Small Business Resources
When a Recession Hits, Don't Stop Advertising
In recent weeks, there has been more and more talk about a North American economic recession in 2023. It’s still anybody’s guess when and if it will happen, but it feels like a business slowdown is inevitable. It would be the first since the “great recession” ended more than ten years ago.
Undoubtedly, consumers are apprehensive about the upcoming recession. Pandemic fatigue, economic uncertainty and political instability around the world is causing consumers to lose confidence and change their spending habits.
How do you prepare your business for an economic downturn?
How will you continue to grow your business during the recession and what will the recovery that follows look like? The first step is to understand consumer mindset in a time of economic downturn. During times of uncertainty, you must try to understand the consumer’s emotional reactions to the environment around them.
Don't cut your Budget!
While it may seem convenient to cut down your advertising budget in the time of a recession, industry trends have shown that when brands stop advertising, they continue to see a decline in sales year-over-year. Businesses that didn’t cut their marketing spend, and in many cases increased it, have been the ones to recover most successfully from previous recessions. In other words, don’t stop advertising during a recession!
Personalise your Brand!
Build your marketing campaigns around messaging that amplifies messages of solidarity, perseverance and making it through difficult times.
Try to give back to the community: Share how your brand is helping through audio ads, social media campaigns, blog posts and email campaigns to show that you're not only aware of what is happening in your community, but that you're trying to help.
People want local businesses in their community to continue to thrive and be successful, especially during tough times. Advertising can help local businesses keep their doors open. People in the community will support the local business, but first they must know that they are open for business. Radio is a great way to reach customers within the community.
Spend marketing dollars on Cost Effective Strategies
Audio ads are one of the most cost-effective marketing strategies available for small businesses — and with iHeart AdBuilder, you can get on the air for as little as $100 to $200 per week. It’s a simple marketing strategy that you can create once and utilize at the most opportune moments as your budget allows. You still get to be specific about who you want to target thanks to audience-based buying, too.
Radio is here to stay. Over the years, radio has evolved with audio listeners, consumer behaviors, and technology, making it a timeless marketing technique. With AdBuilder you can easily create an ad that will reach customers wherever they’re plans take them. Don’t wait! Book your campaign today. Promote your small business and keep your brand top of mind. If you’re not sure how to get started, download our free guide to radio advertising.