Is this a good time for a small business to advertise, when the economy is already going down? Why?
An age-old saying suits the topic of advertising. “Old ways won’t open new doors”. To get into what I mean, take a look at this picture.
This picture shows a poster of a movie or a show outside a movie hall or an auditorium. The advertisement here has a perfect time and a place.
For the first part of your question, a good or bad time to advertise depends upon the product. For example, advertising for a cold drink when it’s snowing heavily outside can be a bad idea. That said, sometimes I still have cravings for something cold during winter. In other words, it’s the customer behavior that needs analysis. This analysis gives an answer to what, when, and how to advertise.
Getting more specific to your question, I understand that you must be referring to the current time and situation when the economy is spiraling downwards. Well, it’s more about the demand for any product and the purchasing capacity of the customer. Some industries are more recession or disaster-proof than others.
If I were told more details about your business, then the answer could have been different, keep in mind. Before proceeding onto the next part of your question, let’s make it clear: If your small business has any product or service that you think is a necessity in the current time or is inevitable, then you must advertise, as you’re doing your business and customers a disservice otherwise.
Regarding the economy, I would be neutral by saying that the economy graphs having steep ups and downs is usual behavior. I will not shirk saying that it is likely to fall more due to the current situation of the pandemic, of which you must be aware. But it’s also possible that we’re close to the worst of it, meaning that getting the wheels on your advertising spinning again sooner rather than later would better coincide with the time when the economy returns to normal. No one can say for sure, no one can predict the future.
So, this is my point of view. This economic situation should not let us stop advertising even if our product or service is not in demand during the present times. One should look up non-conventional methods to advertise by making the best possible use of the internet. Like an online book reaching out to its buyers in the form of a quiz with an explanation for every answer. You may call this digital marketing and advertising.
Be hopeful and build the base for the future. Advertising, like the rest of the economy, will be back in full swing soon enough. On the contrary, could you imagine how the world would have been without advertising? It’s virtually impossible. Here’s a quick link to my post: “Welcome to a World Without Advertising” for more context. I hope you will enjoy reading it.
To sum up:
Stay safe,stay positive, and keep advertising, but through newer, more creative online means!