Those of you who follow me on Twitter are probably saying, “there he goes again” because I’ve mentioned this article in several different tweets. I believe it contains profound lessons for every business in America.
A poll on LinkedIn asked the question, “Ad and marketing budgets should be maintained in tough times because…?” Four multiple choice answers were available. It’s encouraging that so many of the 1,678 respondents (42%) placed a high priority on mindshare. In fact, 16% of respondents chose “big payback will come later.” It makes me wonder what those 16% believe will lead to the big payback if not the increased mindshare.
It’s encouraging, though not terribly surprising to me, that respondents who work in small businesses selected the increased mindhshare option more than those who work for medium and large corporations. The optimistic and ever-entrepreneurial mind of small business owners seems more likely to “zig” while everyone else is “zags.”
Increased mindshare and being “top of mind” are critical objectives for any business. Some businesses rely on impulse shoppers, while others offer products or services that consumers need only on an occasional basis. For the latter type of business, an ongoing effort to remain top of mind should be part of your strategy so that when the consumer is ready to make their purchase they think of you first.
Here at Inprint we have been long-time advocates of increasing — not decreasing — advertising efforts in an economic downturn. It’s the opposite of the hunker down mentality that many marketers comfortably slip into. It’s not always easy to convince clients to market aggressively when cash flow is tight and budgets are slashed. But there is a payoff waiting for those with the foresight to look further down the road than the next intersection.