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Recession? Spend more on advertising

Tweet Regardless of your thoughts on the matter, you’ll find most western countries are not facing recession. The United States – if looked at from a purely business point of view is bankrupt, New Zealand can’t be far behind. For those in business today are finding it very hard to get by. The only business [...]

Regardless of your thoughts on the matter, you’ll find most western countries are not facing recession. The United States – if looked at from a purely business point of view is bankrupt, New Zealand can’t be far behind. For those in business today are finding it very hard to get by. The only business I’ve heard of that is doing well at the moment, is those in the debt collection business.

Generally when a recession hits businesses the first thing to go is their marketing and advertising budget. Often this is deemed as a luxury and not needed. However now more than ever, it’s the time to advertise. That comes with a cavet:

It’s not time to advertise, it’s time to advertise wisely!

So what do you do? You shop around!

That’s not something you hear very often when it comes to advertising, but its something you should do. For example, in New Zealand right now there is a battle between the two top online business directories, a battle that means you the customer can win.

Online Business Directories:
Advertising online in a business directory (think online Yellow Pages) can be a very cost effective way to promote your business as they often allow you to add heaps of information about your business. Today business directories are allowing branding, huge descriptions, heaps of images and even online video. Video will be the turning point for online directories. In times of recession these forms of advertising become even more cost effective. Most offer a free starting point for your business, many paid positions have great conversion rates and opportunities for your company to own a category.

Many are now offering extra incentives for top clients leveraging business networks to expand the reach. You can leverage this to grow your business. Sign up with particular online directories and get access to newspaper or radio advertising. In the USA some are now even teaming up with TV to offer television commercial spots.

Google AdWords:
Again, as people reduce their advertising spend, opportunities open up. Google AdWords is an online advertising network that is run as a silent auction. You compete against others to purchase particular keywords to advertise around. With less people participating in the auction, there is more chance for you to get the words you want – cheaper.

Bonus tip:
A great tip for advertising in recession is to talk to your local radio station, newspaper or billboard company about “unsold inventory”. Given that advertising spend is often reduced many media companies suffer, and they have ‘spots’ available that they can’t sell at full price. So ring them up, make them an offer. You wont be guaranteed to get a certain spot on the air or in the paper – but you will be there, at a much reduced price.

NZ Business Extra:
I’ll come clean at this point and say that I work for one of the leading online business directories in New Zealand – finda.co.nz – which makes writing an article like this, and remaining neutral hard. So screw neutral!

Offer for NZ Businesses, drop me a note in the comments, let me know about your business. If you are NOT currently listed on finda.co.nz I’ll work out a great deal for you to get online. If you are, I can look at an upgrade option for you to get more out of your listing.

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One Response

05.09.08

I totally agree. And It is true. I work in advertising and we are so busy at the moment it is crazy.