When it comes to advertising spending, the economy is the elephant in the room. And while it’s easy to understand, given the economic climate, the body of evidence suggests that cutting advertising expenses is a short-term panacea that places in jeopardy what could take years of successful brand-image efforts to regain. Ultimately, cutting advertising temporarily risks more than it might save.
But don’t just take my word for it. Here’s what John A Quelch, professor of Business Administration at Harvard Business School, has to say:
“Economic downturns reward the aggressive advertiser and penalize the timid one; a strong advertising effort enables a business to solidify its customer base, take business away from less aggressive competitors and position itself for future growth during recovery; and that maintaining of “share of mind” costs much less than rebuilding it later on.”
The question is not whether or not to invest advertising dollars. The real question is, how can I maximize my return on investment for my precious advertising dollars? Advertising ROI is the dollar amount of sales resulting from every dollar spent on advertising. In essence, we need to ensure that your dollars are directed toward the activities that will maximize sales.
To that end, we have developed an affordable way for Lee’s Summit businesses to be part of the City’s overall Brand advertising program, which currently is being rolled out via magazine, newspaper, television, radio, outdoor and interactive media. Employing “economies of scale,” we have created several tiered co-op advertising options to ensure the most efficient and effective use of your advertising dollars. This way you to get your message out in front of the right audience, at the right rime, at the right price.
James McKenna is the branding manager for the City of Lee’s Summit. Reach him at JMcKenna@lschamber.com.