It was the end of last summer when the stock market took its breathtaking leap upwards after years of primarily downward or simply flat activity. There were those who said at the time that the market’s renewed vigor was a sign of good times to come. Others were skeptical.
Well, roughly 10 months later, we are now hearing reports regularly from the news media that an economic upturn appears to be occurring. It is not as dramatic as the market’s sudden upward movement last summer, but most experts were predicting an economic comeback that would be long, but steady. In other words, the days of blaming a lackluster business life on the economy are almost over.
Now, it is time to act.
From an advertising viewpoint, the situation is somewhat ironic. In many businesses, advertising was one of the first expenses to be trimmed when the recession hit. It was somehow looked upon as a less than necessary expense. Then, the same business owners complained when business continued to drop. However, there were some very successful companies that enjoyed real growth in recent years and, in many cases, the basis of that growth was an accurate understanding of the importance of promotion.
With the recent spate of promising economic news, businesses may be reconsidering their advertising program. “If there is going to be additional business available, perhaps I should spend a good deal more on advertising to secure it?” is a question that many might be asking themselves.
The key, I believe, is to set up a marketing and advertising plan that may fluctuate as a percentage of your business, but not according to perceptions of the economy. Whether it’s one or five percent of your gross, figure the amount you can spend on promotion and then develop a plan for using that money most effectively.