Many businesses are doing it tough in these pandemic times. Dealing with constant lockdowns and restrictions, or simply being forced to adapt or go out of business. No matter what the challenge, businesses around the country are facing tough times in their own way. So, when it comes to spending money and time on advertising, many business owners are thinking “why bother? I’ll just wait until things return to normal before I advertise. In addition, when wishing to cut expenses, it is a known fact that advertising is the easiest expense to cut as opposed to for example, retrenching staff.
This way of thinking is not uncommon. When the storm hits, you generally bunker down and resurface when the bad weather has passed, and the same could be said for business. But here is where things get interesting…
Everyone is thinking the same thing.
And when everyone is holding off on their advertising efforts, it means there’s an entire market waiting to be serviced by the few businesses who are choosing to continue.
These businesses are either continuing their standard advertising efforts, or (if they’re financially able to) increasing their spend to pave the way for future success. How? Why? Let us explain.
- With more people working from home, unemployed or experiencing lockdowns, it means more people are spending time online. Laptops, desktops, or continuous checking of mobile devices means there is an entire population of potential customers just waiting to see your advertisement. Your online audience is larger than ever before!
- Advertising is both available and affordable since competition in this space has decreased over the 20/21 period. Less competition = more chance to be seen!
- Even if your ideal customer isn’t able to buy right now (whether they’re in lockdown or experiencing financial hardship), now is still a great time to create a relationship with them through advertising. Focus on brand awareness, so that when the time comes they will remember your business.
So, if you’re able to continue your advertising efforts, our best advice would be to do just that! Keep in mind that both business and personal life look a little different right now than they did 2 years ago, so take a look at your current ad campaigns and make sure they both resonate with your target market and also consider the current pandemic environment. For those looking to sell their business in the current environment, don’t let the restrictions of COVID-19 stop you from achieving a successful sale! Read about our latest success story here.
Need advertising advice? Contact the team here at Core Business Brokers and we’ll be happy to chat through all your business needs with the aim always, at preparing your business for sale sometime in the future. Call us today on (02) 9413 2977, or email Roy directly at [email protected].