Once a company has saturated themselves in the market than social media is a viable option to continue promoting the business and attracting new business. Social media takes time to build relationships encouraging people to check out the company’s new Facebook, blog and Twitter accounts. The Internet has made unbelievable amounts of information accessible, but it also has contributed to the information overload consumers complain about, so it’s important to provide relevant information.

Now is the time to put a strategic advertising campaign in place. With so many businesses cutting their advertising budgets, think about the market share available. Also several media outlets are running specials or have discounted rates. Consumers are eager to hang up their rain coats and begin spending during sunnier days. Already, they have begun paying closer attention to their mailboxes and inboxes looking and researching for the best deals. A successful marketing campaign does not mean you have to purchase the Rolls Royce limited edition. Smart companies are advertising with al carte options that appeal to their mission.

So before allowing the rising water to swallow up advertising dollars, think about investing in a marketing plan that will have financial survivors shopping again.