Sure things look a little bleak, a little unpredictable; and even downright depressing. But where others see misfortune, the smart, and ultimately successful people, find opportunity. Many aspects of the economy have been beaten down; real property of all types and even many stocks can be bought well under their recent high values. The same is true in advertising. A market like this one presents some rare opportunities…if you know where to look. The first thing to do is remain calm; do not panic and make potentially fatal business decisions based on a knee-jerk reaction to reports in the media. Assess the economic outlook relative to your individual situation and consider the opportunities. Whether you’re a small business owner or an executive in a large company, there are still many viable avenues for you to promote your business, service, or product as ever. In fact, in many ways, now is the perfect time to step up and capture a greater share of the market. Think about it. When your competitors pull back their advertising, a gaping hole is left in the marketplace and in the mind of the customer. That’s a hole that you can fill. No doubt you’ve heard about the “noise or clutter” that any ad needs to cut through to get a customers attention. Well that noise has been reduced to a whisper as companies pull back on their advertising. The smart companies will recognize this as the opportunity to get their message through with a whole lot less interference. For many people, perception is reality. If your customers/clients are used to seeing ads or other marketing and communications materials from your business in a regular place on a regular schedule, and then suddenly that presence is gone, doubt creeps in and questions arise about the solidity of your business. It’s the same principle as people withdrawing money from banks (commonly referred to as a “run”) when faith in the country’s economic health sinks. The key is to allocate your marketing dollars in a smarter, more efficient and effective manner. For example, if you regularly run a full-page ad in the paper, consider running quarter-page ads with greater frequency. Go from color ads to black-and-white. On the flip side, there are also tremendous buying opportunities. All businesses, with very few exceptions, are in the same boat here. The publications where you place your ads are also having difficulties selling their available ad space. So they’re discounting existing ad rates and putting together unique and different advertising “bundles” and cross promotions in order to keep their presses running and their pages filled. The printer who prints your sales sheets, brochures and presentation folders is probably willing to negotiate on price to get your job in and keep you as a client. Now is also a great time to build a relationship with local publications and cable companies. With regard to creative, target your ads to reflect the economy. Create specials or promotions that demonstrate you understand what your customers are facing. Earn their loyalty now and you’ll be rewarded down the road. Look, this slowdown will pass, there’s no question about that. We may not know exactly when it will be over, but we do know it will be over at some point. The key is to maintain a consistent presence in the marketplace so that you will be well positioned after the recovery. Remember, clients and customers still need to live. They still need to buy gas, clothing, office supplies, computers, go on dates and entertain their kids. Just make sure that when they decide to buy, you’re the company they buy from. Larry Cohen is a principal at Glyphix Advertising in Woodland Hills where he and his team help clients build brands and create the advertising to support and grow their businesses.
