During a downturn, customers will be evaluating and adjusting their buying patterns, policies and brand/supplier loyalties. It is during these times they become more sensitive to advertising and promotion. The right message at the right time will not only help you retain your share of the market, but will help you attract new customers.
The average business tends to lose some market share during an economic upturn, despite good sales figures. This is because expanding economies create opportunities for new rivals to enter growing markets in order to satisfy new demand. That’s why savvy marketers actually increase their advertising during a slump. Competitors are less willing or able to defend their market share during these times, and many marginal players actually get pushed out. As other cut back on their advertising and the message landscape opens up, your advertising will have a greater impact on customers. Your market share increases, sustaining you during bad times and growing you during the good times.
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