What comes to mind when you think of: (1) Pizza Delivery?, (2) A Soft Drink Company?, (3) An American Car Company? Most likely brands burst into your mind such as Dominos, Coke and Ford (and they spend a LOT of resources on advertising to make that so). Locally,...have you heard of Ace Electric? or Morgan and Morgan? I'll bet you have...they strive to be the first name that comes to mind when you need what they provide.
THAT is top of mind awareness, and it is the main reason that we advertise. When your customer has a need that you provide, does your name come to mind or their competitors. It has a big impact on your share of the market.
The next question is "During tough times should I cut back on my advertising and marketing?" It's a fair question, we should be reviewing all of our finances during tough times...but stop marketing and seeking after that Top Of Mind Awareness? ABSOLUTELY NOT (unless your goal is to concede the market and go out of business...then it's ok.)
McGraw Hill Research analyzed 600 companies from 1980 through 1985 and found that those who advertised during a recession increased both sales and profits...how?, through that same Top Of Mind Awareness. Could there be a better time to advertise than when your competitors are cutting back? Just take a look at the chart below...and do the math!
As usual, please share your thoughts and ideas!
www.pipmarketinggroup.com
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