Where do you stand on advertising?

In recent times I am getting asked this question a lot. Specifically business owners want to know if they should be advertising or cutting back in the light of the current challenging economic conditions.

I think that we should always advertise according to what we can afford to spend, but stopping all advertising because we are panicking about what is happening around us is not really a smart move in my opinion. We all know that it is more important than ever to market and actively work on growing our businesses in tough times. So surely stopping all advertising is not going to help. Think back to my BULLET last week about the Hot Dog stand that sent itself broke after 40 years because the was told to “cut back” on everything.

I am a big fan of the Apple Corporation. Whilst other leading computer companies have been slashing their advertising budget, Apple increased their advertising spend by thirty percent. Their view was that now was the time for them to build their client base by increased advertising especially as their dollar was going further and their competitors were doing nothing. Has it worked? Absolutely. Now the competition has realised what is going on and Microsoft and Dell have ramped up their advertising activity.

Now I know that you may be thinking that how can I compare my small business to Apple but you really can. The exact same principles apply, just on a smaller scale. In fact I encourage every small business owner to check out what the large proactive companies are doing - and follow their lead, at your own scale.

So, to close, I have two key recommendations. Yes - keep advertising. Sure cut it back if you are concerned about your cash flow but whatever you do, don’t stop. Secondly, everyone is negotiable at the moment, especially advertising media - so negotiate and make your dollar work harder for you. This is a great time to get creative, do some clever advertising and attract new customers to your business with some smart advertising. Remember, the actions we take today in our business will pay off tomorrow. Do nothing today - expect nothing tomorrow.

If you would like more business and success tips, or would like more information about TA Fastrack's marketing services or business coaching and consulting services, visit www.tafastrack.com.au or email email@tafastrack.com.au.