In just a matter of weeks, COVID-19 has completely upended the globe and with it, any sort of economic certainty. It’s hitting businesses especially hard, due to shelter-in-place orders in various states. And while so much at the moment is uncertain, marketers shouldn’t panic. This too shall pass, and advertising decisions made based on panic and fear are often the worst decisions.
If there’s anything we can learn from history, it’s that businesses can still thrive during times of economic crisis. And those that continue to advertise typically come out ahead.
Now is the best time to advertise
In 1907, during an economic recession, William Wrigley Jr. mortgaged everything he owned and made a huge investment in his advertising, buying around $1.5 million worth for a bargain price of $250,000. At the same time, all 20 of his competitors made the decision to pull their advertising. Wrigley’s risky decision took his small, Midwest company and made them the best-selling brand in the nation within 3 years.
Advertising in the 21st Century
Fortunately, businesses today don’t have to go broke getting their message out. It’s been more than 10 years since our last recession and a lot has changed since then, particularly in the world of advertising and digital media. Businesses now have more options than ever for reaching their target audiences. Geofencing and location-based marketing were invented to provide a more efficient, cost-effective and measurable medium than traditional advertising.
Since 2012, Thumbvista has helped hundreds of clients – from small businesses to Fortune 50 companies – reach the right audiences. Our targeted approach to advertising means we can reach the right prospect, at the right place and at the right time. All of this means less ad waste for the marketer. If you’re looking for ways to maximize your ad budget during these uncertain times, reach out to us. We’re here to help.