Recently, Marc Fantich of Fantich Media Group discussed some of the challenges that frequently face small companies during tough economic times. Parts of that discussion are excerpted here.
“When the economy is struggling,” says Fantich Media Group’s Marc Fantich, “It is the weakest businesses that usually fall out of the race first.” In the experience of the team at Fantich Media Group, many businesses are tempted to cut or eliminate their marketing budgets when times are tough. According to one line of reasoning, agrees the pros at Fantich Media Group, this tactic makes sense.
That is because if there is less money being spent by consumers, then it seems to follow that businesses should spend less on advertising. However, Fantich Media Group insists that eliminating advertising presence for the sake of saving a little money now is the wrong move for a business to remain competitive long-term. It does not matter, says Fantich Media Group, if consumers are not actively shopping as much as before. Regardless of their economic condition, asserts Fantich Media Group, consumers never stop relying on various media for information and entertainment.
Consumers that are not actively buying at the present moment, explains Fantich Media Group, are still watching TV, listening to radio, reading their local papers, and using the Internet. In fact, consumers are more inclined to do these things when they do not have money to spend, says Fantich Media Group, because media consumption is either free or very cheap. A person without a job, points out Fantich Media Group, watches more TV, uses more Internet, and listens to more radio than a person with a job.
Fantich Media Group instructs their clients that tough economic times are no excuse for businesses to scale back their marketing budgets. It is actually more advisable to plan a sales event, says Fantich Media Group, offering price cuts to bring new customers in to the store. Fantich Media Group urges businesses to remain confident and visible when times are lean. Tough economic times are part of a cycle, and Fantich Media Group assures advertisers that prosperity always comes around again. When consumers are ready to start shopping again, concludes Fantich Media Group, they will remember the businesses that did not falter during those tough times.