Advertising is a business that prevails throughout the toughest and greatest of economies. Marc Fantich believes that advertising at the right time can seal the deal for business growth. But doing the right thing at the wrong time can hurt too—especially today, reminds Marc Fantich. When trying to grow a company in a dull economy, there are several things to consider.
Tough economic times usually sift out the weakest businesses first. This seems obvious, says Marc Fantich, but companies usually don’t see it coming until they’re bankrupt. Marc Fantich believes that the term “survival of the fittest” applies well in these situations. Remember that times like these let competitors stomp all over smaller businesses, says Marc Fantich. It’s not unusual that larger corporations will want to buy up mom-and-pop stores that can’t handle the economy.
There are some opportunities to take the economic times to your advantage, continues Marc Fantich. Most companies cut spending and advertising limits as the economy takes a turn for the worse, explains Marc Fantich. So how does a business owner combat that? By making sure his or her message stands out, stresses Marc Fantich. Easier said than done, but by making your ad memorable, you’re already beating the competition.
According to Marc Fantich, another way to avoid the negative effects of the economy is by planning a sales event. Again, make it intriguing for customers. Consumers are used to sales and clearances, reminds Marc Fantich, and to combat this, put a little twist into your sale. Marc Fantich believes that things like rebates and coupons can be helpful if marketed correctly.
When planning the event, Marc Fantich also points out that it’s important to get everyone on board with this event and set it up to succeed. Make sure everyone realizes the importance of the event for the company, says Marc Fantich. With slow money flow across the economy, Marc Fantich concludes that this kind of success could help grow a small company well past the size of larger competitors.