First of all let me start by saying that Increasing your advertising budget doesn’t mean start overspending and go crazy.
On the contrary, I am always in favor of targeted advertising and optimizing your budget.
Having that said let me tell you 3 reasons why amongst uncertainty you should increase your advertising spending now!
1) Countdown has begun for better days in the market after lockdowns, travel restrictions etc. Life and business will resume (not exactly the same way as before) and a lot of money is being pumped into economies to recover. So instead of waiting in doubt begin appearing in front of your prospects eyes more often with more customized solutions so you would be the first choice when they begin purchasing again.
2) Your competition has probably reduced advertising just like you have. So guess who will have the biggest advantage if you start advertising more. But like I said earlier you don’t necessarily have to overspend. Begin by identifying areas were you can surpass competition like your SEO, social media ads, website performance, social & digital customer service, creativity of your content, organic growth etc. and invest on those areas.
3) Let’s face it. It has been a tough year and your finances may not be great. You’ve struggled for months to keep the business working smoothly and have a positive cashflow. The truth is competition is going to get harder before it becomes any easier. Everyone is going to give a fight for every customer out there. Many businesses will note survive for long. So are those customers gonna come your way or not? Are you gonna leave things to chance? How much does a new client worth to you? Calculate it and see that every extra penny you put now on advertising (which actually might be cheaper than before on some media or accompanied services) will bring you all the business you need to make a strong comeback.