As the leading and most trusted source of industry news and updates, I would like to share our thoughts on the COVID-19 situation.
Firstly, we at C&I are committed to keeping our readers informed and supporting our clients through what is an unprecedented situation with significant challenges.
We are also committed to your safety and well being, which is why we have moved the previously planned August 2020 C&I Expo to 24th – 25th March 2021. This is to ensure that we will deliver the best possible experience for everyone involved. And we look forward to delivering, as always, an unrivaled program.
As we all grapple with changes around social distancing and, for many of us, adapting to working from home it is important that as an industry we join forces and rise to these challenges together.
At C&I, we will be doing our part to bring you timely, balanced and informative news on how the situation is affecting convenience and the wider industry, and what is being provided by way of government, and non-government support. To that end, If there is an area you feel has been overlooked, we’d encourage you to get in touch. We’re in this together and we are here to help where we can through our extensive print and digital platforms.
There is no sugar-coating the economic hit to businesses. However, we feel this is not the time to bunker down, but to plan and build a strategy to ensure you emerge at the other side in a strong position.
History has shown that businesses who continue to invest in themselves in challenging times reap the rewards.
I would like to share with you some thoughts on the value of advertising during an economic downturn, which is something I learnt from my studies of the behaviour of Fortune 500 companies.
Companies that maintain or increase their advertising investments in periods of economic downturn increase their sales and share of market, both during and after the downturn. For example, Heinz and Ford came through the great depression because they never stopped advertising or marketing, so maintained their ‘top of mind’ position.
It is widely accepted that maintaining or increasing advertising budget levels during economic downturns may be necessary to protect market position vis-à-vis forward-looking competitors. And with your sales force grounded, you need to continue to project a voice to your trade customers.
- If a company fails to maintain its ‘share of mind’ during an economic downturn, current and future sales are jeopardised. Maintaining ‘share of mind’ costs much less than rebuilding it later.
- If during an economic downturn you should consider maintaining a strong advertising presence while your competitors cut their budgets, you will automatically increase your ‘share of mind’.
- Advertising through both boom and down times sustains the necessary brand recognition.
- Maintaining a company’s advertising during an economic downturn will give the image of corporate stability within a chaotic business environment and give the advertiser the chance to dominate the advertising media.
- Economic downturns reward the aggressive advertiser and penalise the timid one.
- During an economic downturn, a strong advertising/marketing effort enables a company to solidify its customer base, take business away from less aggressive competitors, and position itself for future growth during the recovery.
- When times are good, you should advertise; when times are bad, you must advertise.
- Advertising in an economic downturn should be regarded not as a drain on profits, but as an investment in your recovery.
If you would like to contact me: please email: firstname.lastname@example.org or call 0405 517 115.
Safa de Valois