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Additional Details
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Goat Whacker | Are British businesses being forced to spend more money on advertising/marketing due to UK economic downturn? |
Is this a good time to get involved in advertising and marketing? Does every cloud really have a silver lining? |
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youngboy1606
|
The first thing you learn in Business 101 is that:
'You need to spend more money to get customers during an economic downswing because there are fewer customers out there and reaching a smaller isolated number is harder then reaching a mass audience'
The amount of businesses that understand that... Very few. Thats why many of them go out of business. They haven't prepared for what every economy will do which is cycle down. Most businesses think that good times last forever so they fail to plan for when things get tough. Many don't keep cash reserves on hand to float the company through bad times.
Every time you make a sale a portion of that should go to a fund that covers you for several months of expenditures. While you are paying your bills for 3 months and scaling back for a longer haul your comp is struggling to keep their doors open. When they start closing you need to be in a position to grab their customers which in turn allows you to keep your doors open.
Not advertising and going into lock down mode is nothing but a recipe for disaster.
Even if things begin to get better they aren't going to go from bad to great over night. It will generally be gradual so a recovery, certainly like the one we are in right now, is not going to change tomorrow.
The business who is proactive and not reactive generally will emerge the winner.
While you are getting customers during hard times they are losing them. When things turn around you will emerge as the real winner here. |
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strokekeys
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Average British business entity is spending more then business entities in other european countries!!
to be engage in advertising and marketing is risky as well, because the "advertising sector" requires most "competative & attractive" ideas, personals, events and organizations.
Not only in British, but globally advertising sector has shown significant growth over other service sectors. the credit also goes to emerging technologies specially in IT.
now its upto position and past performance of INTERESTED ENTITY to decide upon itself.... whether to go into Riskiest but Growing business. |
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Purple Goat
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Yes, yes and yes. Business will be more cut-throat. |
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Barbarian
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If it works yes |
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