How advertising helps beat the economic downturn
Posted on 25th August 2023
Compared with May, eight out of 10 businesses reported the same or lower turnover in June 2023. They aren’t expecting things to improve this month or any time soon. If you’re in this position, what can you do to help beat the challenges of the UK’s economic downturn?
It might be tempting to cut back on spending, like your marketing budget. Here’s why we think investing in advertising is a better plan.
Make a long-term commitment
It takes time for your branding, content marketing and advertising to attract attention. If you cut back now, the investment you have made so far could be wasted. The challenge will be harder when you’re ready to start again. By taking the long view, your advertising budget keeps your brand, messages and offers in front of your customers. Some might cancel their orders all together, but many are simply delaying their purchases. You won’t want to miss the moment when they’re ready to buy because you’ve become invisible.
Strategic and well targeted advertising will help make sure you stay connected with your customers. Be decisive and make a commitment to quality design and content that remains relevant.
Use the best value channels
When money is tight, you’ll want to use advertising channels that deliver a good return on investment (ROI). While digital marketing is immediate, it might not be the best choice for your long-term plans. Your customers are looking for quality content and engagement. If you choose the right printed publications you will reach a committed audience. Their readers are already interested in the content they receive, so your advertising budget goes a long way.
Look after your local customers
Customers want to buy from businesses with a local presence. Your local market will probably be more stable and less affected by national and international trends. Your loyal local customers can also become your best advocates and brand ambassadors.
These are just some of the reasons why building strong links with your local customers is a good strategy. You can combine locally focussed digital and print advertising to build a strong local customer base. Look for publications delivered directly to local homes and businesses for a reliable and cost effective channel.
Leaflets delivered direct to your local customers with special offers and redeemable vouchers is another great way to keep them coming back for more.
Build customer loyalty
Customers can come and go for all sorts of reasons. By understanding what they value most, you can make sure all your advertising reminds them why they prefer to buy from you. You can help them feel good about it too with mini testimonials and case studies from other happy customers.
You can even use the useful cross-over between online and offline marketing to find out more about your customers. Add a QR code to your print advertising to take them straight to an online questionnaire about their needs. Offer a prize or reward to make it worthwhile. You could discover new ways to improve your products and services to keep them happy.
Your resources are tight, but you don’t have to do everything yourself. If you’re struggling to find the time to plan your advertising strategy you can ask your local magazine publisher for advice. They understand their audience and can quickly tell you how to attract people who will benefit from your product or service.
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