When a recession hits and other businesses stop marketing to tighten their belts, it would seem obvious that the best time for you to advertise ... is now!
Fewer ads running make it more likely that yours will stand out, your message will be noticed, and your business remembered when the market regains its vigor.
Unfortunately, many business owners follow their first reaction to cut their advertising budgets, effectively saving pennies now only to lose dollars later.
Consider cereal magnates Kellogg and Post.
Neck and neck in the 1920s, Post greatly reduced its advertising when the Great Depression hit while Kellogg charged forward aggressively, doubled its marketing budget, moved into radio and promoted its new cereal (Rice Krispies, anyone?). It saw its profits rise even then, becoming—then and now—a dominant cereal brand.
Still unconvinced? Consider McDonalds, Pizza Hut and Taco Bell during the 1990s.
McDonalds cut its advertising budget while Pizza Hut and Taco Bell increased theirs to fill the void. Pizza hut saw over 60% sales growth and Taco Bell 40% while McDonalds sales fell 28%.
Although this situation may be new to many of us, history is clear. Those who remove themselves from the market give up ground they rarely, if ever, recover, while on the other hand, fortune seems to consistently favor the bold.