I received an e-mail from a business colleague which contained a list of companies that are closing. I noticed immediately that one of the companies has a US and Canadian division. The US operations are closing. The CANADIAN division is doing fine and is remaining open. Obviously, this is a chain e-mail that originated in the US, with US information. That's fine. But with the internet and e-mail, the information flow is not limited to borders. Nor does the information have to be accurate. This is a potential problem for companies because of the possibility that false news or speculation about the company's health could lead to heightened worries about dealing with that company or worse, customers would stop coming. This is one reason why it is so important to continue to advertise, market and promote your business in times of trouble. It shows customers you're still there, ready to serve them. Some companies talk about "hunkering down" and saving money during tough times - which means they do disappear when their ads are gone from the paper, the radio and other places they used to be. Now is not the time to do what accountants suggest and cut costs by reducing advertising. By doing so, you are likely to cut your own throat. That being said - MEASURING the success of your advertising becomes even more crucial so you can cut costs on stuff that doesn't work and increase spending on stuff that does. |