I found an excellent video posted by Radio Ink that I believe all advertisers need to hear, especially when hit with tough economic downturns. I need to listen to it’s advice as well and it encourages me to press on with one motivator in particular; adversity inspires ingenuity, which fuels growth. Yet, that is really only the tip of the potential for growth for any company who is tempted to pull back on their advertising.
In the video, B. Eric Rhodes interviews marketing guru Jay Abraham. In one of his responses he states that in tough times most people are cutting the wrong things. You should certainly cut the fat and re-evaluate how you are doing things. Cut your overhead, cut your inventory when possible and work with your suppliers for better terms, but by all means don’t stop your primary communication with your customer.
Streamlining is wise, but putting a stop to your marketing is the wrong decision. Advertising is the vehicle that is the stimulus of your financial existence. While there is also a risk of losing market share, companies that stop their marketing will be missing out on great growth opportunities. Forging ahead with a radio campaign takes advantage of a great opportunity to advertise with less competition, because so many other businesses will be pulling back.
Here are some Key Power Points I took from the Video on what to do in an Economic Downturn or National Crisis:
When you cut advertising budgets there is a danger of losing market share and losing your momentum for growth.
Now is the time to solidify and bond with your base. Connect with everyone you have done business with in the past and let them know you are a leader that has their best interest at heart.
Most of your generic competitors are going to be retreating. They will be parallelized and tactically reactive, rather than strategically reactive.
If you are in business where people are still buying your product or service, even if it reduced, many of your competitors are virtually frozen. It will be easier for you to attract their customers to your business or service.
Now is the time to look at expanding your product line or services. Many suppliers may be more willing to negotiate terms and open up potential markets for you in order to maintain their own cash flow.
It will be easier to access media because of fewer advertisers. As well, radio and network sales representatives will be more attentive to those advertisers who want to book campaigns.
Now is the time to also access online avenues of advertising. The population is online learning ways to also overcome their own obstacles in a crisis, such as looking for new careers or job opportunities. These same people may be connecting on social media more than usual. At SpotWorks we do a lot of work for agencies producing TV spots for online broadcast.
In adversity, there is always massive opportunity because people are hungry to be led. This is another motivation to find other ways to monetize.
Stopping and starting momentum for a business is arduous and onerous. Therefore, businesses should rather use their inventiveness to gain new avenues into the market in more strategic ways.
Don’t stop. Just be more strategic.
Watch the video for more tips and strategies. B. Eric Rhodes of Radio Inc interviewing marketing guru Jay Abraham.
For Radio Advertisers, this is the greatest chance for collaboration between radio stations that may be finding a lower demand for radio time. There are ways to capitalize ethically, but very significantly because the market is more attentive right now to hearing from you. Really impactful messaging requires you to be strategic. You have the chance to do so many things you would not be able to do in a typical environment.
The economic environment is paralytic now, so this is a chance for entrepreneurs and business owners to transcend the maddening crowd that you’re competing with, either by being much more strategic or being much more multi-product service oriented being. By being more pivot oriented.
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More from Jay Abraham: “This is an opportunity to for you to communicate much more powerfully. You need to connect at a deeper level. In no way shape or form does that means stop. It means to be more strategic and I think that that’s the great opportunity. If you listen to everybody saying, we don’t know if it’s six weeks or two months or whatever, the point is, it’s a period of time. But if you stop for those too two months or those six weeks, you may not be able to start again. Whatever happens you’re going to be at a decisive disadvantage.
Cut your unnecessary overhead, work with your suppliers to give you terms because they’re hurting too, but don’t cut your communication with your market. Be inventive, innovative and connect at a deeper richer level. Use the access you’ve got through radio. It is much more powerful. Your business just doesn’t have to survive, it can thrive as everything changes. Capitalize on ethical opportunities that ‘right this moment’ are more prevalent, and more and more accessible”.
In the video on Jay Abraham also presents this proper mindset. Is what you are selling something that your customer base will definitely be buying when this lockdown is over? If the answer is yes, there is no reason you couldn’t start the relationship now with new customers.
It’s vital to keep the momentum going. Advertising is what feeds your pipeline. If you stop, then gas to your pipeline will soon stops. “This concept of the pipeline is what everyone is forgetting”, Abe says. “If your pipeline empties before you’ll ever monetize a candidate, it has to be filled. To fill it requires cash that will not come back for months and months afterwards. I think you are better served by figuring out how to have a continuation of commerce even if the payments are deferred and even if you have to integrate and add additional products to service shoppers”.
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