We’ve taken a look at some strong arguments as to why it is vital to continue to maintain or increase your advertising spend through times of crisis.
History proves it.
There have been a number of studies going back nearly 100 years that point out the advantages of maintaining or even increasing ad budgets during a weaker economy. Those advertisers that maintained or grew their ad spend increased sales and market share during tougher times and afterwards.
As a popular adage says, “When times are good you should advertise. When times are bad you must advertise.”
Maintain or increase “share of mind”.
One of the biggest challenges for brands today is to stand out, to create positive perceptions and create those strong connections that make us choose one brand over another. When marketers cut back on their ad spending brands lose ‘share of mind’ with consumers with the potential of losing current – and possibly future – sales.
People believe in brands.
Consumers are optimistic about the power of brand advertising for good. According to research from the Advertising Association (UK), 42% of people still believe ads can change the world. Many consumers feel that during difficult times advertising can drive positive social change.
Brands that reflect their values and are seen as responsible or supportive during adversity can create emotional connections and build trust with their consumers that will last beyond the current climate.
It’s important to show that your brand matters.
During times of uncertainty and hardship we look for support, reassurance and even entertainment from brands we trust.
Build loyalty in times of adversity.
History has proved that those that spend on advertising in times of crisis build brand loyalty by gaining market share and developing a long term connection with consumers.
The sanity keepers.
In such times of crisis people look for comfort and luxury in brands they trust and love. Some would argue it’s an optimal time to invest and build brand loyalty into the future.
Changed forever.
People keep referring to the “new normal”. Even though these are unprecedented times, patterns and consumer actions that develop today could eventually cause a shift in long-term behaviour. Brave moves now might make sense for your business in the longer term.
Brands must help rebuild.
Brands which have invested huge amounts of time and money in building trust, could usefully spend some time now thinking about how they might use that trust to help bring us together, to restore community cohesion.
Source: Marketing 2020 & Forbes 2019 (Related Articles) / Advertising Association UK
