As we are all going through this Coronavirus pandemic and potential recession, we here at Guaranty Media wanted to stress the importance of advertising during difficult times.
A recent blog by Wisconsin Creative Advertising Agency “OCreative” looked back at some difficult times in American History:
Smart advertising spending will help your business maximize it’s potential while optimizing your budget. All decisions should be done wisely, measured, and evaluated no matter what business you are in or what the state of the economy is.
Although if you are seeking something to chew on during this recession… Advertising and marketing are staples to any business. The end result of continually focusing on advertising and marketing is simple: when the recession ends, your return on your marketing expenditures will be multiplied. While your competitors cut back their marketing spending, and you maintain yours while making smarter decisions, you increase your voice among your competition and within your community, clients and potential clients. By knowing this, you are already ahead.
Below are some statistics that I’ve found from research by McGraw-Hill:
Increasing Short and Long Term Sales and Profits.
In a study of U.S. recessions, McGraw-Hill Research analyzed 600 companies covering 16 different SIC industries from 1980 through 1985. The results showed that business-to-business firms that maintained or increased their advertising expenditures during the 1981-1982 recession averaged significantly higher sales growth, both during the recession and for the following three years, than those that eliminated or decreased advertising. By 1985, sales of companies that were aggressive recession advertisers had risen 256% over those that didn’t keep up their advertising.
Sales for the companies studied were relatively even before the recession, but varied sharply during and after it. Companies that cut advertising during both of the recessionary years maintained flat sales during the period and only modest sales growth in the following two years. In contrast, the companies that maintained their advertising experienced significant sales growth throughout the four-year period.
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