…one might think that the first things to go are advertising, publicity and related activities. Save money? Don’t spend on things that are difficult to quantify..?
I disagree with this – of course, I would say that wouldn’t I? – for good reasons, the most important of which is that when business is bad, and getting worse, that’s exactly when you should be working to raise your profile, attract attention, show that you are alive and kicking.
Instead of cutting back, make the most of the lull when your competitors are tightening their belts several notches. They will certainly be considering whether or not to cut their publicity budget. Just like you. But this is dangerous.
Letting things go quiet sends a message of nervousness, lack of confidence in your product, general cautious planning. There is nothing snappy about this. It throws a pall over your business that echoes that which is over the country at present.
If you are an estate agent, do you stop advertising houses? No. You show that you are still a force to be reckoned with, and you make sure people know you are working hard, and selling houses.
Which you will be, just not as many as you were at the peak of the market. The peak of the market is just as much of an aberration as we hope this decline is going to be. We should carry on as normal, not as extraordinary, I think. Affluence, a property boom or any other boom, is a bonus, not somethng to be expected and taken for granted. This is important and a good basis for strategic planning.
So my advice? Be financially astute, but not penny pinching. Make sure you don’t fade into the background and treat this economic doldrum as an opportunity not a problem.
