There is a Toyota/Lexus dealership in Toronto who has been snatching up radio time during the morning talk shows for the past few months. So much so, that I cannot even remember another dealership that sells the same cars. He has a few different commercials, but I hear him every morning around the same time, reminding me of the deals that he is offering and the service his dealership provides. It is brilliant! Think about my second sentence above "I cannot even remember another dealership…" Imagine the power of what he has done. He has made his competition irrelevant to the point that I cannot even remember them. That is how you advertise and market to thrive and grow. I can even imitate his voice I have heard the commercials so often.
One of the first things companies do to save money is to slash their marketing budget. Let's think about this logically for a moment. Does that make any sense? In a time when sales are tougher to make, wouldn't this be the opportune time to reach out to NEW customers? Last time I checked, it was difficult to attract new customers by not marketing your product. I have never understood this mentality…..advertising and marketing is the way to reach new customers. How can you expect to increase revenue (and hence profit) if you do not make your product or service known to more people?
This is the time to try new marketing avenues…..online advertising, social media, etc. It is also a time to negotiate better rates for standard advertising….television, radio, etc. Since most other companies are slashing their marketing and advertising budgets, this is the perfect time to separate yourself from the pack. Think of the car dealer example above, he is the only one that is advertising his product and he will be the one that stays in people's minds when they want to buy a new Toyota or Lexus, whether now or in the future. How are you going to be top of mind for customers if you focus on slashing your marketing budget and not finding new and creative ways to reach out to them?