Recessions cause most businesses to pull back on advertising and marketing.
But this could be shooting yourself in the foot.
Textbook advice is to stay aggressive in the face of the cyclical market downturn.
It's the best way to position a business for future growth once the market turns.
So Remember: Out of Sight is Out of Mind - and don't become an INVISIBLE AGENT.
And don't make your sellers homes INVISIBLE HOMES by scrimping on marketing.
Lonn,
Excellent advice. Agents tend to go to extremes: when business is good, they spend money on all kinds of gimmics; when market is down, they don't spend any money at all. It's not very smart.
I agree 100% with keeping your name,company name and your face out there. It is not ego driven but driven by the proven "out of sight out of mind"
We all know that there are a lot of no cost or low cost ways to market our selves,but some times we need to realize that we need to invest in our business and our selves.
Best of Luck to all
This is an economic cycle in which many businesses will be winnowed out. There are so many changes going on including the publishing industry, the postal service and of course, the automobile industry. I think 5 years from now we won't even have some of the household names we've heard of for so long. Now is the time to make your a household name in your neighborhood.
Down markets offer great opportunities for those who are willing to work harder and develop creative ways to market themselves and their products. We have such an opportunity right now.
Exactly - it's not fair to the seller or yourself! If they listings aren't out there to be viewed, more often than not no one knows about them - and how are you supposed to sell a home that no one knows is out there?
Businesses must reduce expenditures during downturns. While it's not good to cut out all advertising, neither is it good to go bankrupt!
Well said by all. Thanks for comments and best wishes to each who is smart enough to use this cycle to build their name brand recognition and market position!
This is one of the reasons I didn't put all my eggs in one basket. I didn't want to have to make the decision of do I eat or pay for advertising. My residual income pays for both, I don't live high on the hog, but I live. The day I cut back on advertising is the day my business completely shuts down. I have had this break because of changing niche markets, but things are coming back fast!
Lonn your so right! .......you want people to know and like you. Visibility is key to new business!
Thanks, Jess Graves
Todd: Glad to hear that you have workable plan and that things are coming back!
Dan and Amy: thanks for comments.
Jess: Yes, visibility is key to new business. Well put!
Comments(11)