Some advertisers think that in recessionary times, it’s probably a good idea to reign in spend and wait for the market to recover. No! We can influence that thinking with a “wise-words” approach.
This is what we should be telling our advertisers: In 2023, advertising continues to play a crucial role and is important for several reasons.
1. Advertising helps, of course, brands reach their target audience and promote their products or services effectively
We have the right channels to do this. By creating awareness and generating interest, advertising still drives customer engagement and sales, and this matters whether in recessionary times or otherwise. Don’t lose any momentum built up previously!
2. Advertising garners competition and true innovation in the market, especially in today’s complex but creative world
When brands compete to capture consumers’ attention, they are motivated to develop better products, improve customer experiences, and offer competitive prices. This benefits consumers by providing them with a wider range of choices and higher quality products. Don’t deny them this wonderful chance to sample/use/even fall in love with the brand — now, more than ever.
3. Advertising facilitates economic growth by driving — not reducing — consumer spending, even in tough times
Truly effective advertising campaigns create desire and influence purchasing decisions, which, in turn, stimulates demand and contributes to the overall health of the economy. Don’t you want to be seen to be doing that now, so that post downturn, people remember you as a champion brand?
4. Advertising can serve as a means of educating consumers
It enables businesses to convey information about their products or services, their features, benefits, and how they address specific needs or problems. Specifically now, it can showcase how the brand is perhaps “putting something back” into communities, reducing carbon footprints/reducing costs, passing on savings to customers etc. You can be a hero brand in the long term. It empowers consumers to then make informed decisions based on their preferences and values.
5. Advertising has evolved with tech advancements, allowing advertiser brands to utilise targeted and personalised approaches
Through digital advertising platforms, advertisers can now tailor their messages to specific demographics, interests, or maybe geographic locations. This precision targeting and personalisation enhances the efficiency and effectiveness of advertising efforts, maximising their impact. It maybe recessionary times but with tech advances, there’s never been a better time to advertise.
Overall, advertising remains hugely significant in 2023 as it drives growth, fuels innovation, empowers consumers, and contributes to the vitality of the economy.
Good luck with your efforts. Think creatively, believe revenue. It’s all possible, even in the worst of times.
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