Tuesday, September 26, 2006

Cutting back on advertising when things are tough

Many people as soon as things get tough in business start looking to cut costs. The biggest mistake I feel they can make is to cut back on advertising... if your business MUST use any form of advertising online or offline then if you cut back then your potential sales will be cut back too - as you're not reaching your market.

I would recommend in the first place to contact your advertising suppliers and attempt to renegotiate a cut in costs for the same amount of advertising OR an increase in advertising for no extra cost. If your suppliers will not do this then you could then consider a slight cutback. Do not stop advertising completely.

If your business is not out there people will not find you. Those who do see your advertising regularly and then see it fade quickly from sight may think you've gone out of business.

Of course there are other ways of generating interest in your business - networking, cold calling, leafleting to name but a few and can work over and above advertising alone so all is not lost.

Another way is creating a website on what you know. Present your business as experts rather than having a 5 page generic website and more people will want do business with you - regardless of whatever industry you are in.

I believe if you cut right back on advertising then you're putting your business at more risk of lost opportunities and sales.